Tammie
Credit card insurance is a valuable perk offered by many Australian banks, providing coverage for various unexpected events while travelling overseas. In this article, we’ll explore how credit card insurance works and what you need to do to ensure you’re eligible, focusing on Westpac, Commonwealth Bank, and National Australia Bank (NAB).
How Credit Card Insurance Works
Credit card insurance typically covers a range of travel-related incidents, such as medical emergencies, trip cancellations, lost luggage, and travel delays. The coverage is usually provided by third-party insurers and is bundled with certain credit cards at no additional cost. However, it’s important to note that not all credit cards offer this benefit, and the coverage can vary significantly between different cards and banks.
Eligibility and Activation
To be eligible for credit card insurance, you generally need to meet specific criteria, such as spending a certain amount on your card or prepaying travel costs. Here’s a breakdown of the eligibility and activation requirements for Westpac, Commonwealth Bank, and NAB:
Westpac
– **Eligible Cards**: Altitude Black, Earth Black, Altitude Platinum Plus, Earth Platinum Plus, Singapore Airlines Platinum Low Fee Platinum.
– **Activation**: Prepay at least $500 of your travel costs using your eligible card and hold a return overseas ticket before departing Australia.
– **Coverage**: Up to 6 months for Level 1 cards or up to 3 months for Level 2 cards.
Commonwealth Bank
– **Eligible Cards**: Low Fee Gold, Low Rate Gold, Gold Awards, Platinum Awards, Diamond Awards, Smart Awards, Ultimate Awards, and World Debit Mastercard.
– **Activation**: Spend at least $500 in a single transaction on prepaid travel costs and activate your insurance in NetBank or the CommBank app.
– **Coverage**: Unlimited overseas emergency medical assistance, cancellation cover, lost luggage, and personal belongings.
National Australia Bank (NAB)
– **Eligible Cards**: Signature, Platinum, and other premium cards.
– **Activation**: To activate complimentary travel insurance with NAB, you need to spend at least $500 on prepaid travel costs using an eligible NAB card. This includes costs for transportation, accommodation, and land tours.
– **Eligibility**:
– You must be under 81 years old when you become eligible for cover
– You must have a return overseas travel ticket before leaving Australia
– You must reside in Australia
– Your journey must begin and end in Australia
– **Coverage**:
– Travel cancellation
– Overseas medical expenses
– Travel delay
– Lost luggage or travel documents
– Rental vehicle excess
– Accidental death
– Permanent disability
– **Duration**: Up to 180 days for Signature cardholders or up to 90 days for other cards.
Tips for Ensuring Eligibility
1. **Read the Fine Print**: Carefully review the terms and conditions of your credit card insurance policy to understand what is and isn’t covered.
2. **Activate Your Insurance**: Make sure to activate your travel insurance before you leave Australia. This can usually be done online or through your bank’s app.
3. **Prepay Travel Costs**: Prepay at least the required amount on your eligible card to qualify for coverage.
4. **Check for Exclusions**: Be aware of any exclusions, such as pre-existing medical conditions or high-risk activities.
5. **Download Your Letter of Eligibility and Information Booklet**: Ensure you have a copy of your letter of eligibility and the information booklet handy. These documents provide important details about your coverage and how to make a claim if needed.
Conclusion
Credit card insurance can be a great way to save on travel insurance costs while providing peace of mind during your trips. By understanding the eligibility requirements and activation steps for Westpac, Commonwealth Bank, and NAB, you can ensure you’re fully covered when travelling overseas.
