The Different Kinds Of Free Insurance Offered On Credit Cards
There are several free insurance types offered on some credit cards.
These insurances are almost always based on your having used the card to purchase the item or service that you are attempting to insure. Complimentary insurance has become a very popular benefit of credit card ownership. Offering these benefits tends to cost the card issuer very little while also giving the cardholder peace of mind so it is a win-win situation for everyone involved. Some credit cards, like those that have low interest rates or those that have no annual fees usually do not offer any complimentary insurance. If you do not know what insurances your card offers or are in the market for a new credit card you should look into these standard free insurances to get the maximum benefit from your card.
Free Insurance Types
Travel Insurance – As long as you book your travel with your credit card you will be able to take advantage of this great insurance. Travel insurance covers you for things like lost luggage, missed flights, or cancelled trips. In some cases it even covers you for medical or legal costs that you might incur while travelling. Most of the time it is specific to overseas travel, but some varieties also cover domestic travel. This insurance is often extended to the cardholders spouse and children as long as their tickets were also purchased with the credit card.
Extended Warranty - Extended warranty is insurance that covers your card purchases for an limited time after the manufacturer’s warranty has expired. It should cover the purchase in the same way that they manufacturer’s warranty would have covered the item.
Purchase Protection - When you make purchases with your credit card the purchase protection insurance covers it in the event of loss, damage or theft for a limited time, usually three months. Depending on what happened to the item most insurances will replace, refurbish, or repair it at no cost to the cardholder.
Public Transit Insurance - This is a lesser known but still valuable coverage offered by card companies. It covers travellers on planes, trains, bus, or other kind of public transportation in the event of an accident.
Your credit card will probably also offer a zero liability guarantee. While this is not technically insurance it does protect you from liability should your card be used fraudulently. A zero liability guarantee means that once charges have been deemed fraud the cardholder is not responsible for paying for them.
Read the official terms and conditions
| Minimum Income | $35,000 | Minimum Age | 18 years of age |
| Residency | Permanent Australian Resident | Credit Rating Requirement | Good |
| Min Credit Limit | $8,000 | Max Credit Limit | $60,000 |
| Annual Fee | $99 | Balance Transfer Fee | |
| Minimum Repayment | 2% | Interest Charged From | Purchase Date |
| Late Payment Fee | $40 | Over Limit Fee | $40 |
| Overseas Emergency Replacement | $0 | Overseas ATM Balance check | $0 |
| Overseas ATM Withdrawal | $5 | Foreign Currency Conversion Fee | 3.3% |
| Rewards Points per Dollar | Visa:0 Point(s) | Points needed for Syd/Mel Return Flight | |
| Points needed for $100 Voucher |
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