It's a popular option these days, against buying travel insurance as a standalone option.
Typically, though travel insurance standalone products have better coverage than their credit card counterparts, the credit card is a great, free option for most holders. It would almost be silly not to look at them, or at least figure out how you are protected.
There's a lot afoot these days. In general, though protections have been considerable in the past, most of the banks have made massive cuts to their travel protection benefits. Even if certain banks are increasing the range of benefits, the overall limits are being reduced while the time period required to qualify are being increased.
Though American Express recently revealed some significant (read: mostly positive) changes to their travel & purchase protection, Citi recently made massive cuts to the travel and purchase protection offered by their cards.
Here's a quick look at the four most popular cards:
| Credit Card | Trip Cancellation & Interruption1 | Auto Rental Collision Damage Waiver2 | Baggage Delay3 | Trip Delay4 | Roadside Assistance5 | Lost Luggage6 | Travel Accident7 | Evacuation & Transportation8 | Emergency Medical & Dental9 |
|---|---|---|---|---|---|---|---|---|---|
| American Express Platinum Card* | $10,000 per trip / $20,000 per account (in 12-month period) | Secondary coverage. Reimbursement for theft and collision damage for up to $75,000. | Time: Over 6 hours
Per trip: Up to $500 |
being eliminated | Checked Baggage: Up to $2,000 Max Checked & Carry-On: Up to $3,000 Max Limit Per Trip: Up to $3,000 |
being eliminated | |||
| Chase Sapphire Preferred | $10,000 per person / $20,000 per trip | Primary coverage. Reimbursement for theft and collision damage for up to the vehicle's actual cash value. | Time: Over 6 hours.
Per passenger: Up to $100 per day for 5 days. |
Time: Over 12 hours, or requiring an overnight stay.
Per passenger (must be family): Up to $500 |
|||||
| Chase Sapphire Reserve | $10,000 per person / $20,000 per trip | Primary coverage. Reimbursement for theft and collision damage for up to $75,000. | Time: Over 6 hours.
Per passenger: Up to $100 per day for 5 days. |
Time: Over 6 hours, or requiring an overnight stay.
Per passenger (must be family): Up to $500 |
$50 per incident, 4 times a year | Per passenger: Up to $3,000 | Up to $100,000 | Distance qualification: 100 miles or more from home
Per passenger (must be family): Up to $2,500 |
*Please note American Express is revamping its travel coverage policies: These will go into effect January 1, 2020. In addition to these, the Platinum Card offers a $200 fee credit, and a fee credit for Global Entry or TSA Pre✓. These are generally not standard travel benefits.
