Ever since our article on
credit card insurance, we've been scrutinising included travel insurance policies. We were quite surprised to find the following coverage in the product disclosure statement for the overseas travel insurance on the ANZ Frequent Flyer Visa Platinum:
Cash in hospital: $75 per day, up to $7,500 for cardholder only, $15,000 for cardholder and family.
Cash in hospital? Wait, wait, wait...let's get this straight: if we're hospitalized overseas, you'll pay us $75 per day? We're almost tempted to quit our job and step in front of a bus in a foreign country. Maybe one of the small Pacific nations where $75 Australian dollars is equivalent to the average annual salary.
The included travel insurance also covers you for $50,000 in the event of death or disability (that ought to soften the blow) and damaged luggage up to the value of $12,000 (when we lost our luggage overseas, all we got was a contemptuous look from the airline staff).
The inclusion of travel insurance is the core difference between the
Frequent Flyer Visa Gold and the Platinum. The Platinum also offers purchase security, extended warranty protection and moderately increased reward point thresholds.
You'll earn one Frequent Flyer point per dollar spent, up to $2,500 per month (up from $2,000 per month on the Gold) and one point per two dollars spent between $2,501 and $10,000 (an increase from $5,000 per month on the Gold).
In real terms, the difference in reward points is minimal. Most consumers will spend less than $2,000 per month on their card and for those people, they could earn the same number of points on the Gold.
Bonus points (from Qantas, Hertz etc) are still unlimited.
The annual fee is $295, which is $100 higher than the Gold and on par with other equivalent Frequent Flyer cards. For example, the NAB Qantas Platinum, with comparable features, has an annual fee of $290.
The core features remain unchanged from the Gold. The purchase rate is 19.74% (which is a bit lower than most platinum cards) and the interest free period is 55 days. The cash rate is 20.99% which is a little lower than some platinum cards, but shouldn't be a consideration.
ANZ are also currently offering 2.9% on balance transfers for 18 months.
The verdict: although the ANZ Frequent Flyer Visa Platinum offers an impressive increment in value from the Gold, it still has a fairly shallow set of travel features. While travel insurance is a nice inclusion, it shouldn't be the jewel in the crown of a travel credit card range. Other cards, like the NAB Qantas series, include travel insurance on their standard and Gold cards.
If you're looking to travel and you can afford a platinum card, you're probably better off with one that offers a more comprehensive set of travel features, such as dual cards, travel inconvenience insurance and transit accident cover. Check out the
American Express,
NAB Qantas and
Westpac Earth ranges.
