American Express Changes

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Bradjohnson

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May 17, 2012
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Hi
Did any one else catch the recent changes to American Express Frequent Flyer Premium Cards?
They have overhauled their complementary insurance adding a variety of exclusions. The most significant one appears to be that Amex will no longer cover loss based on the insolvency of a service provider. I was as surprised by this so called ACE insurance Amex's underwriters to confirm. The scenario I put to them was that if a modern day Ansett took place the cost of tickets purchased would not be covered. They confirmed that services purchased neither big or small providers are covered in the event of insolvency.

This type of protection is one of the main reasons I moved to this kind of product. Needless to say its continued use is up for review.

Any suggestions as to alternative cards?

Thanks.
 
Hi Bradjohnson - welcome to AFF.

Take a look at the Amex discussion board in the CC loyalty programs.
 
Its my view that the Zurich based insurance used to be a lot better. This Ace stuff has too many ifs, buts and maybe's and just keeps getting worse.

I honestly don't know why card providers bother with poor travel insurance schemes. Just dump the pretence, share the savings made with your clients by way of reduced annual fees or increased benefits and be done with it. After reading many PDS's of the provided insurance on mid to low teir cards I've ended up cutting to the chase and buying annual travel insurance through TID as I can't navigate the minefield of different cards and different weird and rather low performance card based insurances.
 
Isn't insolvency a case where you would chargeback through your credit card. I bought my daughter's dress at Brides of Melbourne who went into liquidation, put a chargeback through ING and funds were back with me within the week, so no need for insurance
 
Insolvency is something to charge back, but insurance would/should cover expenses above and beyond. Eg flying back to Australia on a different carrier or having to cancel cruise because you can't get there.

Sent from my GT-I9100 using AustFreqFly
 
Thank you for the welcome.
I am having some trouble finding the thread you are referring too. Could you give me some directions?
Much thanks
 
I too noticed the change. I called up AMEX to see if there would be a corresponding drop in the card fee (of course I already knew the answer). I figure if they are offering me less, they should charge me less. The guy on the phone was useless. He asked which of the exclusions I used. He couldn't grasp the concept that with insurance, it's best to use none. Hence the whole idea of insurance! It is something you would rather not have to use.

Anyway, pointed out that charging customers the same amount but reducing what they get is not a good way to keep customers. He suggested I write a letter about it. I suggested if I'm going to put in effort to it, I'll just find another company who values my business more than AMEX.

</rant> :)
 
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