Credit Card Insurance - What Happens if I Close The Credit Card?

• 

  DogGunn on 07/12/2023 - 18:11

  +4

  You could just open up your credit card insurance PDS.

  My bet is your policy, for which you have not specified which bank, what card etc, is cancelled upon you cancelling the card.

  • 

    askvictor on 07/12/2023 - 18:14

    I had a good read through the document, but couldn't find anything about that. It does talk about cardholder, but doesn't specify cardholder at time of purchase or at time of travel. Card is Citi Prestige.

• 

  Drakesy on 07/12/2023 - 18:21

  +2

  Yeah, as you don't currently hold the card your insurance policy will be null and void unfortunately.

  Also a quick search would've helped :)

• 

  Dollar General on 07/12/2023 - 19:20

  +1

  Why would they let you close it and make a claim? The insurance is a sweetener to get you to take the card and keep it

• 

  mbck on 07/12/2023 - 20:42

  +1

  card means a current and valid Citi branded Level 1
  Card, Level 2 Card or Level 3 Card issued by NAB and
  includes any card (however branded) linked by NAB to
  any of the above mentioned cards.
  card account means:
  • a current and valid Citi branded card facility
  provided by NAB to which purchases made by
  cardholders on a Citi branded card are charged; or
  • the primary account linked to a Citi branded card
  issued by NAB to which a transaction is routed by
  any electronic funds transfer facility.

  Card needs to be current. So if you cancelnit, all benefits are also gone.

• 

  Tech5 on 07/12/2023 - 23:10

  I can answer from experience regarding an amex card

  If a ticket and insurance is activated before cancelling the card, even for 1 second and then reactivating, the previous insurance is no longer valid.

  I bought a trip on the card, cancelled to get a retention offer, then reinstated. It unfortunately wiped the insurance when I later called back to check.

  So if the insurance was invalidated even though my card was still active in the end, cancelling it for good will definitely void the insurance.

• 

  chocfrogs456 on 07/01/2024 - 09:34

  I had the same question for anz frequenr flyer black. Was not specidied in the pds. I called and wws assured it would still be valid if card was cancelled because all the insurance company needs is the proof of purchase on your statement.
  Maybe it depends on the bank