Changes to ANZ Credit Card Travel Insurance

ryefig on 28/03/2024 - 10:10

The opposite of a bargain received in the mail today, notification of upcoming changes to ANZ Platinum and Black card complimentary insurance coming into force 7 June 2024.

There are a number of changes that, surprise surprise, reduce the benefits to cardholders. Two of the main points that stood out are:
- New Excess of $500, previously this was $350
- Overseas Emergency/Medical assistance reduced from "Unlimited" to $20mil (okay, the new limit should hopefully be sufficient for most situations)

Travel Insurance Travel Insurance

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Comments

  • holdenmg on 28/03/2024 - 10:47
    +1

    "Free Insurance" becomes worth even less.

    Bump the Excess so it deters low-end claims.

    Cap the Overseas Emergency/Medical assistance to reduce exposure (and their Premium).

    Probably done the numbers and the savings are greater than the Customers they will lose.

    • Gdsamp on 28/03/2024 - 13:18
      -1

      if the product is free
      you are the product

      • slknv on 28/03/2024 - 15:12

        Not "free" insurance. Gotta pay an annual fee for the credit card it's attached to.

        • Gdsamp on 28/03/2024 - 17:28

          bankwest zero platinum mastercard has $0 annual fee and complimentary travel insurance

          • slknv on 28/03/2024 - 23:58

            @Gdsamp: Not bad! Might get one for the travel insurance, if i can put a super low limit on the card. No points earning ability but cant have it all.

        • Ryk on 28/03/2024 - 17:30

          and not "free" paying credit card surcharges for every purchase.

    • ryefig on 28/03/2024 - 14:00
      +1

      I do wonder what cost-benefit analysis went on.

      As a bargainer that uses a credit card for the benefit of travel insurance (amongst other things), and the inability of banks to offer retention offers, I will walk away before my next annual fee charges. Suppose you are right though - some people may not care or may not use the card for travel insurance benefit.

  • DingoBilly on 28/03/2024 - 15:10
    +1

    These seem pretty minor/insignificant. I wouldn't lose sleep over these changes myself. Still seems like good value.

    • ryefig on 02/04/2024 - 08:56

      A 42% increase in the excess doesn't seem insignificant to me.

      Along that line of thinking, I wouldn't mind a 'minor' pay increase this year.

  • bobbified on 28/03/2024 - 17:05
    +1

    reduced from "Unlimited" to $20mil

    They've probably had one claim that has hit $20 million and that might've freaked them out. There's only one place in the world I can imagine getting a bill anywhere near that amount - that would be in America! lol

  • wfdTamar on 11/04/2024 - 09:01

    Drop for Platinum holders from 6 month cover to 3 months.

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