AFTA attack credit card travel insurance

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The Australian Federation of Travel Agents (AFTA has called the travel cover offered by banks and financial institutions to customers for free a ‘Mickey Mouse product’, and is calling for bank executives to launch a full review of free credit card insurance.

The criticism came after it was found that many of the free travel insurance policies that are offered to credit card customers do not contain any form of terrorism cover, something that the AFTA said exposes customers to huge financial risk.

The flaws in the policies were found by The Australian earlier this week, and already four banks – American Express, HSBC, Bendigo and Heritage – have started reviewing the policies offered to their customers.