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Insurance credit cards

When we care about something, we tend to protect it and this applies for insurance as well. We get life insurance, car insurance, home insurance, and even travel insurance. Travel insurance is in fact a trend catching on and rightly so. The benefits of travel insurance include the long list of covers as well as being affordable and customizable. But when we can get travel insurance for free, why go through the hassle of searching for the right policy? Singapore is a well-known travel destination and regional hub. With the volume of daily air traffic ever increasing, owning travel insurance becomes invaluable. Travel credit cards are a great way of acquiring travel insurance policies. Not only do the cards offer complimentary insurance but cardholders also enjoy the benefits offered by the card itself.

Features of insurance credit cards

Insurance offered is generally in the form of complimentary travel insurance. Travel credit cards provide the insurance anytime the cardholder charges the full airfare to the card. Following are the features of the credit cards that offer complimentary insurance:

  • The insurance provided is complimentary only when the air tickets are purchased in full using the card.
  • The insurance provides varying degrees of cover and can go up to S$2 Million for accidental death benefits.
  • The insurance also covers other aspects of travel inconveniences such as baggage delay, baggage loss, flight cancellations, flight delays, and repatriation among others.
  • The insurance policy also covers for medical costs and medical evacuations.
  • The cards that offer travel insurance also come with attractive first year promotions such as bonus miles and annual fee waivers.

Benefits of insurance credit cards

For frequent travellers, credit cards that provide insurance are a must. Not only do they give the cardholder peace of mind while travelling but also help lighten the burden of various inconveniences such as covering cost of lost wallets, handbags, baggage and even covering the cost of acquiring replacement documents:

  • Cardholders are saved the hassle of acquiring travel insurance policies and paying hefty premiums by providing the policy for free when tickets are charged fully to the card.
  • The cards also offer higher rewards such as more miles when the air tickets are purchased on the card.
  • It prevents any financial burden for the family members and loved ones of the cardholder if they meet with their unfortunate demise while travelling.
  • The cards that offer insurance also provide various travel related benefits such as discounts on rental cars, airport lounge access, complimentary golf green fees and complimentary airport transfers among others.

Reward schemes

Insurance credit card reward schemes are in the form of:

  • Complimentary insurance policies with high range of cover and various benefits that account for most of the travel inconveniences one might face.
  • Other travel related insurance policies such as insurance on rental cars and trip cancellation insurance.

Eligibility criteria

To be eligible for an insurance credit card, the primary cardholder must have attained the minimum age of 21 years and must not exceed the maximum age of 65 years, must maintain a good credit score, and meet the minimum annual income requirements which can range anywhere upwards of S$30,000 per year to S$80,000 per year for Singaporean nationals and permanent residents. Applicants who are foreign nationals will require a higher annual income and a valid employment pass. The annual income for foreign nationals are generally higher and start from the S$40,000 per year mark.

How to apply for insurance credit cards

Applying for a credit card that provides insurance cover is a hassle free and convenient process. Potential cardholders must compare their choice of credit cards thoroughly and only then settle on the card that offers not just a comprehensive complimentary insurance policy but also attractive card benefits, fits into their spending pattern and is affordable. Application can be done by either visiting the nearest branch of the bank offering the card or applying for the card by filling out an online application form. Both channels of application will require the cardholder to provide supporting income documents.

Insurance credit cards available in Singapore

Below is a list of credit cards that offer complementary travel insurance:

  • American Express credit cards
    • American Express Singapore Airlines KrisFlyer Ascend Credit Card: This American Express Credit Card has a complimentary travel insurance with an accident cover of S$1 Million and cover for other various travel inconveniences.
  • Citibank credit cards
    • Citi PremierMiles Visa Card: The card has a complimentary travel insurance with an accident cover of S$1 Million for the cardholder and up to S$50,000 for the child of the cardholder.
  • CIMB Bank credit cards
    • CIMB Visa Signature Card: The card has a complimentary travel insurance with an accident cover of S$500,000 and cover for other various travel inconveniences.
  • HSBC Bank credit cards
    • HSBC Visa Infinite Credit Card: The card has a complimentary travel insurance with an accident cover of S$2 Million and cover for other various travel inconveniences.

Exclusive or invitation only insurance credit cards

Exclusive credit cards are available to high net worth individuals. These cards come topped with great benefits and are available only through invitation. The HSBC Visa Infinite Credit Card is one such card that offers great perks to the cardholder inclusive of a complimentary travel insurance with a travel accident cover of S$2 Million.

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