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Credit card benefits thin on the ground

Credit card benefits thin on the ground

Category: Credit cards

Updated: 12/03/2012
First Published: 12/03/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Added benefits on credit cards are highly regarded by consumers, but they are few and far between in some cases, research from Moneyfacts.co.uk has found.

Worldwide travel insurance is one of the more popular benefits associated with credit cards, but figures show that such deals are very thin on the ground.

In fact, worldwide travel insurance is offered on just six credit cards out of the approximately 220 that are currently on the market.

And benefits such as emergency card replacement aren't offered as standard as only 100 out of the 220 cards cover customers if they lose their card abroad.

Even more sparse are cards that allow customers to withdraw 'emergency cash', with just 43 deals offering this perk.

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

"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."

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