If the travel bug has bitten you now that pandemic travel restrictions have eased, you may want to take a look at the credit card you are using to pay for your trips so you have the best protection available. With the news filled with stories of canceled flights, long delays, and lost luggage due to staff shortages, a better card could save you a lot of stress and money.
WalletHub recently released a report that examined 92 credit cards from the 10 largest issuers to determine which cards offer the best travel protection. Here are the main categories considered:
Travel accident insurance
The average policy includes $250,000 of death and dismemberment coverage for the primary cardholder, authorized users, and their spouses or domestic partners. The best cards offer up to $500,000 of death and dismemberment coverage that extends to not only the primary cardholder's spouse/partner, but also any dependent children and sometimes even more distant family members, such as parents-in-law.
Luggage insurance
The average credit card with travel insurance included $3,000 of lost luggage coverage, but no coverage for delayed luggage. Meanwhile, the best cards offer not only $3,000 of coverage for lost luggage, but $500 for delayed luggage, which helps cover the cardholder's costs for necessary personal and business items they must replace before their bag arrives.
Travel delay/ cancellation insurance
The report found that the average credit card doesn’t offer any kind of delay or cancellation coverage. Some policies, however, offer as much as $20,000 per trip if it is canceled or cut short and up to $500 if a trip is delayed more than 12 hours.
So here are WalletHub’s choices for the credit cards with the strongest coverage offerings for both personal and business travelers.
Category | Card | Coverage Details |
Best for travel accident insurance | Chase Saphire Reserve | $1 million in coverage |
Best for travel accident insurance (business) | Ink Business Unlimited | $500,000 in coverage |
Best for luggage insurance | Chase Sapphire Reserve | $3,000 in lost luggage coverage |
Best for luggage insurance (business) | Ink Business Unlimited | $3,000 for lost luggage coverage; $500 in delayed luggage coverage per trip |
Best for trip delay/cancellation insurance | Chase Sapphire Preferred | $20,000 per trip cancellation coverage; $500 per ticket trip delay coverage |
Best for trip delay/cancellation insurance (business) | Ink Business Unlimited | $10,000 per trip cancellation coverage; $500 per ticket delay coverage |
Best Overall Travel Insurance Coverage | Chase Sapphier Preferred Card | $500,000 travel accident coverage; $3,000 lost luggage coverage; $500 per trip dlayed luggage coverage; $20,000 per trip cancellation coverage; $500 per ticket delay coverage |
Best Overall Travel Insurance Coverate (Business) | Ink Business Unlimited | $500,000 travel accident coverage; $3,000 lost luggage coverage; $599 per trip delayed luggage coverage; $10,000 per trip cancellation coverage; $500 per ticket trip delay coverage |
So, what's in your wallet?
Sources: WalletHub, propertycasualty360.com