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For many travellers, complimentary insurance has been one of the main reasons to keep a premium credit card.
However, changes across the credit card market mean that cover may no longer be available or may provide less protection than cardholders expect.
The shake-up comes as Australia prepares to ban debit and credit card surcharges from 1 October 2026.
As banks respond to the changing economics of credit cards, some are cutting rewards and insurance benefits.
Yahoo Finance recently reported that customers were facing changes to, or the complete removal of, benefits attached to their credit cards, including complimentary travel insurance.
Some changes are already underway. NAB began phasing out complimentary travel insurance on several cards in May, replacing it with mobile phone insurance. ANZ has introduced different levels of cover on eligible cards, with some customers facing reduced benefits and lower international cover limit.
Other banks have indicated that they will scale back or end the travel insurance perk for cardholders. If your bank hasn't notified you about changes, and you plan to travel, you should contact them.
Even if your card still advertises travel insurance, don't assume you are automatically covered.
Credit card insurance often has activation conditions. You may have to pay for return airfares, accommodation, or a minimum amount of the trip using the card. Cover might apply only to the cardholder, while a spouse, children, or additional cardholders may not be included.
Some policies also impose age limits and restrict the length of a trip, or exclude domestic travel and pre-existing medical conditions.
These conditions make it essential to read the Product Disclosure Statement and contact the card provider before leaving home. Ask whether the insurance is still offered, whether it has been activated and exactly who and what it covers.
Also check the excess, medical, and cancellation limits, exclusions, trip-duration rules and requirements for making a claim.
The Australian Government’s Smartraveller service advises that the right travel insurance is as essential as a passport and can provide financial and practical support when a trip goes wrong.
Travellers should choose cover suited to their destination, health, age, planned activities, and the value of their belongings.
For many people, particularly older travellers or those with health conditions, a standalone policy may provide greater certainty and allow cover to be selected for the specific journey.
Depending on the policy, travel insurance can help with overseas medical emergencies, cancellations, delays, lost or stolen luggage, and car-hire costs. Conditions, limits, and exclusions may still apply.
Before your next holiday, review any insurance attached to your credit card. A benefit that existed on your previous trip may have changed or disappeared altogether.
National Seniors Australia Members Save 10%* on Travel Insurance
National Seniors Australia members receive a 10%* discount on National Seniors Travel Insurance. With no age limits on most plans# and 40+ existing medical conditions automatically covered^ - you’ll never know when you might benefit from travel insurance.
Related reading: Yahoo Finance, Smartraveller, Money Smart, NSA
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*The discount applies to the total National Seniors travel insurance premium and is for National Seniors Australia members only. Discounts do not apply to the rate of GST and stamp duty or any changes you make to the policy. AGA has the discretion to withdraw or amend this discount offer at any time. This discount cannot be used in conjunction with any other promotional offer or discount.
National Seniors Australia Ltd ABN 89 050 523 003, AR 282736, is an authorised representative of AWP Australia Pty Ltd, ABN 52 097 227 177, AFSL 245631, trading as Allianz Global Assistance (AGA), and acts as AGA's agent and not as your agent. nib Travel Services (Australia) Pty Ltd (nib), ABN 81 115 932 173, AFSL 308461 acts as third party administrator on behalf of AGA, managing claims, complaints, enquiries and sales. This is general advice only. Before you buy, you should consider whether the product is appropriate for you, the Product Disclosure Statement (PDS), Financial Services Guide (FSG) and Target Market Determination (TMD) is available from us. This insurance is underwritten by Pacific International Insurance Pty Ltd, ABN 83 169 311 193, AFSL 523921.
