Re: 2%+ Cash Back on Everything Cards
02-08-2009 12:39 PM
Cheech, thanks for the info. Can you explain the travel insurance to me? what does it cover? I'm not familiar with these travel insurance programs
There are several features --- like lost luggage insurance (usually capped at $300), assistance if your flight is canceled or delayed, but most of those I don't really care about. Our main concern is the accidental death/dismemberment clauses. You don't like to even THINK about something like that, but one never knows. In the case of this card, there is a $1 million life insurance policy in the event of accidental death when you are on a commercial method of transportation, including common carrier transportation to and from the airport. Bottom line: if the plane crashes and you, as a cardholder, die, the policy pays $1 million to your beneficiary. Since you have probably not named a beneficiary (who does that on this type of policy?) they go down the line through the standard beneficiaries; spouses, children, parents, etc. Of course, if you have a claim, you have to contact THEM--they won't go looking for you. The coverage is free, and just part of the benefits of the card.
Some other cards offer $100,000 insurance. Some offer $500,000. Some offer lost luggage, but not life insurance. I have two cards that offer $1 million, so we use those two for his travel. Obviously, you have to use the card to have paid for 100% of the cost of the transportation to be eligible for the coverage.
Dig out the "benefits and features" pamphlets associated with your credit card(s). If travel insurance is included, it will all be detailed there. If you don't have those pamphlets, just call the card company and ask them to send you a copy. ;-)