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The Platinum Card from American Express is one of the best premium credit cards out there. Its biggest benefits, including Centurion Lounge access, $200 in airline fee credits annually, complimentary hotel status, $200 in Uber credits annually and more, are widely known. However, there are many additional perks that really help to set the Platinum Card apart from other premium cards in the market. Here are five of the Platinum’s perks that are worth knowing about.
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1. Baggage Insurance Plan
The insurance doesn’t cover when the damage or loss was caused by war or acts of war; any act by customs; defective workmanship, normal wear and tear and gradual deterioration; or fraud, abuse or illegal activity by the cardholder. In addition, the plan doesn’t cover cash or its equivalents, credit cards or other travel documents, securities, tickets and documents, living plants and animals, food or perishable items, eyeglasses, sunglasses, contact lenses, hearing aids, prescription drugs, artificial teeth and limbs or property shipped as freight.
Once you’re a cardholder, you can file a claim with Amex directly through your Platinum Card’s benefit page.
2. By Invitation Only
Being a cardholder of the Platinum Card gives you exclusive access to a variety of events. While they’re not free, the events themselves are hard to find elsewhere. Events take place all around the world — from New York to Abu Dhabi — and they range from meals with celebrity chefs to celebrity-focused experiences like holiday shopping with Tory Burch. TPG himself even met Vogue’s creative director Grace Coddington at a By Invitation Only event.
In order to purchase access to By Invitation Only events, you’ll need to call Amex. Keep in mind that resales are prohibited and the experiences themselves are subject to change.
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3. Car Rental Loss & Damage Insurance
When you use your Platinum Card to reserve a rental car, your car will be covered if it’s damaged or stolen. In order to be eligible, you must pay for the rental in full with your card and decline the collision damage waiver at the rental car counter. This is secondary coverage rather than primary and does not cover liability, damage to vehicles other than those rented by the cardholder and injuries to people in other vehicles.
In addition, you’re covered for the loss or damage of personal property (or your passengers’) for up to $1,000 per person and up to $2,000 for all occupants. Medical expenses for the cardholder or your passengers can be reimbursed for up to $5,000 per person.
Keep in mind that not all car rentals are covered, such as full-sized or cargo vans, commercial mini-vans, customized vehicles, antique cars, limousines, off-road vehicles or any vehicles rented in Australia, Italy or New Zealand.
4. Premium Roadside Assistance
No need to worry about getting help if you’re ever stuck on the side of the highway. With your Platinum Card, you’ll get premium roadside assistance when you need emergency car services. The emergency services from Amex are available 24/7, and an Amex representative can help you arrange eligible services like towing up to 10 miles, changing a flat tire or jumpstarting a battery. Even if you’re in your driveway, you’re covered by the Platinum Card. The best part is that your card doesn’t cover you just once — you’re eligible to call Amex for services up to four times per year.
In order to use this benefit, you’ll need to call Amex, which will then contact a third-party service. Amex will provide the previously mentioned services for free up to four times per year, but keep in mind that you’ll be responsible for all additional third-party service costs.
This benefit is only available for cardholders traveling in the US, Canada, Puerto Rico and the US Virgin Islands.
5. Purchase Protection
The Platinum Card is one of the best options when you’re making large purchases, the reason being that it offers preferred purchase protection. If you make a covered purchase on your Platinum Card and the item is stolen, accidentally damaged or lost within 90 days from the date of purchase, Amex will reimburse you. The purchase protection coverage is limited to $10,000 per occurrence up to $50,000 per cardholder per calendar year.
When I purchased a new Apple Watch, it unfortunately broke within 48 hours of me picking it up at the Apple Store. But, because I paid for the entire purchase with my Platinum Card, I was able to file a claim with Amex. After a relatively painless process, Amex informed me that it was covering the entire pre-taxed amount. With that money, I went and bought a new watch. At the end of the day, this purchase protection turned out to be a lifesaver.
If you’re interested in filing a purchase protection claim from the coverage that comes with the Platinum Card, you must do so within 30 days from the date your item is stolen or accidentally damaged. You’ll only be covered up to the amount charged to your card, and any shipping and handling costs for the original purchase will not be refunded.
Bottom Line
Aside from the obvious perks of the Platinum Card from American Express, there are also some lesser-known benefits that really set the card apart from its competition. Between the purchase protection benefit that could potentially save you from losing money to the comfort of knowing you’re protected if you’re stuck on the side of the road, the Amex Platinum offers value beyond the Membership Rewards points it earns and the annual credits it offers.
Source: thepointsguy.com