Complimentary credit card insurance

[Aus Traveller]

Below is a spreadsheet showing the results of my research into complimentary credit card insurance. The analysis will give an indication of which credit cards might be worth following up on and reading the product disclosure statement. The information has been extracted from the pds from each of the banks, but anyone reading it should independently verify it by reading the pds. They are all available on the internet.

 

Important information -

1. Only a few banks have no age limit for travel insurance. This is one of the key factors for us as my husband approaches his OBE (over bloody eighty).

2. Because of COVID, Macquarie Bank is not currently accepting applications for new credit card accounts. This will change in time.

3. Most of the banks do not cover COVID-related claims, but this is likely to change.

4. Some banks have a few different levels of credit card. I have given only a very general overview.

5. In some cases, a certain level of income is required to be eligible for a particular credit card.

6. I have not included items that all banks cover (or the limits) such as loss of luggage, lost/stolen property, hijacking, kidnapping. Check the pds for what is important to you.

 

Please click on the spreadsheet to enlarge it. If anyone wants to print it out, they need only save it to their computer, then print. If preferred, I can email it.

Edited April 11, 2022 by Aus Traveller

[Ozwoody]

Well done thank you.

 

[Cbtours]

1 hour ago, Aus Traveller said:

Below is a spreadsheet showing the results of my research into complimentary credit card insurance. The analysis will give an indication of which credit cards might be worth following up on and reading the product disclosure statement. The information has been extracted from the pds from each of the banks, but anyone reading it should independently verify it by reading the pds. They are all available on the internet.

 

Important information -

1. Only a few banks have no age limit for travel insurance. This is one of the key factors for us as my husband approaches his OBE (over bloody eighty).

2. Because of COVID, Macquarie Bank is not currently accepting applications for new credit card accounts. This will change in time.

3. Most of the banks do not cover COVID-related claims, but this is likely to change.

4. Some banks have a few different levels of credit card. I have given only a very general overview.

5. In some cases, a certain level of income is required to be eligible for a particular credit card.

6. I have not included items that all banks cover (or the limits) such as loss of luggage, lost/stolen property, hijacking, kidnapping. Check the pds for what is important to you.

 

Please click on the spreadsheet to enlarge it. If anyone wants to print it out, they need only save it to their computer, then print. If preferred, I can email it.

Excellent work. Thank you so much. Sort of confirms complimentary is not going to work forcovid and 83 year olds. We have gone with 1Cover which insures both covid and over 80's at what I feel is a reasonable premium.

[Aus Traveller]

3 minutes ago, Cbtours said:

Excellent work. Thank you so much. Sort of confirms complimentary is not going to work forcovid and 83 year olds. We have gone with 1Cover which insures both covid and over 80's at what I feel is a reasonable premium.

Macquarie looked good until I found that they are not accepting new accounts ☹️ then my phone call to them revealed that they don't cover COVID. I couldn't find that anywhere in the pds.

 

I agree that at the moment, your One Cover insurance is probably the best option for you. In the future, when COVID is covered by insurers (as I believe it will), maybe Suncorp or Bank of Queensland will be OK. We will be looking at one of those in a year or so when my husband gets near the magic age of 81 when he no longer qualifies for ANZ insurance.

Edited April 11, 2022 by Aus Traveller

[Cbtours]

1 minute ago, Aus Traveller said:

Macquarie looked good until I found that they are not accepting new accounts ☹️ then my phone call to them revealed that they don't cover COVID. I couldn't find that anywhere in the pds.

 

I agree that at the moment, your One Cover insurance is probably the best option for you. In the future, when COVID is covered by insurers (as I believe it will), maybe Suncorp or Bank of Queensland will be OK. We will be looking at one of those in a year or so when my husband gets near the magic age of 81 when he no longer qualifies for ANZ insurance.

 

 

Hopefully your hubby can be as happy as mine was turning 80 lol. He ended up with 8 celebrations that included 8 birthday cakes over a periods

of 3 months lol

[Aus Traveller]

2 minutes ago, Cbtours said:

 

Hopefully your hubby can be as happy as mine was turning 80 lol. He ended up with 8 celebrations that included 8 birthday cakes over a periods

of 3 months lol

I certainly will have to organise a family party. Thanks for the reminder. We have been trying to get together for our eldest son's 50th, but various things keep getting in the way. The latest is both of us with COVID.☹️ The party was delayed from Good Friday but we haven't finalised a new date.

[Cbtours]

Just now, Aus Traveller said:

I certainly will have to organise a family party. Thanks for the reminder. We have been trying to get together for our eldest son's 50th, but various things keep getting in the way. The latest is both of us with COVID.☹️ The party was delayed from Good Friday but we haven't finalised a new date.

Oh no........ We were on THE ruby princess on THAT voyage, so were one of the first to get it after we got home. We weren't sick, very minor temp symptoms, however it was all so new that we actually isolated for 4 weeks in case there were still germs lol.

[Elorac123]

Well done, you have put a few eye straining hours doing that 10/10

Cheers Carole

[cruiser3775]

Thanks, AusTraveller. A lot of work went into that.

My Bendigo Bank card would cover me, (except for Covid, of course), but you have to pay for the cruise with that card, so I'd have to cop the 1.3% surcharge.  I think I'll just stick with my 1Cover insurance, which does cover Covid if caught while on the cruise. Might have to isolate at home for a week prior to the cruise to stay safe.

[Aus Traveller]

1 minute ago, cruiser3775 said:

Thanks, AusTraveller. A lot of work went into that.

My Bendigo Bank card would cover me, (except for Covid, of course), but you have to pay for the cruise with that card, so I'd have to cop the 1.3% surcharge.  I think I'll just stick with my 1Cover insurance, which does cover Covid if caught while on the cruise. Might have to isolate at home for a week prior to the cruise to stay safe.

Yes - it was a lot of work, but I enjoy research.🙂

 

We use ANZ Platinum visa. I don't care about the small surcharge. We would probably pay for the trip on a credit card anyway.

[Cbtours]

25 minutes ago, Aus Traveller said:

Yes - it was a lot of work, but I enjoy research.🙂

 

We use ANZ Platinum visa. I don't care about the small surcharge. We would probably pay for the trip on a credit card anyway.

We’ve used our credit card insurance for the last 14 years, just couldn’t once covid hit.

the 80 year limit on westpac actually covered until they turned 81! So was actually covered while hubby was 80! Then covid came. We didn’t mind paying card surcharge as it was well worth it instead paying insurance.

[cruisine21]

We have a Westpac Altitude Black card but I doubt we could change being self funded retirees. We also have pre existing medical conditions.

[MicCanberra]

We still have our credit card insurance but ever since they changed underwriters to Allianz, we get an annual policy from NRMA, as one of the medical conditions  was no longer covered.

[stki]

4 hours ago, Aus Traveller said:

Macquarie looked good until I found that they are not accepting new accounts ☹️ then my phone call to them revealed that they don't cover COVID. I couldn't find that anywhere in the pds.

 

I agree that at the moment, your One Cover insurance is probably the best option for you. In the future, when COVID is covered by insurers (as I believe it will), maybe Suncorp or Bank of Queensland will be OK. We will be looking at one of those in a year or so when my husband gets near the magic age of 81 when he no longer qualifies for ANZ insurance.

Great job with the research . Just be aware that is very hard to get a new credit card account once you are retired and on a pension or self funded retiree. Depending on the bank, you may to jump through hoops and provide lots of info, and they still may not approve the card. 

[Aus Traveller]

Just now, stki said:

Great job with the research . Just be aware that is very hard to get a new credit card account once you are retired and on a pension or self funded retiree. Depending on the bank, you may to jump through hoops and provide lots of info, and they still may not approve the card. 

That's why I mentioned "a certain level of income is required to be eligible for a particular credit card".  Everyone's circumstances are different and I realise it mightn't be easy in some cases.

[Cruisers47]

55 minutes ago, Aus Traveller said:

That's why I mentioned "a certain level of income is required to be eligible for a particular credit card".  Everyone's circumstances are different and I realise it mightn't be easy in some cases.

It is not always the income that you have to live on as a self funded retiree it because you do not have a job with a regular income….my …you could get sacked the week after they give you a credit card..  some of these banks are just stupid!

 

eileen

[peter1956]

15 hours ago, cruisine21 said:

We have a Westpac Altitude Black card but I doubt we could change being self funded retirees. We also have pre existing medical conditions.

I have been looking at this to, but none them appear to cover existing medical conditions. My wife has stents. As soon as you put this down when applying for travel insurance it doubles the quote.

[Aus Traveller]

Just now, peter1956 said:

I have been looking at this to, but none them appear to cover existing medical conditions. My wife has stents. As soon as you put this down when applying for travel insurance it doubles the quote.

All the insurers cover some pre-existing health conditions, but not all conditions. That would be true with any insurance. My pre-existing conditions (controlled asthma and controlled high blood pressure) are covered. 🙂

[NSWP]

21 minutes ago, peter1956 said:

I have been looking at this to, but none them appear to cover existing medical conditions. My wife has stents. As soon as you put this down when applying for travel insurance it doubles the quote.

Yep and quadruples when you mention USA.

[NSWP]

13 hours ago, Cruisers47 said:

It is not always the income that you have to live on as a self funded retiree it because you do not have a job with a regular income….my …you could get sacked the week after they give you a credit card..  some of these banks are just stupid!

 

eileen

Yep I am self funded on a fortnightly  NSW State Super pension, guaranteed income. No debts and have no credit card now, just Visa Debit. Too many hassles going through the credit card application, I told ANZ to stick it.  At least I can only spend my own money, not the bank's, lol.

[Aus Traveller]

16 hours ago, stki said:

Great job with the research . Just be aware that is very hard to get a new credit card account once you are retired and on a pension or self funded retiree. Depending on the bank, you may to jump through hoops and provide lots of info, and they still may not approve the card. 

For interest I had a look at a couple of banks to see what the eligibility criteria are. Macquarie Bank wants a taxable income of at least $50,000 p.a., Suncorp want at least $35,000 but ANZ simply say a 'good credit history'.

[adelaidefc]

The Amex cards do come with quite generous Covid-related insurance. It varies with the card type, but the Explorer card for example specifically covers Covid related cancellations and shortening of trip, for both domestic and international. It has additional Covid cover for international. They also specifically mention 'Scheduled cruise' in the PDS as something that activates the cover. 

 

Age limit is 79, annual fee is $399 but comes with $400 travel credit each year. And a bunch of other useful insurance (smartphone screen, free extended warranty etc). 

PDS Here

[Aus Traveller]

4 minutes ago, adelaidefc said:

The Amex cards do come with quite generous Covid-related insurance. It varies with the card type, but the Explorer card for example specifically covers Covid related cancellations and shortening of trip, for both domestic and international. It has additional Covid cover for international. They also specifically mention 'Scheduled cruise' in the PDS as something that activates the cover. 

 

Age limit is 79, annual fee is $399 but comes with $400 travel credit each year. And a bunch of other useful insurance (smartphone screen, free extended warranty etc). 

PDS Here

That's interesting. Thanks for posting.

[LittleFish1976]

2 hours ago, adelaidefc said:

The Amex cards do come with quite generous Covid-related insurance. It varies with the card type, but the Explorer card for example specifically covers Covid related cancellations and shortening of trip, for both domestic and international. It has additional Covid cover for international. They also specifically mention 'Scheduled cruise' in the PDS as something that activates the cover. 

 

Age limit is 79, annual fee is $399 but comes with $400 travel credit each year. And a bunch of other useful insurance (smartphone screen, free extended warranty etc). 

PDS Here

 

I've used Amex credit card insurance once but be warned that you need to pay for your entire trip using that card to qualify for the insurance.

[adelaidefc]

14 minutes ago, LittleFish1976 said:

 

I've used Amex credit card insurance once but be warned that you need to pay for your entire trip using that card to qualify for the insurance.

 

I think that's only partly true in the new PDS (effective March 2022). For domestic you only need to have spent $500+ on the card for accommodation or the entirety of the outbound leg of a scheduled mode of transport (i e cruise, flight). Similarly for international (so paying for outbound flight alone to/from destination should activate it)