Westpac data shows that Australians are making the most of open borders, with consumer credit card spending 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 spending across our credit and debit cards has rebounded significantly, it’s not yet at 2019 levels.
Written by: Jill Walsh
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