21 Nov 2024

Desirable card benefits, far and few between

Worldwide travel insurance is often considered a desirable credit card benefit; however, Moneyfacts research has shown that it’s offered on just 6 credit cards out of approximately 220 in the market.

Benefits such as emergency card replacement aren’t offered as standard as 45.5% of all credit cards available in the market include this feature, whilst only 19.5% offer an emergency cash option.

Benefits available on credit cards	% of all cards offering benefit	Number of cards
Emergency card replacement	45.5%	100
Emergency cash	19.5%	43
Worldwide travel insurance	2.7%	6

Rachel Springall, spokesperson for Moneyfacts.co.uk, said:

“Less than 3% of all credit cards in the market offer worldwide travel insurance; that’s a mere six credit cards in total.

“It would be wrong to assume that benefits such as emergency card replacement come as standard; in fact less than half of credit cards available in the market come with this option included.

“With the holiday season fast approaching, consumers may be considering their insurance options. Rather than a standalone insurance policy, some credit cards include worldwide travel insurance as part of their benefit scheme, but this is less than 3% of all cards in the market.

“If you are planning on travelling abroad it is essential prior to departure that you make sure your credit card covers a replacement or that you can take out emergency cash, just in case it is lost or stolen.

“Always review the terms and conditions so your credit card can be your safety net abroad.”

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

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