Bankwest Axes Zero Platinum Credit Card Free Travel Insurance from 3 Sept 2024

hello007 on 30/05/2024 - 08:09
Last edited 31/05/2024 - 13:06

Email sent to Bankwest Zero Platinum credit card holders on 29 May 2024:

We're writing to let you know that from 3 September 2024, we'll be removing the complimentary overseas travel insurance as well as other insurances cover from Bankwest Zero Platinum credit cards.

We've outlined the changes below that will take effect from 3 September 2024:

Changes to Overseas Travel Insurance cover
Complimentary overseas travel insurance offered through Cover-More will no longer apply on your Bankwest Zero Platinum credit card. The below table shows how this change may impact you based on any future travel plans:

Travel dates Changes
Departure date:

Before 3 September 2024 - Travel insurance will remain available under our complimentary travel cover*

Departure date:
On or after 3 September 2024 - Travel insurance will no longer be available under our complimentary travel cover.

*Complimentary overseas travel insurance provides base cover only and limitations, exclusions and eligibility criteria apply. See the Credit Card Insurances Product Disclosure Statement and Information Booklet (PDF) for details.

If you have purchased an upgrade to your base travel insurance, you'll remain covered for your trip. This includes any travel that takes place on or after 3 September 2024.

Changes to Other Insurances
Interstate flight inconvenience, transit accident, price guarantee, purchase security and extended warranty insurances will also no longer apply to purchases made on or after 3 September 2024.

Eligible purchases made in accordance with the Interstate Flight Inconvenience, Transit Accident, Price Guarantee, Purchase Security and Extended Warranty Insurances before 3 September 2024 will still be eligible for cover.

Purchase dates Changes
Purchases made before 3 September 2024 Will be covered under existing 'Other Insurances' cover.

Purchases made on or after 3 September 2024 No longer covered under 'Other Insurances' cover.

Financial Insurance Travel Insurance

Related Stores

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Comments

  • capslock on 30/05/2024 - 08:15
    -4

    Fair. Can't expect to get something for nothing.

    • jv on 30/05/2024 - 11:24
      +3

      Can't expect to get something for nothing.

      They make a $h1tload from every transaction.

  • parisian on 30/05/2024 - 08:18
    +5

    Bendigo to the rescue!

    • Lukian on 30/05/2024 - 09:23

      What's their offer?

        • SelfInflicted on 01/06/2024 - 18:03

          Does that card have foreign transaction fees?

      • jv on 30/05/2024 - 11:25
        -2

        No rewards program included though…

        • samfisher5986 on 30/05/2024 - 14:11

          There has never been a free credit card with rewards and travel insurance (Unless its a rich people only type card)

          • cashless on 30/05/2024 - 14:25

            @samfisher5986: Never?
            Plenty on here still have that card

          • UrMumsOnlyFan on 30/05/2024 - 14:59
            +1

            @samfisher5986: More accurate to say that there has never been a no-annual-fee credit card with automatic travel insurance (not requiring any spend on the card to activate), no international transaction/currency fees, and a reward program on top of that.

            • samfisher5986 on 31/05/2024 - 08:05

              @UrMumsOnlyFan: I thought I was essentially saying that but fair enough.

              Which card had rewards and travel insurance without an annual fee? The citibank free for life?

              • UrMumsOnlyFan on 01/06/2024 - 01:14
                +1

                @samfisher5986: burningrage noted some examples (including the HSBC Premier World Mastercard), but rewards are a red herring that should never have been mentioned in the first place. They're simply irrelevant to any discussion focused on the Bankwest Zero Platinum.

                The Zero Platinum has/had three defining characteristics:-

                • No annual fee.
                • No international transaction/currency fees.
                • Automatic travel insurance that doesn't require any spend on the card to activate.

                This was an excellent offering for travel purposes and I don't believe there is any one card that can replace all of these features. (Automatic travel insurance may not be a thing anymore in general, so replace that with regular complimentary travel insurance that requires spend to activate.)

    • soan papdi on 30/05/2024 - 12:46

      ING's free card is a better option I feel. Travel Insurance included for $6000 or more credit limits. Yes, have to deposit $1000 per month (can remove immediately) but it's a small inconvenience.

      EDIT: Ignore, Bendigo's free card is a better deal.

      • wfdTamar on 24/09/2024 - 12:10

        Only up to 40 days cover. 90 days with Bendigo.

        • soan papdi on 24/09/2024 - 12:23
          +1

          Yes but one catch with Bendigo is that you need to spend at least $500 per person in the traveling party.

    • HeWhoKnows on 19/06/2024 - 20:40

      Yes . Just applied for the Bendigo Ready Credit card today.

      Its basically the same as the Bankwest Zero Platinum MasterCard is it stands today.
      Bankwest Zero Platinum MasterCard was the No.1 Free Travel credit card.

      Bendigo bank has modelled its Ready Credit card on this once wonderful credit card.
      And Bendigo bank is a great bank that (unlike other banks) values personal contact and relationships.
      Bendigo bank also reinvest over 60% of their local bank profits into sponsoring local community organisations

      So following Bankwest's departure from the Eastern states
      And following Bankwests' transition to a "faceless" digital bank (to thier own demise)
      And now this stripping of all the Platinum benefits from their Platinum Credit card….
      which looks to me like a breach of contract!

      After 25 years its Good Bye Bankwest…..
      Closing my bank accounts with BankWest and now fully transitioning to the Macquarie Bank Transaction Account…
      …which is the only transaction account in Australia paying 4.75% interest up to $1M WITHOUT any conditions
      And comes with a Platinum Mastercard debit card. (Fee-free foreign and local transactions and some minor free insurances)
      Cancelling my (now useless) Bankwest Zero Platinum Mastercard and replacing it with a Bendigo Bank Ready Credit card.
      And I have a local Bendigo Bank branch just 3 mins drive away.

      Am I happy?
      More than ever before!

  • Muffinman01 on 30/05/2024 - 08:32
    +6

    I haven't got this email yet, but a shame to see this going. Thankfully have never had to use the insurance provided by the card, but it was always good to know that it was there! Can't begrudge them too much after years of free travel insurance :)

  • loulou1 on 30/05/2024 - 08:36

    Given they are a subsidiary of CBA, this has me concerned about the CBA offerings.
    I signed up for a credit card for the sole purpose of the free overseas travel insurance for a trip after this date (have already received the travel insurance documentation) I didn’t purchase any upgrades so really hoping CBA doesn’t adopt this as well.

    • CrowReally on 30/05/2024 - 11:00
      +2

      Ha ha yes, those are things that are happening and make sense in relation to this discussion!

    • SBOB on 30/05/2024 - 12:43
      +1

      My cats breath smells like cat food…..

      • payless69 on 30/05/2024 - 13:05

        Keep the par fulgur away during drycleaning

  • itsfuze on 30/05/2024 - 09:21
    +2

    Really… I just got this card about three months ago for the travel insurance.

  • UrMumsOnlyFan on 30/05/2024 - 11:54
    +1

    Bankwest credit card changes
    https://www.bankwest.com.au/help/cards/credit-card-changes

  • burningrage on 30/05/2024 - 12:52

    Well there are a number of zero credit card fees with rewards and complimentary insurances so plenty of space to move your business to.

    Remember, banks still get cuts for everytime the card is being used.

    • jv on 30/05/2024 - 13:01
      +1

      Well there are a number of zero credit card fees with rewards and complimentary insurances so plenty of space to move your business to.

      and 55 days interest free?

      which ones?

      CBA just cancelled theirs.

      • payless69 on 30/05/2024 - 13:08
        -2

        Just received my new me visa vertical format card.
        It is the latest ALL inclusive card, has braille and the colour bands suggest to trade my wife for a rich boyfriend for financial satisfaction.

      • burningrage on 30/05/2024 - 15:02

        Citibank Fee Free for Life Signature is.
        HSBC Premier Mastercard is another one. Also fee-free. https://www.hsbc.com.au/credit-cards/products/premier/
        If you have home loan with BoM, their Amplify Signature would also fee free otherwise, there's an annual fee.

        All these three still retain their insurances.

        • txb on 30/05/2024 - 22:23

          The hsbc card seems pretty good. do you have it?

          • burningrage on 31/05/2024 - 10:22

            @txb: I don't have Premier Mastercard but I do have the Star Alliance. That one is free for 1 year before $450 kicks in. Comes with Insurance too.
            But yes, overseas transaction fee 3%. All HSBC Cards do have 3% transaction fee. The only one that had it all along with points was the old Diners Citibank which is no longer in circulation.

            Even Citibank Fee Free for life has 3%.

            However, HSBC Everyday Global Debit Card does NOT have international transaction fee and it attracts 2% rebate for up to $100 spend. It is however a Debit card and no points system nor insurance.

            So why not have both if exemption from 3% International Transaction Fee is so important?

            I normally use 28 degrees to avoid the 3% and HSBC Global for my debit needs and Citibank for my credit card needs.

            • txb on 31/05/2024 - 11:09

              @burningrage: not a card churner for bonus pts then?

              • burningrage on 31/05/2024 - 13:59

                @txb: Ah. If you join HSBC Star Alliance by June 3rd, you'll get 50,000 Aeropoints…

                https://www.afr.com/life-and-luxury/travel/how-to-get-50-000…

                Tempted?

                • txb on 31/05/2024 - 15:25

                  @burningrage: I see, does Aero points have a better redemption rate than booking on the carrier airline? E.g booking with Aero points for a SIA flight is better than booking with Krisflyer miles

                  • burningrage on 31/05/2024 - 23:24

                    @txb: I don't know about redemption rate because I didn't get that 50k points when I signed up but boy, for $0 with Star Alliance Gold membership for one year plus (AC can give you up to 12+11 months depending on when you signed up), it's no brainer.

        • samfisher5986 on 31/05/2024 - 08:09

          Seems like a bad deal -

          Overseas transaction fee 3%

          • using your credit card outside of Australia;
          • buying online goods from an offshore seller, even if they show the price in
          Australian dollars; or
          • buying goods from an Australian seller, but where their financial institution or
          payments processor is located offshore; or
          • making a transaction in a currency other than Australian dollars; or
          • withdrawing funds from an international ATM.

          The $10,000 minimum is a bit annoying too, limits how many credit cards you can have.

          • txb on 31/05/2024 - 11:12

            @samfisher5986: Agree that the 10k min is annoying, halfway in that platinum-black category.

            The card is great if you are taking a break from churning and want a domestic daily everyday spend card.

            • samfisher5986 on 31/05/2024 - 16:39

              @txb: I don't know about you but its too hard to keep track of "Australian" websites that process the payment internationally, so I don't bother with cards that have those surcharges.

          • MrGarciaA on 31/05/2024 - 12:15

            @samfisher5986: I have the HSBC Premier MC and it's still very good value, especially since it's $0 AF. It's points earn is pretty good 1.5 HSBC points per dollar spent up to $120,000 per year so theoretical maximum points is 180,000 HSBC points. That's theoretically 90,000 Velocity/Asia Miles/SPG points per year which is pretty good for $0 AF.

            If you have the Qantas version it's arguably even better: you get 1 QFF per $ up to $120,000 per year for $0 AF. You also get 1 bonus QFF per dollar spent on Qantas flights and products. The bonus 1 QFF per $ spent on Qantas isnt capped by the $120,000 limit so even if you spend more than $120,000 per year, all spend beyond that that happens to be on Qantas stuff will still earn you 1 QFF.

            Both cards also get 2 complimentary lounge entries per year and complimentary travel insurance for $0 AF.

            So it's pretty great for a "set and forget" kind of card that accrues you points on your everyday spending. Keep a BW Zero Plat or the Latitude CC for online shopping/OS transactions and you're golden.

            Another great thing about the HSBC Premier Card at the time of posting is that it's not subject to NAB's seppukku of Citibank cards; Citi Signature Free Free for Life is not guaranteed now that NAB has purchased Citibank.

            • burningrage on 31/05/2024 - 14:00

              @MrGarciaA: I dreaded of the day when I get an email/letter from NAB about Citi Premier.

              I doubt they're going to kill the golden goose because practically, Citi Credit Cards were the money maker when Citibank was still here.

              • MrGarciaA on 31/05/2024 - 23:01

                @burningrage: It will come unfortunately the writings already on the wall. The reason why Citi cards were so popular was cos they were good value for money. NAB hates offering value for money so no doubt they're scrambling to shut down products that dont earn them much money. Over the last 10 months, I've already seen changes to (a) Citi Payall - now forbidden to set up Payall more than 3 years in advance, (b) 4th Night Free Hotel - now only a rebate on the 4th night based on "average" price of hotel, (c) Free Complimentary Chaffuer to the Airport - used to be 2x per year, then 1x per year, and just got an email today changing it to $100 Uber voucher instead. Next in line I suspect will be unlimited Priority Pass. If NAB changes that perk, then Im shutting down my Prestige after all these years.

                • burningrage on 31/05/2024 - 23:22

                  @MrGarciaA: To me it sounds stupid to diminish their most popular product. If you really think about it, if NAB say spent $10m for those Citibank customers only to end up losing all those customers and bring them $0 because everybody jumped ship, then that $10m was for nothing other than killing off a competitor. I moved away from Prestige when Citibank moved it to 44 days and for that amount of annual fees, definitely not worth it.

            • samfisher5986 on 31/05/2024 - 16:40

              @MrGarciaA: Great information thank you, the lounge visits sound good.

  • crentist on 30/05/2024 - 13:33
    +3

    Well crap, now I need to shop around to update my main savings account (Ubank) and main credit card (Bankwest)

    • himefei on 31/05/2024 - 16:33

      crap, I have the exact same setup

  • Ryk on 30/05/2024 - 13:56
    +3

    without rewards or travel insurance, what is the purpose of this card again?

    • UrMumsOnlyFan on 30/05/2024 - 14:01
      +1

      No international transaction/currency fees was the other main benefit.

      • Ryk on 30/05/2024 - 14:23

        yeah, it's free so I'll keep it for life, but it wont get much use.

        • UrMumsOnlyFan on 30/05/2024 - 14:31

          It's not a huge benefit, but handy to have in credit card form rather than debit card. But I'll have to give some consideration as to whether to keep the Zero long term.

  • md333 on 30/05/2024 - 15:10
    +1

    Bugger, that was the only reason I have the card.
    Already booked next January's flights on it, so may have now missed out on the chance to use the free Citibank insurance instead (need $500 of prepaid costs). Preferred using Bankwest as citibank charge fees on foreign payments.

  • md333 on 30/05/2024 - 15:11

    ANyone else not get the email? It is pretty clear on the webpage https://www.bankwest.com.au/help/cards/credit-card-changes, but I didn't get email so far.

    • souths123 on 30/05/2024 - 19:21

      yes, we got the email…definitely losing the insurance as of 3/9 unless you upgraded your insurance by paying extra

    • zzap on 31/05/2024 - 08:58

      I haven't received the email yet either.

    • BigBirdy on 31/05/2024 - 09:33

      Thanks, I haven't got the email yet

  • movieman on 30/05/2024 - 21:25

    Disappointing.

    Hmm.

  • Gareth on 31/05/2024 - 01:32
    +2

    Bankwest : Slow motion seppaku.

  • Mugsy on 31/05/2024 - 07:45

    Damn… end of an era.

    I briefly had this card some 10yrs ago but gave it up when refinancing. At least we have an option from Bendigo (which hopefully they won't take away the insurance).

    Still, less competition isn't good for the consumer.

  • BigBirdy on 31/05/2024 - 09:35
    +1

    Op, your title is crap. Bankwest is not axing the credit card, just the insurance. Please fix it.
    Eg "Bankwest axes Free Travel Insurance from it's Zero Platinum Credit Card"

    • samfisher5986 on 31/05/2024 - 16:41

      Might as well be axing it, whats the point of it without free insurance? :P

  • toniteddy on 31/05/2024 - 20:17

    i literally groaned when I got the email!!! And funny enough about a month ago I was telling my brother how great this card is:
    no fees
    no ITF (which is why I got it in the first place)
    but then the shocking thing I discovered was the complimentary insurance EVEN IF YOU DID NOT BOOK IT ON THE CARD!

    can't say I'm surprised. all good things must come to an end. but I am making sure to buy the upgrade insurance for my trip next May before Sept 3 😂

    • UrMumsOnlyFan on 01/06/2024 - 01:28

      complimentary insurance EVEN IF YOU DID NOT BOOK IT ON THE CARD!

      That wasn't always the case, from very hazy memory I think it was introduced around 2019. Prior to that you had to have booked a "return trip" using the card. (I remember previously having to contact them to confirm that two unlinked one-way flights qualified as a return trip.)

      Some people may be less bothered about spending to activate, but for me automatic travel insurance was a major benefit. It was also previously offered with CommBank credit cards, however spend to activate was apparently introduced earlier this year.

      • toniteddy on 01/06/2024 - 18:15

        Aww, i see. yes, I prob got this card around 2019 as well. I wasn't even aware of it till a few months ago so I always bought extra insurance through other companies.

  • Brick50 on 03/06/2024 - 14:44

    Any other cards that have no international fees and offer some kind of insurance/rewards?

  • bk1973 on 03/06/2024 - 16:02

    This will free me up to churn some other card. I wouldn't mind if they added a $250 min spend on the card, but I guess not. Have a look at the below link if you want to compare other options.

    https://www.australianfrequentflyer.com.au/credit-cards/cred…

    Everyone has different travel spend and needs. If you're going on a proper holiday and buying airfares, any of the listed cards with minimum dollar spends should suffice. If you're using points, then minimum pre-departure spend could be a problem if you're just visiting overseas family and not staying in hotels and booking other prepaid expenses.

    The ANZ card has the lowest ($250) min spend, but I imagine that will increase at some point to match the rest.

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