Yonder, a challenger credit card provider, has entered the travel insurance sector with a product that covers various travel disruptions including flight cancellations.
According to a report by AltFi, the offering will be included in the price of membership (£15 a month) and has been valued at £175 a year.
The product is also a zero-excess product that covers missed flights, cancelled or delayed departures, and winter sports up to £500. It also covers holidays in the UK that are over 100km from the customers’ home.
Yonder hopes that this offering will help it compete in the credit card market and attract customers from incumbents.
It will also see the company rival the likes of Revolut and Monzo who offer similar products.
Yonder co-founder and CEO Tim Chong said, “Credit card insurance policies can be fraught with loopholes that catch consumers out in their moments of need.
“Insurance is one of the core benefits of a lifestyle credit card, but the credit industry is shockingly outdated. Just as it’s harder than ever to spend rewards points on something you actually want, policy coverage has also fallen behind the times.”
Global financial app Revolut recently appointed Allianz Partners, a B2B2C insurance provider, as its global travel insurance services provider. The agreement saw Allianz Partners provide its comprehensive travel insurance services to Revolut customers who hold a Premium or Metal Account, initially in 31 markets across The EEA and the UK.
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