Effective July 6, 2023, travel insurance coverage will change for many BMO credit cards.
This harmless memo can affect your trip and we always recommend that you read your insurance certificate carefully. Bank of Montreal will send full details with your monthly statement if your card is affected.
Here are the personal BMO credit cards that will have some changes regarding travel insurance coverage:
And then BMO Small Business Credit Cards:
There are several changes, but the most significant are the changes to the BMO Ascend World Elite Mastercard. It was a popular card because only a portion of the booked trip had to be charged to the card for the entire coverage to take effect.
From now on, this will no longer be the case. If you want this type of insurance, you should consider the National Bank’s World Elite Mastercard®, which has the best credit card insurance on the market.
Here is a summary of the main changes. Please refer to the official insurance policy that will be provided.
For theses credit cards:
About the BMO® CashBack® World Elite®* Mastercard®*, the changes are identical to those above. But other changes are also taking place:
A trip booked until July 5, 2023 will have the insurance coverage in effect at that time and there will be no change. This is true even if the trip takes place at any time after July 6, 2023.
If a trip is booked on or after July 6, it will be covered according to the changes.
It’s a shame to see advantageous insurance coverage for credit card holders diminish. Especially about charging a travel expense only partially on a credit card to be fully insured.
In return, they will change positively for some other coverages. It is up to each cardholder to know if the changes will still work for them after July 6, 2023.
Use the credit card comparison tool to find out which one is best for travel insurance.
Savings are here:
