Westpac data shows that Australians are making the most of open borders, with consumer credit card spend on airlines and hotels rebounding over 140% and 120% respectively, since a sharp decline in 2020.
As more Australians set out to enjoy their first overseas holiday since the start of the COVID-19 pandemic, Westpac has added cover for epidemics and pandemics (including COVID-19) under selected benefits* of its credit card complimentary insurance.
Eligible customers can benefit from the additional cover at no additional cost* if they are diagnosed with COVID-19. This includes overseas emergency medical assistance, medical evacuation, as well as cancellations and additional expenses*.
“The world has changed over the last two years and with borders now open, we have updated our credit card complimentary insurance to give customers additional peace of mind when travelling overseas,” said Steve Rubenstein, Managing Director, Consumer Finance.
“We are seeing our customers spending more on airlines, travel agents and hotels, as Australians get back to one of their favourite pastimes. Similarly, more customers are seeking the benefits of frequent flyer points, with a 45% increase in demand for our reward credit cards over the past 12 months (May 2021 to May 2022) compared with the year prior.
“While international spend across our credit and debit cards has rebounded significantly, it’s not yet at 2019 levels. We anticipate this could change over the July school holidays as Australians escape the winter and reconnect with families and friends abroad,” Mr Rubenstein said.
Complimentary credit card insurance is available on selected Westpac, St. George, Bank of Melbourne and Bank SA consumer and business credit cards.