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CommBank is making it harder for customers to access the complimentary travel insurance that comes with its credit cards by adding a new minimum spend requirement.
Like most banks, CommBank offers complimentary international travel insurance with most of its premium credit cards. Currently, cardholders would simply need to activate the cover in NetBank, the CommBank app or by contacting Cover-More before their trip to receive coverage. The cover applies to the cardholder, their spouse and up to 10 children travelling with the primary cardholder.
But from 7 February 2024, simply activating the cover will not be enough. In addition to activating the cover, CommBank will soon require cardholders to pay at least $500 in prepaid travel costs for that trip in a single transaction, using their credit card. For example, this could include flights, accommodation, cruise or tour expenses.
The following notice appears on the CommBank website:
From 7 February 2024, you will need to spend $500 in a single transaction on your prepaid travel costs by charging the cost for that trip using your eligible credit card before leaving Australia and activate to receive any cover#. If you activate and/or depart Australia before 7 February 2024, there is no change to the cover for that trip. If you activate and/or depart on or after 7 February 2024, the new Credit Card Insurances Product Disclosure Statement and Information Booklet will apply. This change will not be applicable to World Debit Mastercards.
From the same date, CommBank is also making a range of other minor changes to certain benefits and excess amounts on its international travel insurance, which is underwritten by Cover-More. For example, the excess on overseas emergency medical expenses is increasing from $250 to $500 upon policy activation.
The new rules don’t apply if you activate your cover and depart Australia for your overseas trip before 7 February 2024.
CommBank provides comprehensive international travel insurance as a benefit with many of its credit cards. These include the CommBank Smart Awards and Diamond Awards products.
The editor of Australian Frequent Flyer, Matt's passion for travel has taken him to over 80 countries… with the help of frequent flyer points, of course!
Matt's favourite destinations (so far) are Germany, Brazil & Kazakhstan. His interests include economics, aviation & foreign languages, and he has a soft spot for good food and red wine.
You can connect with Matt by posting on the Australian Frequent Flyer community forum and tagging @AFF Editor.
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Well kinda sad the easy days are over !
$500
Eurail Pass
Car hire
Return Flight from UK to Europe
3 nights hotel
This change sucks balls for me. I had decided this card was my keeper and churn others, but its on the dungheap now - for me. CBA has alienated those who transfer their points to FF with this change.
I pay for all my flights with FF points, I rarely if ever have paid for flights that are $500 in a single transaction - same would go for most who usually transfer the bank reward points to an airline. As i usually travel to asia, hotels are never $500 either. Sure this is just me, and I am not everyone.
I have sung the praises of this card both Smart & Ultimate from the highest tower since its implemented, IMO its the best in town for the average joe due to no annual fee (if you cant meet the minimum spend - you should not be reading this)
No other bank requires spend of $500 in a single transaction - all others are $500 in total, (ANZ is $250). Some banks will include cover where flights purchased with FF points, if some points were transferred from the card, eg Citi 15k per annum
I can understand why a bank will reduce or water down benefits on products from time to time, or increase fees. So be it. But to take one feature from the top of the tree in the market segmant to the bottom in one swift move is something else.
Sure. Many people wont be impacted by the change at all. A family will still benefit enormously and for them its still the best product out there, and I wouldnt hesitate to recommend it.
click to expand.Pays to plan ahead it seems, I’ve got two planned trips next year in April/May and Sept/Oct but have already activated the Insurance!
