Compare free insurance credit cards

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Compare free travel insurance credit cards

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  • Free travel insurance perks are normally available on reward and travel credit cards and are not common on low-rate cards.

    The amount of insurance offered, as well as the terms and condition of the insurance, will vary from card to card. Some cards may offer only domestic travel insurance, while premium cards with a higher annual fee may offer both domestic and international. The insurance coverage will also vary depending on the card and the card provider.

    It is important to read the full terms and conditions of the card before going on a trip to gain an understanding of what is covered. It is important to remember that the travel insurance is not actually free; consumers end up paying for the insurance with higher annual fees in comparison to low-rate cards with no coverage.

    How to you find credit cards with free travel insurance?

    RateCity provides product information on many of Australia’s leading banks and credit providers. Credit card information and comparison tools can be found on the credit card page.

    For a full overview of the card, click through to the product page.

    Why do credit cards offer free travel insurance?

    Credit card providers offer free travel insurance as a perk on reward and travel cards; it also encourages spending on the cards.

    Many credit card providers require that the expenses of the trip be booked on the credit card to fall under the insurance coverage. Furthermore, for insurance on specific items, card providers often require the items to be bought on the card as well.

    It is important to remember that credit providers often charge fees on overseas credit card use, so the cost of the ‘free’ insurance can really add up. The free travel insurance is normally only given for trips under a certain period of time, which means consumers looking to take longer trips need to check the terms and conditions of the coverage before taking advantage of the insurance.

    What other perks do credit cards offer?

    Reward cards normally offer a range of perks alongside travel insurance. A common perk on these cards is price and purchase protection.

    Price and purchase protection covers reductions in price after an item has been bought, as well as coverage against loss, theft and accidental damage for a set period of time; normally six months. Another common perk is extended warranty; many credit providers will provide an extension of the manufacturer’s warranty for items bought on the card. This extra coverage period is normally 12 months, however some cards may offer more.

    It is important for consumers to remember that most of the perks advertised as free very rarely come without costs. The most obvious cost is an annual fee, which is normally higher on reward credit cards than low-rate cards. Using credit cards overseas also comes with its costs; for example, many cards come with currency conversion fees as well as foreign ATM fees.

    ^The best credit card for you may not be the card with the card offering the most travel insurance perks and other feature and benefits. Before choosing a credit card, it's important to compare the available options, accounting for their inteest rates, fees and charges, and to consider how they could help you to reach your individual financial goals. If you're not sure which credit card may be best suited to your personal finances, consider contacting a qualified financial adviser. 

    ^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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