Hi everyone,
Bankwest have just introduced new changes, which limit the complimentary benefits, and duration of their insurance products.
Can anyone recommend a no fee alternative?
Bankwest - Complementary Insurance Changes
movieman on 14/10/2019 - 19:19
Last edited 14/10/2019 - 20:17 by 1 other user
Last edited 14/10/2019 - 20:17 by 1 other user
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How do you get that? Usually ANZ cards have a fee on them.
https://www.anz.com.au/personal/credit-cards/low-annual-fee/
Annual account fee
$0 first year, $87 after that (or $0 if you make $20,000 of eligible purchases in 12 months)Superscript: 1
So it's still free just vastly decreased coverage (basically medical only)?
Free for trips up to 31 days.
Previously it provided greater coverage, and for trips up to 6 months on the Platinum card.
Well this sucks - have an xmas trip to NZ where I had planned for the rental car excess insurance to be my safety net on my Bankwest Platinum
Now I need to look at getting some travel insurance - are there any ones people recommend for rental car excess? not worried about medical, luggage or flight coverage features.
May need to look at a new credit card as well, that covers rental car excess in the future.
If you've already booked ,looks like it IS covered still.
More about future bookings / trips.
Would be keen to hear what other alternatives people are using.
That I'm not 100% on - you may be right.
"Travelling from 9 December 2019
If you meet the current eligibility criteria before the change, you'll get the current cover. If not, you'll get the new cover"I do meet the criteria before the change (flights book return, spent far more than 500$).
The new pds does also state 'for purchase made after 9 dec' which flights were paid for a couple of months back, which would imply prior.
So I may have to take a gamble on this.
I think that you're right, Saruname. I have a trip that begins before 9th Dec and ends after it (it's less then 31 days). I believe I am covered as I've already made $500 in prepaid travel costs. Still, I think I might use my other card (Commbank Low Rate Gold) to take out the insurance, as that one requires you to `activate' the insurance before you go (and has no payment requirements for tickets or anything like that either).
If all you want is rental car excess cover, look in to Tripcover (tripcover.com.au or tripcover.co.nz). We use these them frequently for covering the ridiculous domestic car hire excess - works out to be about $9 per day. Do your calculations, if it's a longer trip you may be better getting a travel insurance policy which covers it (I always just use canstar.com.au to compare depending on what I need for a particular trip)
I only got this card as it's fee free, complimentary insurance and zero conversion fees. Does anyone know of any alternatives?
Depending on how often you go overseas, it might be worth getting a card with a fee to get better coverage and/or for longer than 31 days. I wonder how much adding extra days beyond 31 days will cost. I also wonder how much extra it will be to upgrade to comprehensive international travel insurance. If someone gets a quote, please share if possible.
I also have a CommBank Low Rate Gold card that comes with travel insurance and has a $89 annual fee. There is a "Low Fee" version of the card where the annual fee is waived if you spend 10K per year, but I'm not quite hitting that mark. The travel insurance is comparable to the current BankWest policy, and will easily be better after 9th Dec. I do worry that Commbank could be reducing their benefits soon too, as changes like this could be part of a ripple effect to reduce benefits.
It's still worth keeping this card for the zero international transaction fees, interstate travel insurance (minimal, but something), no annual fee and the purchase protection. However, if you have another fee-free card (e.g., 28 Degrees card that has these things), then maybe you could consider dropping it. I definitely am.
I should say though: If you're not going overseas for more than 31 days, and feel you need only the essential insurance (medical/hospital, baggage and personal property, and liability), then this card is actually awesome.
ANZ platinum as long as you spend 20,000 a year it’s fee free