Travel Insurance Analysis: American Express Platinum Edge
Related Products
A great trip starts with a great plan – a plan which includes contingencies in case of the unexpected. And the first step in dealing with these unexpected situations is getting travel insurance. Some critics may balk at the idea saying that getting travel insurance is not necessary because the chance of finding yourself in need of insurance is slim. There is truth in that but unexpected means unexpected. And foreseeing these unexpected things could save you 3 -7 percent of the cost of the trip if and when such things occur. This is especially true for senior citizens and people who travel to unstable countries.
| Product Name | American Express Platinum Edge Credit Card | |
|---|---|---|
| Interest Rate on Purchases | 20.74% p.a. | |
| Offer end date | 31 May 2013 | |
| Annual Fee | $195 p.a. | |
| Interest Free Period | up to 55 days | |
| Minimum Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|
$3,000 | |
| Max Credit Limit | $50,000 | |
| Minimum Monthly Repayment | 2.5% | |
| Credit Card Type | American Express | |
| Late Payment Fee | $30 | |
| Complimentary Travel Insurance | Yes | |
| Available to Temporary Residents | No | |
| Joint Application | No |
When to Get Travel Insurance
The maxim, it is better to be safe than sorry, is a good premise to get yourself travel insurance. It gives you peace of mind knowing there is a protective cover for you, your family, and your income wherever you go. Below are other situations you might consider getting travel insurance.
- Cruise. If you are not covered by travel insurance on a cruise trip, you’re sunk. A very apt pun, since a lot can happen during a cruise such as losing your wallet, passport or luggage. Who knows what would happen to your credit cards in the event your wallet gets lost. Other scenarios would be your cruise tour is cancelled, a medical emergency at sea, and worst – you miss the boat. Although a cruise is a seemingly leisurely and safe mode to travel, you could never know.
- Package deals. It is common knowledge that if you purchased a packaged tour and a change on one part happens, chances are all the other parts will be affected and could result in losing the discount. A good travel insurance policy could help cover you for the damage these changes may bring.
- Expensive trips. It is a given that the bigger your investment is, the bigger the risks involved. Expensive trips are big investments where you could lose a great deal of your money should something unlikely happen.
- Plan in advance trips. Trips that you plan well in advance definitely needs coverage for the very reason that a lot could happen in the time between booking and actually taking your holiday. Cancellation in airfare, hotel accommodations and other things may mean non-refundable parts of those fees. Travel insurance could protect you from these things.
- Complicated trips. Are you planning a marathon tour? A one-week cruise on the Caribbean and heading straight to a two-week tour in Europe invites a lot of possible costly scenarios like missing your flight or losing your luggage. Thinking about this should not add to further stress, since your vacation is supposed to be all fun.
What Kind of Travel Insurance to Get
Having peace of mind during your vacation is what it should be all about. But then, choosing the best travel insurance policy can be, in itself, stressful. So imagine if someone does it for you and all you have to do is accept it including all other rewards and benefits. This situation is not far from reality with the American Express Platinum Edge. It is, of course, a credit card but one with a lot of extras.
So what kind of coverage does the American Express card bring? By looking at the things that the Platinum Edge covers in their domestic and international travel insurance for up to 120 consecutive days, you would not have thought that credit cards could do as much:
- Medical Assistance and Benefits. If in some unlikely circumstance you were in an accident during your trip, the American Express Platinum Edge includes medical treatment up to $3500, and transport to the hospital and back to your home country. This benefit includes airfare for your traveling companion when you go back to your country of residence. The airfare of a relative or a friend who wants to visit you is also included until such time your physician declares that you no longer need treatment.
- Trip Cancellations and Postponements. This applies to the costs for any unused travel, accommodations, and leisure activities that have been booked and paid earlier which are non-refundable or where you are charged extra for any changes that may happen. However, the validity of this benefit would depend on the reasons mentioned in the policy, such as a 12-hour delay of your flight due to uncontrollable forces of nature, an accident, and many more.
- Luggage, Money and Travel Documents. The possibility of theft or losing personal belongings, although not wished for, should be planned for. That’s why the American Express Platinum Edge credit card has this benefit in their travel insurance policy to pay to replace the money, personal belongings and travel documents that have been lost, stolen or damaged during your trip. You can even have a cash advance of up to $3500 in case of emergency.
- Car Rental Benefits. Provided that the car rental company allows you to decline additional or optional insurance from them, then this benefit applies to you. This includes payment on any damage, theft, and liability that an accident may incur.
- Travel Inconvenience. This means that if there is a missed connection or departure, over-booking, or cancellation, you will be reimbursed for additional travel, refreshment and accommodation costs as a result of such circumstances.
The American Express Platinum Edge does not just give you travel insurance benefits, but more advantages designed to make life and travel easier and more enjoyable for you. American Express gives you a whole new insight of what credit cards are supposed to be.
Read the American Express Platinum Edge Credit Card terms and conditions.
| Minimum Income | $50,000 | |
|---|---|---|
| Minimum Age | 18 years of age | |
| Available to Temporary Residents | No | |
| Credit Rating Requirement | Good | |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $3,000 | |
| Max Credit Limit | $50,000 |
| Annual Fee | $195 p.a. | |
|---|---|---|
| Minimum Repayment | 2.5% | |
| Late Payment Fee | $30 | |
| Over Limit Fee | $15 | |
| Overseas Emergency Replacement | $0 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- This card has a tiered rewards program. Earn the maximum amount of points in a situation where you would be spending money anyway.
- Platinum card holders get complimentary membership to the Ascent Rewards program valued at $80.
- Card holders get a free flight every year with Virgin Australia.
Cons
- This card has a minimum income requirement of $50000 per year, so this isn't for everyone.
Read the American Express Platinum Edge Credit Card terms and conditions.
Was this content helpful to you? No Yes
Ask a Question About This Card
2 Responses to Travel Insurance Analysis: American Express Platinum Edge
Credit Cards Comparison
* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.
What is the definition for a pre existing medical condition ?
It was no hospitalization in the 6 months prior to application for cover. Is this still the case ?
Hi Ian,
Thanks for your question. The terms and conditions for the American Express Platinum Edge complimentary medical insurance state that a: “Pre-Existing Medical Condition means any medical or mental condition existing prior to the booking of your trip affecting you or any travelling companion without whom your trip cannot be taken. This means
any condition causing You pain or physical distress or severely restricting Your normal mobility, including
(but not limited to):
(i) a condition for which You are on a waiting list for hospital in-patient Treatment;
(ii) a condition referred to a medical specialist or the cause of hospital in-patient Treatment within six (6)
months prior to booking of Your Trip (excluding regular ongoing check-ups where there has been no
significant change in condition);
(iii) pregnancy within eight (8) weeks of the estimated date of delivery; or
(iv) a condition for which a Doctor has provided a terminal prognosis.” Hope this has helped.
Cheers,
Jeremy