Australian banks implement changes to credit card travel insurance

Major Australian banks are implementing staggered changes to complimentary credit card travel insurance, with several reductions or removals beginning in late 2024 and continuing through 2026. These adjustments follow RBA card surcharge reforms and vary significantly by institution.

Westpac will begin changing its complimentary policy on 1 October, which includes removing coverage for trip cancellation, travel delay, and luggage, while also decreasing maximum trip durations. Bankwest is also adjusting its offerings, such as removing interstate flight inconvenience coverage on certain Mastercard products.

Commonwealth Bank (CBA) is scheduled to reduce or remove insurance on most standard cards by 29 September 2026, though premium cards may retain benefits. CBA will also introduce a $500 pre-trip spend activation requirement for policies. ANZ will transition to a three-level insurance benefit system starting 9 December 2026, which will reduce trip cancellation limits, personal liability caps, and maximum cover durations for many cardholders.

NAB is also restructuring its benefits, with some cards losing international or domestic travel insurance and rental vehicle excess cover, potentially replacing them with mobile phone insurance for certain eligible cards.