Several Scotiabank personal and small business credit cards will see insurance updates next month, including an increase in some benefits and a decrease or removal of other coverages.
In a recent notice sent to cardholders, Scotiabank explained the changes to its insurance providers, coverages and benefits taking effect on July 1, 2021. Popular travel credit cards like the Scotiabank PassportTM Visa Infinite* Card and the Scotiabank®* Gold American Express® Card are on this list.
Here is a summary of what is to come.
To start, Scotiabank is switching insurance providers to The Manufacturers Life Insurance Company and First North American Insurance Company.
The following cards will only see a provider change and no other updates to their insurance benefits:
All cardmembers, including the primary and supplemental cardholders who are residents of Canada, will be considered under the definition of “Insured Person.” Coverage will also extend to dependent children while they are not travelling with the cardmember or their spouse:
Scotiabank is eliminating coverage for a travelling companion; however, it is extending coverage to dependant children when they are not travelling with the cardmember or their spouse. The new limit for travelling companions is three people.
Only the trip interruption changes apply to the following cards:
Scotiabank is eliminating the hotel/motel burglary insurance for parents residing with the cardmember:
Many of the perks and benefits offered by travel credit cards only apply to the primary cardholder, so it is important to read the insurance package before planning your next group or family trip.
Similarly, coverage for lost luggage and delayed luggage insurance coverage will no longer extend to parents residing with the cardmember:
Unfortunately, Scotiabank is removing the rare price protection service from the following cards:
The unique feature allows cardholders to pay the lowest possible price. For example, if an item purchased on the card goes on sale within a certain period, the cardholder can claim the difference up to a certain dollar amount per item, up to a maximum value per year.
If you still want this perk, you’ll have to reach outside the Scotiabank family of cards. Instead, check out the MBNA Rewards World Elite® Mastercard® or the HSBC +Rewards™ Mastercard®, which both feature a price protection service and other great benefits.
For more information on the imminent changes, contact the number on the back of your credit card or click here.
As demand for travel ramps back up, it is crucial to consider whether your credit card continues to suit your needs. Compare travel credit cards to see how well your current card stacks against others on the market today.
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