American Express credit cards come as one of today's most popular card travel perks. Amex Platinum cards earn you points when you use them to shop at certain vendors and get free travel. Amex Platinum travel cards are among the most valued and sought after credit cards on the market. But like all things, the Platinum card comes with its share of drawbacks. Before you decide whether or not to get an Amex Platinum card, here are three reasons to stay away from this type of card. All cards have pitfalls, so weigh your options wisely.
One big reason that I cannot stand is the low coverage levels provided by Amex platinum cards. American Express credit cards offer decent coverage for items such as cash, traveler's checks, hotel expenses, meals, and rental car expenses. However, the Amex platinum cards offer much less. Yes, it s gets a huge 75,000 mile bonus after spending $5k within the first six months on your account, but frequent travelers will quickly see that there is a lot of room for deviation here.
Another downside to the Amex platinum cards is that they do not cover malpractice, dismemberment, and loss of life. You can take out a policy that does include these policies, but many people prefer to just keep separate policies in case they need them. This means that if you are in an accident for which you are partially at fault, Amex Platinum cardholders will probably have little protection. If you want to be adequately covered, you'll have to purchase traveler's insurance.
It may be possible to find coverage that includes dismemberment and travel medical with the credit cards from American Express. Amex does provide policies that offer coverage for these two areas, so look into this possibility if you need them. The reason that the Amex policies don't offer dismemberment and travel medical is because they view these two as unimportant in most cases. They view them as a distraction and as something that are not relevant to the transaction. They feel that the transaction should be fast, convenient, and affordable.
When you use a travel insurance policy such as Amex platinum travel, you are agreeing to be covered for all types of dismemberment and medical costs (including legal costs). These policies are generally more expensive than other similar products but it can be well worth paying the higher premium. For example, if you were in an accident whilst on holiday in a foreign country, even if you had medical insurance, you would probably be unable to get back home due to the expatriate laws that force foreign nationals working in their host country to be taken back to their country of origin. With an Amex policy, you will at least be able to claim back part of your income.
Another thing that you need to remember when comparing products such as Amex platinum is that although the company is usually affiliated with a major international company, they do not insure each other's products. So even though you have coverage through an American company, Amex will not cover your dental implants or your medical treatment in Canada. This means that you will need to carry your own Canadian coverage, as well as your American insurance or other plans that offer coverage for dismemberment and travel medical costs. Although it is possible to get an Amex Platinum Travel Cover that provides you with both in one policy, you are often better off buying separate plans that provide full coverage. Even though the cost of Platinum is a little more, the coverage that you receive is going to be far more worth it.
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