It’s quickly proving to be a summer of change for elite credit cards.
First, Citi Prestige® Card announced it would slash seven major cardholder benefits with new policies in effect from July 29, 2018. Then, Chase Sapphire Reserve℠ Card announced it will remove two major cardholder benefits: Price Protection and its unlimited complimentary guest policy at Priority Pass™ lounges and restaurants, effective August 26, 2018. Now, American Express has announced some benefit changes for its Platinum and Gold Cards, starting August 1, 2018. However, these American Express changes are all for the better! Hooray! What you need to know below.
Extended Warranty Protection
American Express is doubling its extended warranty time from one year to two years.
The Extended Warranty benefit provides extra time on the manufacturer’s warranty of purchased items, covering specific defects. If the item breaks and cannot be repaired, your credit card will typically reimburse you in the form of a statement credit or a check for the product’s original value.
Currently, when you charge your purchase entirely to The Platinum Card®from American Express Platinum or the American Express Gold Card or use Membership Rewards Points and/or Pay with Points, you are automatically covered under Extended Warranty protection for one yearon eligible manufacturer’s warranties of five years or less. These cards also provide an extra one year on customer-purchased extended warranties.
Starting August 1, American Express will extend its warranty protection up to two additional years for its Platinum and Gold Cards. If the original warranty is less than two years, American Express will match that length (e.g., one year original warranty will get an additional year; two year original warranty will get an additional two years).
For original manufacturer’s warranties between two and five years, American Express will grant 2 additional years. For example: You purchase a Mac with a three-year AppleCare plan. You’ll be covered for two years beyond the AppleCare plan (for issues covered under the original manufacturer’s warranty), for a total of five years.
The amount allowed per claim and per year will remain the same: $10,000 per claim and $50,000 maximum payout in claims per year.
American Express is adding an extra month of Purchase Protection for items purchased on its Platinum and Gold Cards.
When you charge your purchase entirely to your The Platinum Card from American Express and the American Express Gold Card, you are automatically entitled to Purchase Protection. Purchase Protection is an insurance that covers specific purchased items if they are lost, stolen, or accidentally damaged within a specified period after the date of purchase. In the event of such loss, your credit card company may cover the repair of the item, replacement of the item, or reimbursement for the item.
On August 1, American Express will be increasing its coverage time from 90 days from the date of purchase to 120 days from the date of purchase. (However, residents of New York, Indiana, Puerto Rico, Guam, and Northern Mariana Islands will remain at 90 days.) Note that American Express coverage applies only to theft and accidental damage, not personal loss.
The amount allowed per claim and per year remains at $10,000 per occurrence and $50,000 maximum payout in claims per year.
The Platinum Card from American Express is hands-down the best elite credit card for airport lounge access. Cardholders have access to American Express’ Centurion Lounge network, which is complimentary for Platinum Card and Centurion Card members as well as for two travel companions.
Priority Pass™ Select membership is also complimentary for Platinum cardholders, which allows for two guests when entering any lounge or lounge alternative in the Priority Pass network.
Most recently, American Express announced access for its Platinum members to the Lufthansa Lounge Program at the airline’s hubs Munich (MUC) and Frankfurt (FRA). This perk is currently scheduled to run for a single year, between June 1, 2018 and May 31, 2019.
Platinum cardholders traveling through these airports have complimentary access to select Lufthansa lounges in Frankfurt’s Terminal 1 Concourse B and Munich’s satellite area of Terminal 2. They must be flying on a Lufthansa, SWISS, or Austrian flight to gain access, though economy-class passengers are welcome.