Golden credit card: which insurance policies are included?

Gold credit cards are very popular – even the unique exterior is attractive. But above all, there are also the numerous additional services and integrated insurance that make the Mastercard, Visa models so popular.

Insurance as a feature: the idea behind a gold credit card

Insurance as a feature: the idea behind a gold credit card

In the past, a gold credit card was primarily a status symbol. The owners of these payment methods wanted to show that they can afford the surcharge that goes with the gold look. However, this period ended when more and more banks offered that their customers were free to choose their credit card motifs and in some cases even allowed to design them themselves.

However, the golden credit card did not go extinct, but was given a new purpose. It became the “gold standard” of services that can be accompanied by a corresponding card. It quickly became apparent that this primarily concerned insurance companies. Other extras such as a freely selectable PIN or repayment in installments also found their way into other credit card models because they could be implemented inexpensively or even profitably for the respective bank.

This does not apply to the policies: the insurance must be counter-financed through the annual fee. The gold card therefore proved to be a coherent way to offer particularly good and / or numerous insurance policies.

The bank determines the specific insurance

The bank determines the specific insurance

In the following we will present the insurance policies that Visa and Mastercard generally offer with a golden credit card. However, this does not necessarily mean that the policies are always on board. The banks from which the cards are issued determine which insurance offer is actually granted.

The policies proposed by Visa and Mastercard are the maximum. In fact, this is an excellent way of evaluating financial institutions, as it shows how comprehensive the range of services of their credit card offer is.

Insurance with a golden Mastercard

Insurance with a golden Mastercard

Insurance coverage for a golden Mastercard is primarily about travel. On board can be travel cancellation insurance , international health insurance (also for family members) and goods protection insurance .
Travel insurance is valid for 90 days per trip. The goods protection insurance only applies to purchases made with a credit card. It runs for two months from the date of purchase. If, for example, the paid goods are not delivered, the costs will be reimbursed via the policy. However, some online shops and product categories are excluded from this policy (eg cars).

Indirectly, another insurance is part of the golden Mastercard: a policy for the card itself. If the card is lost or stolen, the holder receives help immediately – be it in the form of a new card or through a cash advance.

These additional services are part of Mastercard’s golden credit card:

  • Freely selectable PIN
  • Refunds for trips booked with the card with special partners
  • Accepted worldwide
  • Contactless payment
  • Participation in the Mastercard Priceless Cities program, through which special offers can be accepted and special events can be attended
  • Repayment in installments

Insurance of a golden Visa card

Insurance of a golden Visa card

Visa Gold’s insurance policies are similar to those of the golden Mastercard. In this case, the heart of the offer is an international health insurance. Goods protection insurance is also integrated. Online purchases made with a credit card are secured against destruction, robbery, damage and theft for 60 days after purchase.

However, just like with Mastercard, there are restrictions – or certain products that are particularly expensive or perishable are excluded (alcohol bought online, for example, is largely not protected by insurance). The card itself will be replaced as soon as possible if it is lost or stolen. Just like Mastercard, Visa also pays a cash advance in case of doubt in order to be able to help the holders quickly.

These additional services are part of the Visa golden credit card:

  • Freely selectable PIN
  • Free cash withdrawals from ATMs with the Visa logo
  • With ICS online portal and ICS app (Visa card management software) full control over the card at all times (for example, this can be blocked promptly)
  • 5% refunds on travel bookings with the card at selected partners
  • Various protection and prevention systems that protect against fraud
  • Repayment in installments
  • No annual fee in the first year with the ICS Visa Gold model

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