Banks Slash Credit Card Travel Insurance Benefits Amid Regulatory Changes
Australian banks are changing their complimentary credit card travel insurance policies due to changes in regulations. Starting from October 2026, some major banks will remove or reduce international and domestic travel insurance benefits on selected cards.
The Reserve Bank of Australia will remove card payment surcharges and reduce interchange fees earned by banks from card transactions. As a result, several banks are adjusting their complimentary travel insurance policies.
Banks such as NAB, CommBank, ANZ, and Westpac have announced changes to their credit card travel insurance benefits. Some cards will no longer include complimentary travel insurance, while others will reduce the maximum period of cover or remove certain benefits.
Travelers who rely on their credit card for travel insurance should check their current policy information carefully before booking their next trip. The changes may affect existing bookings made before the effective date of the new policies.