Many credit cards provide travel insurance benefits, including trip cancellation and interruption coverage that reimburses prepaid expenses in the event that an insured trip must be cancelled or interrupted. However, coverage and exclusions vary by card.
In order to qualify for reimbursement, travelers must use a card offering this benefit when buying tickets on an authorized airline or tour operator. Here is an overview of which cards offer this feature and their policies.
Chase Sapphire Preferred
The Chase Sapphire Preferred Card regularly tops many publications’ lists of travel credit cards with superior rewards and benefits, with trip cancellation insurance and primary rental car collision damage waiver among its advantages.
Trip cancellation coverage provided by credit cards offers you peace of mind if your travel plans become cancelled due to illness, severe weather or other covered reasons such as primary rental car collision damage waiver and lost luggage reimbursement coverage.
The card’s benefits package also offers purchase protection against damage and theft for up to 120 days on new items purchased using your card, giving you peace of mind if an expensive purchase becomes damaged or stolen shortly after being purchased with it.
This credit card stands out with its complimentary travel and purchase protections, along with 1:1 point transfer opportunities to hotel loyalty programs – making it an attractive travel reward card with an annual fee under $100.
American Express Platinum
American Express offers a selection of premium travel cards with generous benefits, such as trip cancellation insurance. Their Platinum Card from American Express features this coverage along with statement credits and increased earnings on restaurant and hotel purchases.
AmEx credit cards provide travel protection to both cardholders and immediate family members whose trips are booked with eligible AmEx cards, such as airline tickets or accommodations paid for completely with this card. Trips covered include prepaid passenger fare tickets and accommodations as long as paid in full through this credit card; additionally the cardholder receives car rental collision damage waiver, trip interruption reimbursement and baggage loss and delay coverage – providing peace of mind during travel bookings using their AmEx cards.
Coverage may differ depending on your card, so always consult its policy booklet for specifics. Some cards may exempt coverage in cases related to COVID-19 while other policies might set a maximum reimbursement limit of $10,000 per trip or $20,000 total in any 12-month period; other restrictions and limitations may also apply.
Wells Fargo Visa Signature
Wells Fargo Visa Signature card is an ideal card for travelers who are hoping to reap travel rewards. Although it doesn’t provide traditional sign-up bonuses, but does offer an introductory 0% APR rate on purchases and balance transfers for 15 months after opening an account.
Once the introductory period is over, this card offers an attractive points rate: five points for every $1 spent at gas stations, supermarkets and drugstores as well as one point on all other purchases – and an amazing 50% value boost when redeeming them for airfare – one of the best redemption rates among credit cards!
Other features of this card include secondary auto rental collision damage waiver, cell phone protection and purchase protections (price protection, return protection and extended warranty coverage). Plus it reports to all three major credit bureaus – making on-time payments an invaluable way to increase your credit score! Unfortunately this card no longer accepts new applications; however you can view current offers here.
Bank of America Premium Rewards
The Bank of America Premium Rewards card is a top travel credit card option for individuals who have substantial savings in qualifying Bank of America or Merrill accounts, as well as members of their Preferred Rewards program which boosts rewards to up to 3.5 points per dollar spent on travel and dining purchases, 2.62 on all other spending, plus up to $100 annually in statement credits towards incidental airline expenses such as seating upgrades or ticket changes, checked bag fees, onboard food & beverage purchases as well as application/membership fees associated with TSA PreCheck/Global Entry fast security programs.
This card boasts an attractive sign-up bonus, including 60,000 online bonus points after making $4,000 in purchases within 90 days of account opening. Furthermore, its excellent travel insurance benefits such as trip delay/cancellation/interruption coverage further contribute to its appeal.
