Westpac introduces pandemic coverage for credit card customers traveling overseas

0

Westpac will provide credit card customers with travel insurance coverage for epidemics and pandemics, including COVID-19.

With the number of Aussies embarking on international vacations growing every month, thEligible Westpac Credit Card customers may receive additional Epidemic and Pandemic Coverage at no additional cost if diagnosed with COVID-19.

Westpac notes that this coverage includes emergency medical assistance abroad, medical evacuation, as well as cancellations and additional expenses.

Westpac Consumer Finance Managing Director Steve Rubenstein said the world has changed over the past two years and with borders now open, we’ve updated our free credit card insurance to give customers peace of mind. extra spirit when traveling abroad.

“We are seeing our customers spending more on airlines, travel agencies and hotels as Australians return to one of their favorite pastimes,” Mr Rubenstein said.

“Although international spending on our credit and debit cards has rebounded considerably, it is not yet at 2019 levels. We anticipate that could change during the July school holidays as Australians escape winter and reconnect with family and friends overseas.”

Insurance is underwritten by Allianz, and customers will need to read the product disclosure statement as often free travel insurance differs from retail policies.

Given recent data on overseas arrivals and departures released by the ABS, Westpac economist Ryan Wells said many Australians were embracing their planned and paid trips, with around 400,000 residents setting off on trips short-lived in April.

“Despite significant downward revisions, the number of Australians leaving for long-term travel remains at twice its pre-pandemic level, likely reflecting pent-up demand, particularly among young Australians, to travel and /or to work abroad on a longer term,” Mr. Wells said.

Data on credit card payments for May released by the Reserve Bank revealed that 8,469,600 credit card purchases were made overseas in May, worth $1,502,400,000.

Debt continues to decline, falling to $17.5 billion in May – down $300 million from April.


Image by Pascal Meier via Unsplash

Share.

About Author

Comments are closed.