Advantages & Disadvantages Of Platinum Travel Insurance Card

Credit cards are frequently used nowadays as they are convenient and relieve you from tension of carrying hard cash all the time. The jinx is that the benefits of interest free period, warranties, free insurance and protection is restricted to only a month. The arrival of travel insurance card has made it difficult for inexperienced people to sort out the best amongst those available in the market. 

A light evaluation of the disadvantages and advantages of the platinum travel insurance card can serve as a good guide for the purpose of right selection.

Advantages of Platinum travel insurance card

Most of the platinum travel insurance credit cards offer an interest free period of 55 or more days. It also comes with complimentary international travel insurance with a cover of one year. Some other features include purchase security insurance, extended warranty insurance and more. The coverage of 90 days that come with most of these credit cards comes handy in case your item is lost, stolen or damaged in any way. With the hacking netizens getting smarter, corporate banks have also geared up with their anti-hacking technology and now offers enhanced security protection due to which shopping online can be done securely and safely. Today’s platinum travel insurance card is protected with the help of enhanced security chip so that your money and the details of your account remain safe.  There are some cards that do not charge any inactivity fee or commission and most of the cards do not have any expiry date.

Multi-currency cards are also available which allow you to transfer currency of one country to another. This facility can be availed at ATMs, online or at the terminals of point-of-sale. With these cards checking reload, balances, and online transfer becomes very easy.

Disadvantages of Platinum travel insurance card

The annual fee these cards charge differ from bank to bank but mostly ranges in between $250 to $300 which can be quite heavier if you do not frequently use the card.  Some of the banks offer Prepaid Travel Card and after buying it you are expected to load it initially by paying extra charge. So yet another fee!

Apart from the initial fee and load charges, the ATM, currency conversion, reload, inactivity and closure fees (which differ according to different types of cards) are also levied by some of the credit card companies.  Along with the card issuer, the ATM provider also expects fee. Such disadvantages may make you think that making transactions through your bank can be cheaper, safe and convenient.