Credit Card Feature: Complimentary Transport Accident Insurance

Take advantage of a credit card with complimentary transport accident insurance and protect yourself and your family while travelling.

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People who travel and spend a lot of cash paying for transport insurance will be pleased to note that they can cut down on the insurance costs they incur by taking advantage of their credit card's complimentary transport insurance policies.

Complimentary transport insurance, also referred to as credit card transport insurance, is a type of insurance cover offered by some credit card companies against accidents that may result in bodily harm or death when they are passengers in licensed buses, trains or flights.

The policy will pay the card holder or their family benefits in case of injury or death, provided the person paid for the transport using the credit card. As the term implies the insurance generally only covers commuters for accidents that actually happen inside a transit vessel or while you are boarding or alighting.

How does complimentary transport accident insurance work?

In order to benefit from the complimentary travel insurance offered by credit cards, a cardholder must have an eligible card and will generally have to pay for the trip using the credit card.

You should also note that this isn't complete travel insurance - it will only protect you while you're being transported on a licensed plane, bus, train or ferry.

Depending on a commuter's credit card, the complimentary travel insurance will have different types of conditions, policies, exclusions and amounts of cover. Qantas Money's complimentary transit accident insurance policy for instance pays up to $200,000 for accidents resulting in death and dismemberment.

Other card providers will set different limits and might place other restrictions on the cover given, so to get the perfect deal you'll have to compare the various credit card company policies. It is also important that you note exactly what credit card travel insurance will safeguard you against before you decide to make it your only policy when travelling.

Types of credit cards that benefit from complimentary transport accident insurance

Gold, platinum and black credit cards are typically where you'll find this type of feature offered. These cards are generally more expensive than basic cards, so be sure to get the great value out of them by learning how to compare them below.

As mentioned above the amount of cover can vary wildly between each card provider, even though many of them use the same insurance provider. You'll want to compare the policy documents for each card you're comparing before making a decision.

Rates last updated November 12th, 2019
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Qantas Premier Platinum
120,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get up to 120,000 bonus Qantas Points (20,000/month) when you spend $1,500/month for the first 6 months.
Latitude 28° Global Platinum Mastercard
21.99% p.a.
$0 p.a.
Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes and a global wifi access.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
70,000 bonus points
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 70,000 bonus Velocity Points when you meet the spend requirement. Plus, save with a 0% interest for 18 on balance transfers.
Citi Clear Platinum Credit Card
0% for 9 months, reverts to 14.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.
NAB Qantas Rewards Signature Card
120,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect up to 120,000 bonus Qantas Points. Get 90k when you spend $3,000 on eligible purchases in the first 60 days and 30k after 12 months.
St.George Amplify Platinum - Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
19.74% p.a.
$99 p.a.
Receive 60,000 bonus Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas points per $1 spent.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
30,000 bonus points
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% p.a. interest rate on balance transfers for the first 22 months, with a 1% balance transfer fee. Plus, a reduced $64 first year annual fee.
ING Orange One Platinum - Exclusive Offer
16.99% p.a.
$0 p.a. annual fee for the first year ($149 p.a. thereafter)
Use promo code FINDER
$0 first-year annual fee, up to $30 cashback per month and 100% foreign transaction fee rebates. Must hold or open an Orange Everyday account.
Citi Rewards Platinum Credit Card - Exclusive Offer
Citi Rewards Program
1
0% for 13 months, reverts to 21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
St.George Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Features an introductory 0% p.a. purchase rate, $49 first year annual fee and complimentary travel insurance covers.

Compare up to 4 providers

Rates last updated November 12th, 2019
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Qantas American Express Ultimate Card
120,000 bonus points
Qantas Frequent Flyer
1.25
20.74% p.a.
$450 p.a.
Get 120,000 bonus Qantas Points, a $450 Qantas Travel Credit and 2 yearly complimentary Qantas Club lounge invitations. Ends 18 November 2019.
American Express Westpac Altitude Black Bundle
140,000 bonus points
Westpac Altitude Rewards
3
1.25
20.24% p.a. (AMEX)

20.49% p.a. (Visa/MC)

$349 p.a. annual fee for the first year ($449 p.a. thereafter)
Up to 140,000 bonus Altitude Points with Mastercard (issued by Westpac) & Amex (issued & serviced by Amex). T&Cs apply.
Westpac Altitude Black
100,000 bonus points
Westpac Altitude Rewards
1.25
20.49% p.a.
$250 p.a.
Earn 100,000 bonus Altitude Points when you meet the spend requirement. Plus, 2 yearly Priority Pass lounge invitations.
Westpac Altitude Black - Velocity
80,000 bonus points
Velocity Frequent Flyer
0.75
20.49% p.a.
$300 p.a.
Earn 80,000 bonus Velocity Points when you meet the spend requirement. Plus, complimentary seat upgrades and lounge passes.

Compare up to 4 providers

Rates last updated November 12th, 2019
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
American Express Gold Business Card
Membership Rewards Ascent
1.5
N/A
$169 p.a.
ABN holders w/ $75,000 p.a. revenue. A business card with no pre-set spending limit, data feeds to MYOB and up to 51 days to pay for purchases.

Compare up to 4 providers

How to compare credit cards with transport accident insurance

Every consumer's goal should be to stretch their dollars as far as they can go and to milk as much value from them as possible. This applies when you are searching for a credit card which offers transport accident insurance. Here are a few factors that you should put into consideration when comparing credit cards:

  • Cover limit. Different credit cards will have different transport accident insurance cover limits. Check the period the cover will be applicable for and what it covers. This should give you a clue as to which one to pick.
  • Annual fee. Platinum and especially black credit cards can have annual fees that amount to a small fortune - there's no secret about it. However, the perks you receive may outweigh the fee you pay, do some calculations and work out the savings these perks would net you over the course of a year compared to the fees you'll pay.
  • Promotions and rewards. Another important factor to consider when comparing credit cards is if there are any promotions and rewards a company gives their premium customers. These may take the form of promotional balance transfer or purchase rates or rewards programs with bonus points on sign up. You'll need to take into account the potential value these will give you.
  • Interest rates. One way to compare these cards is through the interest rates you'll be paying. If you avoid paying interest you may want to compare cards based on the number of interest free days they offer.

Pros and cons of credit cards with complimentary transport accident insurance

Some credit cards will come with complimentary transport insurance attached to them, but are they worth it? Weighing the advantages and disadvantages of relying on this type of insurance will help you make an informed choice.

Pros

  • Free insurance. Think about it. You are being insured for simply using your credit card. This is more than you can ever bargain for from many insurance companies.
  • Saves you time. Dealing with insurance brokers every time the need to travel arises may not be your cup of tea. Complimentary transport accident insurance will activate automatically.

Cons

  • Complimentary transport accident insurance is not comprehensive. You should be wary of what your complimentary travel accident insurance covers. Failure to do so could mean you're not actually covered.
  • Applies only when you pay for transport using the credit card. Using your credit cards for transport might attract some surcharges that you'll want to avoid. Also remember most credit cards will change a foreign transaction fee if used to pay for anything overseas, so this may over time reduce the value of this perk.

Frequently asked questions about credit cards with transport accident insurance

Images: Shutterstock

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Credit Cards Comparison

Rates last updated November 12th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 22 months with 1% balance transfer fee
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% p.a. interest rate on balance transfers for the first 22 months, with a 1% balance transfer fee. Plus, a reduced $64 first year annual fee.
Latitude 28° Global Platinum Mastercard
21.99% p.a.
$0 p.a.
Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes and a global wifi access.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get up to 120,000 bonus Qantas Points (20,000/month) when you spend $1,500/month for the first 6 months.
Citi Clear Platinum Credit Card
0% for 9 months, reverts to 14.99% p.a.
0% p.a. for 9 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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