Westworld Alberta
Issue link: http://westworldmagazine.ama.ab.ca/i/40418
CARD FEATURE: Travel Medical Insurance The basics The travel medical insurance that comes with credit cards usually covers doctor's fees, prescription costs, emer- gency transportation and hospi- talization charges when you're away from home. But there are limits: "Medical bills that result from participation in high-risk adventures are often exempt," says Scott Sanders, director of card solutions at Bridgewater Bank (a subsidiary of AMA that provides the CAA MasterCard). There are often other restric- tions, too. One bank's credit card, for example, offers up to CARD FEATURE: Balance Transfer Offers The basics Some companies entice consumers to switch balances from other cards by offering low introductory rates for such transactions (usually zero to six per cent for three to 10 months, though some cards offer special deals for longer). These offers are a great way to temporarily reduce your interest charges, but Sanders cautions that it's important to read the fi ne print before you commit. After the introductory rates expire, you might fi nd yourself $1,000,000 for unexpected emergency medical expenses, but it only covers trips up to eight days long — and if cardholders don't call in the emergency right away, benefi ts may be reduced to 80 per cent of what would other- wise be payable. The bottom line Consider how often you travel and the usual length and purpose of your trips. Will the card cover you? Also, keep in mind that if you already have travel medical as part of an extended health plan, you may not benefi t from this feature. Ian McKinnell/Getty Images stuck in a high-interest or high-fee plan. Worse still: engaging in too many balance transfers can negatively affect your credit rating. The bottom line Before you accept a balance transfer deal, fi nd out how long the special rate will be offered and what it will be thereafter. If you're still unsure which card is right for you, make an appointment with your bank to assess your spending habits. And in the same way that you schedule annual medical check-ups, make a standing appointment with yourself to re-evaluate your credit card usage. After all, it never hurts to do your homework — especially when you can save hundreds of dollars by shopping around. AMA MEMBERS SAVE MORE Get 20 bonus CAA Dollars when you sign up for a CAA MasterCard and make your fi rst purchase before November 15, 2011. For details, see back cover. Apply at ama.fallrewards.ca. you sig WESTWORLD >> SEPTEMBER 2011 47