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How your credit card could cover you for purchase value, repayments and even product warranties

Most people know that rewards cards come with travel insurance that covers you for costs such as medical expenses, lost luggage and damage to property. But look closely and you may find your card also comes with some cover that you’ve never heard of.

 

 

Rewards credit cards don’t just give you a way to earn rewards points as you spend on eligible purchases – some also come with a range of insurance and other benefits that apply to things you purchase with your card, at no added cost.

 

While complimentary insurance isn’t a reason to go on a spending spree, if you were going to buy a certain item anyway, it may be worth putting it on your card for extra peace of mind.

 

Note that because every card offers different benefits, you should check the details of what’s covered by any complimentary insurance that’s included on your card.

Cover if your purchases are lost, stolen or damaged

Sometimes called ‘purchase security insurance’, this covers you against loss, theft or accidental damage across a wide range of products. Best of all, it applies to things you buy both in Australia and when you’re travelling overseas.

 

Keep in mind that there may be limits to the amount you’re covered for and that you might need to make the claim within a certain time after you make the purchase.

 

Complimentary purchase security cover is included with both the Westpac Altitude Platinum credit card and Altitude Black credit card.

Extended warranties on your appliances

Extended warranty insurance could boost the warranty period on purchases that you pay for with your card, provided the purchase meets certain eligibility criteria. This means that if an item is defective or stops working after the Australian warranty period, your complimentary card insurance may have it covered.

Cover to help you get the best price on purchases

Have you ever spotted those designer shoes on sale just days after you bought them at a different store?

 

Many rewards cards come with complimentary price guarantee cover, which is a handy way to make sure you don’t pay too much for your purchases. It covers personal items you buy with your card, although normally only in Australia. While certain conditions and limits apply, the idea of this cover is that if you see the same thing for a cheaper price soon after buying it, you may be able to claim the difference, up to $300.

 

If you’re the sort of shopper who likes to know you’ve got the best price, you might want to consider the Westpac Altitude Platinum credit card and Altitude Black credit card, as both provide complimentary price guarantee cover.

 

If you would like to learn more, have a look at the Westpac Credit Cards Complimentary Insurance Policy.

 

Things you should know

Consumer Credit Cards - Conditions of Use (PDF 7MB)

Altitude Rewards Terms and Conditions (PDF 213KB)

Westpac Credit Cards Complimentary Insurance Policy (PDF 297KB)

Westpac Rewards Credit Cards Concierge Service Terms and Conditions (PDF 917KB)

Credit criteria, fees and charges apply.

Be credit savvy: Before applying, consider a realistic credit limit and check all conditions, interest rates, fees and charges on your selected card.
This information does not take into account your financial needs, individual circumstances or objectives. Read the terms and conditions before making a decision and consider whether the product is appropriate for you.

Rewards points: Depending on your choice of rewards program, you can earn Altitude Points or Qantas Points on your eligible purchases. The earning and redemption of Altitude Points and Qantas Points is subject to the Altitude Rewards and Altitude Qantas Terms and Conditions. You do not receive points if your card account is in arrears for 2 consecutive statement cycles and in other circumstances. You do not earn Altitude Points or Qantas Points on payments to the Australian Taxation Office. A points cap per statement cycle applies to the Altitude and Altitude Platinum Cards. For details, see the Rewards tab on the Altitude or Altitude Platinum product page.

Altitude Rewards: You must be a member of the relevant frequent flyer program to redeem Altitude Points for frequent flyer points. The Altitude Rewards Terms and Conditions and the terms and conditions of the relevant frequent flyer program apply. A joining fee may apply. Availability of Reward flights may be limited. For more information on the Altitude Rewards program, visit altituderewards.com.au.

Altitude Qantas: In order to earn and redeem points, you must be a member of the Qantas Frequent Flyer program.

Complimentary insurance covers: Under a binder from the underwriter Allianz Australia Insurance Limited (ABN 15 000 122 850, AFSL 234708), AWP Australia Pty Ltd (ABN 52 097 227 177, AFSL 245631, of 74 High Street, Toowong, QLD 4066, trading as Allianz Global Assistance) has issued an insurance group policy to Westpac Banking Corporation (ABN 33 007 457 141 AFSL, Australian credit licence 233714 [Westpac]) of 275 Kent Street, Sydney, NSW 2000 that allows eligible Westpac account holders and cardholders to claim under it as third party beneficiaries. The terms, conditions, limits and exclusions of the group policy are set out in the Westpac Credit Cards Complimentary Insurance Policy which may be amended from time to time. Westpac does not guarantee the insurance. You can get a copy of the policy booklet by downloading the Westpac Credit Cards Complimentary Insurance Policy.