Which Credit Card for Overseas Travel and Frequent Flyer points.

I have been researching credit cards to find the most suitable card to fit my criteria, being -

A card that -

1. is accepted around the world
2. has a potentially high credit limit
3. has "one for one" Qantas frequent flyer points and a rewards program
4. provides free travel insurance

After a wide search and analysis, two cards emerged as standouts as far as my criteria goes. They are –

• Commonwealth Bank of Australia (CBA) Platinum MasterCard
• Citibank Platinum Visa or MasterCard

It seems it matters little whether Visa or MasterCard is selected as they are on a par.
The important aspect is the benefits and conditions applied by the Bank. Both these banks contract their travel insurance to Zurich Insurance Ltd

At the end of the day it appears that the two cards are quite similar. However, there are a couple of significant disadvantages with the CitiBank card compared to the CBA card being -

• If cover is provided under the CitiBank Transit Accident Policy, then there is NO entitlement payable under the CitiBank Travel Insurance accidental death provision.
  
  
• There is a $2,500,000 maximum payable under the CitiBankTransit Accident Policy. If for example there were 5 CitiBank Platinum cardholders killed in an accident, then only $500,000 would be payable in respect of each ($2,500,00 divided by 5)
  
  
• CitiBank doesn’t have any branches as such in Australia. The CitiBank customer service centre is in SE Asia resulting in difficulties in communication with nowhere else to turn – frustrating to say the least! But importantly, if you had to utilize the travel insurance while overseas, you would be dealing with Zurich Insurance.

Because of the above differences, I have decided to go with the Commonwealth Bank Platinum MasterCard

In some fairly unimportant areas, Citibank Platinum provides slightly higher benefits than the CBA The maximum credit limit for CitiBank is $AUD100,000.

The Commonwealth Bank Platinum MasterCard at $AUD200 PA costs $50 less than Citibank Platinum which costs $AUD250 PA. The CBA Platinum card also includes free family membership of "Secure Sentinel" credit cards, documents and mobile phones protection service which I wouldn't be without, saving me another $50 PA.

The CBA card also provides some other insurances such as Interstate Flight Inconvenience and Guaranteed Price Scheme, which don't appear to be provided by Citibank, but these are minor benefits as far as I am concerned. CBA also has the advantage of many branches in Australia and plenty of people to talk to with no language problems.

The minimum credit limit for the CBA card is $AUD12,000, but the maximum is not stated.

In relation to other cards I looked at -

• CBA Gold card - good but requires 1.5 points for each Frequent Flyer point and of course less benefits for the $AUD114 fee. Minimum credit limit is $AUD5,000. Maximum not stated.

• Citibank Gold card - very good but has a maximum $AUD25,000 credit limit and reduced benefits for the $AUD119 fee.
• ANZ Bank Gold card - excellent value at $AUD87 with travel insurance through the very efficient CGU Insurance Ltd, (I had a stolen bag claim), but unfortunately they discontinued the link to the Frequent Flyer program some time ago. It is straight forward to comply with the requirement to qualify for ANZ Gold travel insurance - simply spend a minimum of $AUD250 on travel related costs and you are automatically covered. Complying with CBA or CitiBank when Frequent Flyer points are involved is a trap for the unwary unless you read the fine print. Credit limit for the ANZ Gold card starts at $AUD5,000. Maximum not stated.
  
  I will keep the ANZ Gold card for backup travel insurance just in case I slip up with the Commonwealth Bank Platinum MasterCard.

I ruled out AMEX altogether after my travel agent wanted 3.5% extra to take AMEX Gold. This has happened often to me, particularly with large amounts. At other times AMEX is just not accepted.

The following table is a summary of the Transit Accident policy cover -

TRANSIT ACCIDENT INSURANCE	Maximum?
Loss of life	1 mil/150k/100k
Both hands & feet	500kl/150k/100k
One hand & foot	500kl/150k/100k
Both eyes	500kl/150k/100k
One eye & 1 hand &/or foot	500kl/150k/100k
One hand or foot	250k/100k/75k

The following is my summary of the benefits offered by both banks under the Travel Insurance policy. I don't guarantee its absolute accuracy or currency, so you should do your own research before deciding which card.

	Commonwealth Bank Platinum MasterCard	Citibank Platinum
Frequent Flyer points	$1 = 1 F/Flyer point	$1 = 1 F/Flyer point
Cost of card	$200 (-50)	$250
Additional cardholder	$15 (waived for 2.2k points)	No cost
Medical & Hospital - general	Unlimited	Unlimited
Medical & Hospital – bed care per day (C/bank $110 p/day fot TV, phone calls etc)	100	110
Maximum for above– bed care per day	10,000 max	13,000 each (max16,000)
Loss / damage of personal items – maximum amount, subject to -	15,000/30,000	16,000/32,000
- baggage, clothing, personal items	5,000	5,500
- portable elect equip binoculars	5,000	5,500
- cameras & accessories	5,000	5,500
- laptops	5,000	5,500
- travel documents	500 / 1,000	600/1,100
- emergency clothes & toiletries	500 / 1,000	600/1,100
Business effects	Nil	5,500
Resumption of journey	5,000/ 10,000	6,000/12,000
Unexpected travel & accommodation expenses	unlimited	unlimited
Missed connection	3,500	2,500
Rental car excess	2,250	2.5k
Funeral expenses	12,500 /25,000	12,000 p/person
Accidental death ** For CitiBank this cover is not payable if cover is provided under Transit Accident Insurance.	50k card holder 25k spouse 5k child	250k card holder ** 150k spouse ** 50k child **
Legal liability	2.5 mil	2.5 mil
Cancellation of travel arrangements	Unlimited(Max 10k for insolvency)	Unlimited(Max 10k for insolvency)
Loss of income	750 per week/max 7,500	1,000 per week/max10,000
PURCHASE SECURITY – 90 days free insurance against loss, theft or damage for goods purchased on the card	yes	Yes
EXTENDED WARRANTY – of the Australian warranty on personal goods purchased on the card (doubles warranty up to 6 months, 1-5 yrs + 1yr, over 5 yrs – no cover)	20,000 max - 1 year extended warranty	20,000 max
INTERSTATE FLIGHT INCONVENIENCE	yes	Not available
- 4 hr delay	35 per person (100)	Not available
- 12 hr luggage delay – clothes, toil	150 per person / 450	Not available
- loss dam per items, clothes etc	750 item / 1,500	Not available
- accidental death	2,500 per person / 7,000	Not available
- cancel domestic travel arrange -	Due to death, illness injury, home destroyed etc - max 3,000	Not available
GUARANTEED PRICE SCHEME – CBA Platinum only	Goods cheaper in catalogue – claim within 21 days & is within 25 klms etc Cost <$10,000	Not available