As you already know, the fact of paying with a credit card can bring you some benefit, such as having insurance for certain circumstances, but do you really know what insurance your credit card includes ?
What insurance do credit cards include?
Before starting to list the different insurances that credit cards can have, it is necessary to clarify that not all credit cards have the same amount of insurance, this will depend on their category and brand. As always, you should check the fine print of your card contract to verify what insurance you have.
With that said, let’s see what insurance credit cards can offer :
Credit card insurance: Travel assistance
Credit cards can have travel assistance insurance, which covers (according to the conditions established in the contract):
- Medical, pharmaceutical and hospital expenses
- Emergency dental expenses abroad
- Medical transfer or medical repatriation
- Sending a medical specialist in the event that the insured cannot be transferred
- Medication shipment
- Consultation and medical advice via telephone
- Extension of stay
- Travel, accommodation and return expenses of a companion
- Early return due to death of family member
- Transfer or repatriation of remains in the event of the death of the holder
- Travel expenses, stay and return of the companion of the mortal remains
- Bonds and procedural expenses
- Traveler information services
- Transmission of urgent messages
These are the coverages that credit cards generally offer, but each one will establish maximum amounts for each of them, for example, the WiZink Plus card establishes the following limits:
- Travel accident: up to € 150,000
- Kidnapping: up to € 6,000
- See a doctor in another country: up to € 45,000
- Going to the hospital or being repatriated by accident
- Repatriation by death
- Hospitalization outside the country for more than 10 days: covers the round trip ticket of a companion
- Loss of documentation or keys: management fees up to € 100
- Lost luggage: up to € 175 per piece of luggage with a maximum of € 600
- Baggage delay: up to € 300
- Delay or cancellation of the means of transport: up to € 100 for every 4 hours and a maximum of € 600
Credit card insurance: Assistance abroad
They also usually offer travel assistance insurance 24 hours a day, 365 days a week with which the holder can receive help with medical, legal and transport assistance, as well as to find other products and services. This insurance will allow you to obtain a quick response to the nearest medical centers in case of an emergency.
Credit card insurance: Loss or delay of luggage
Another of the Visa and MasterCard credit card insurance is the one that covers the loss or delay of luggage for both the credit card holder. In the case of coverage for loss, it applies to a partial compensation for the value of the belongings of the luggage that has been lost in its entirety provided that the plane tickets have been paid with the card.
In the case of luggage delay insurance, it covers reasonable essential expenses incurred for the emergency replacement of essential items during an insured trip, if during the insured trip a transport company is late in delivering your luggage, shipped to the wrong place or temporarily misplaced for more than four hours, or delayed for more than four hours as a result of the disappearance of the shipping company.
Credit card insurance: Accident insurance
Accident Insurance covers bodily harm suffered by the insured that occurs as a result of accidents that may occur in public transport or a rental car for which payment has been made in full with the credit card. In addition, it covers the reimbursement of purchases lost in said accidents as long as they have been fully paid with the card.
Credit card insurance: Price protection
MasterCard’s Price Protection Insurance reimburses the price difference of an item if, within 60 days of purchase, you see the same item (same model, year, manufacturer) at a lower price. Includes items paid in full with the credit card and the conditions and limits established by MasterCard apply.
Credit card insurance: Purchase protection
The purchase protection card insurance covers material damage or theft of items paid in full with the credit card that has this coverage in a specified period of days after purchase. Depending on the entity that issues the card, it will be one period or another. The WiZink Plus card , for example, would cover purchases of more than € 30 up to a limit of € 2,000 per year in case of theft or breakage or € 600 if you are robbed while you were withdrawing money from the ATM.
Credit card insurance: Extended warranty
Cards with extended warranty insurance enjoy a warranty extension for twice the time offered by the manufacturer (up to one year extension) provided they have been paid in full with the protected credit card. Items with a warranty of 4 years or more do not have this extension.
For MasterCard Cards this warranty also doubles up to one year the warranty issued by the manufacturer on items paid in full with the card.
Credit card insurance: Car rental
If you have a credit card, you will also have access to the car rental insurance, with which the holder covers up to the real cash value of the vehicle provided that the rental has been paid in full with the credit card in the event of:
- Damage due to collision.
- Theft of the vehicle and related charges.
- Malicious Vandalism Charges.
- Losses due to accidental fire as long as the responsibility falls on the cardholder.
Credit card insurance: Other insurance
Credit cards can also include other insurance, depending on the issuing bank and the brand. Some examples are personal assistance (Concierge), hotel robberies, trip cancellation and satisfaction guarantee.
Now that you know what insurance credit cards include, we invite you to verify your card information on your bank’s page, you probably have benefits that you have not read and that will be very helpful.