Introduction:
Credit cards provide users with several known benefits, like cashback rewards, travel perks, and easy credit access. However, credit card companies also offer a variety of lesser-known advantages that can save you money and enhance security. Here are 10 uncommon credit card benefits that might be new to you.
i. Warranty Extension Coverage:
Several credit cards offer warranty extension coverage on items purchased using the card. This advantage can prolong the manufacturer’s warranty by up to two years, potentially sparing you hundreds of dollars in repair or replacement fees.
ii. Price Match Guarantee:
If you buy a product with your credit card and later find it at a cheaper price, some cards provide price match guarantees. This feature enables you to request a refund for the price difference, typically within a specific period, like 60 or 90 days from the purchase date.
iii. Mobile Phone Coverage:
Did you know that some credit cards include complimentary mobile phone coverage? If you pay your monthly phone bill with your credit card, you might be eligible for protection against theft or damage, sparing you money on expensive repairs or replacements.
iv. Trip Abandonment and Disruption Insurance:
Travel can be unpredictable, and unforeseen events can result in trip cancellations or disruptions. Many credit cards offer insurance for these situations, reimbursing you for non-refundable travel costs.
v. Auto Rental Protection:
By using your credit card to pay for auto rentals, you might qualify for free collision damage waiver (CDW) protection. This coverage can save you from purchasing costly insurance through the rental company.
vi. Item Protection:
Some credit cards provide item protection for products bought with the card. This benefit safeguards your purchases against theft or damage for a specific period, typically around 90 days from the purchase date.
vii. Return Assurance:
If a retailer refuses to accept a return, some credit cards offer return assurance. This benefit permits you to receive a refund from your credit card company, usually within a specific timeframe and up to a certain amount per item.
viii. Emergency Journey Assistance:
In case of an emergency during travel, many credit cards offer 24/7 journey assistance. This service can help you with medical referrals, legal aid, or even emergency transportation, providing peace of mind during your trip.
IX. No-Cost Credit Scores and Monitoring:
Many credit card issuers provide complimentary access to your credit score and credit monitoring services. Regularly monitoring your credit can help you identify potential identity theft or fraud and maintain a healthy credit history.
X. Exclusive Event Privileges and Discounts:
Some credit cards offer cardholders exclusive access to events, pre-sale tickets, and special discounts. These perks can include dining experiences, concerts, sporting events, or even unique travel opportunities.
Explore These Websites for Comprehensive Credit Card Information and Guidance
1. NerdWallet (https://www.nerdwallet.com/)
NerdWallet offers in-depth information on various credit cards, including their features, benefits, and comparisons. They also provide personal finance advice and tools.
2. CreditCards.com (https://www.creditcards.com/)
CreditCards.com allows you to compare credit cards based on various factors, such as rewards, interest rates, and credit score requirements. They also provide educational resources and articles related to credit cards.
3. Bankrate (https://www.bankrate.com/)
Bankrate offers comprehensive information on different credit cards, including reviews, comparisons, and advice on choosing the best card for your needs. They also cover other personal finance topics, such as banking and loans.
4. The Points Guy (https://thepointsguy.com/)
The Points Guy focuses on credit card rewards, travel benefits, and maximizing the value of credit card points and miles. They provide detailed reviews, comparisons, and tips for using credit cards to your advantage.
5. CardRates.com (https://www.cardrates.com/)
CardRates.com offers information on various credit cards, including their benefits, fees, and interest rates. They also provide resources and articles to help consumers make informed decisions about credit cards and personal finance.
6. Credit Karma (https://www.creditkarma.com/)
Credit Karma provides users with free credit scores and credit monitoring, along with resources to help understand and improve credit. They also offer information on various credit cards, including reviews, comparisons, and personalized recommendations.
7. Experian (https://www.experian.com/)
Experian is one of the three major credit bureaus in the United States. Their website offers a range of resources related to credit cards, credit scores, and personal finance. They also provide credit card recommendations based on your credit profile.
Advantages and Disadvantages of Credit Card Benefits:
Advantages:
- Monetary savings: Numerous credit card benefits, including extended warranty protection or car rental insurance, can save you money by covering expenses you would otherwise have to pay out-of-pocket.
- Convenience: Perks such as emergency travel assistance or exclusive event access can simplify your life by offering valuable services and experiences.
- Increased security: Benefits like purchase protection or complimentary credit monitoring can help safeguard you from fraud and identity theft.
- Travel protection: Travel-related perks, including trip cancellation insurance or car rental insurance, can offer financial protection and peace of mind during your journeys.
- Maximizing value: By utilizing your credit card’s benefits, you can enhance the value of your card and derive more from your expenditures.
Disadvantages:
- Limited availability: Not every credit card provides the same benefits, and some perks might be exclusive to cards with higher annual fees.
- Eligibility requirements: Eligibility for some benefits may necessitate specific actions, such as paying your cell phone bill with the card or enrolling in a program.
- Constraints and exclusions: Many perks come with limitations or exclusions, like maximum claim limits, specific timeframes, or ineligible items.
- Potential fees: Some benefits might entail fees or expenses, such as deductibles or service charges, which can diminish the overall value of the perk.
- Complexity: Managing and comprehending the terms and conditions of various benefits can be complicated.
Commonly Asked Questions:
Are these benefits provided by all credit cards?
Credit card benefits can differ greatly based on the issuer, card type, and annual fee, meaning not all cards offer the same perks.
How can I find out the benefits my credit card provides?
To discover the benefits offered by your card, review the cardholder agreement, visit the issuer’s website, or get in touch with customer service.
Are there any expenses involved in using these benefits?
Although some benefits are complimentary, others might require payment of fees or certain costs. To comprehend any associated expenses, consult your card’s terms and conditions.
What is the process for enabling or accessing these benefits?
Procedures for activating or accessing benefits can differ based on the specific perk. Some benefits are automatically enabled upon card usage, while others necessitate enrollment or contacting customer service.
Can I combine my credit card benefits with other promotions or discounts?
In some instances, you may be able to combine credit card benefits with other promotions or discounts. This, however, depends on the particular benefit and the terms of the other offer.
Are authorized users on my account eligible for these benefits?
Authorized users could have access to some or all of the benefits linked to the primary cardholder’s account. To learn more, review your card’s terms and conditions or contact the card issuer.
Can I transfer benefits from one credit card to another?
Generally, credit card benefits cannot be transferred between different cards or issuers.
Do these benefits have an expiration date?
Some perks, such as price protection or purchase protection, come with specific timeframes during which they can be used. Consult your card’s terms and conditions for further details.
Is it necessary to keep receipts or other documents for these benefits?
Indeed, retaining receipts and other relevant documents is crucial for accessing certain benefits like extended warranty protection, price protection, or return protection.
How can I submit a claim or request a reimbursement for a credit card benefit?
Claim submission or reimbursement request processes may vary depending on the benefit. Generally, you will need to contact your card issuer, submit the required documentation, and adhere to their specific procedures.
Final Thoughts:
Credit cards are not just for making purchases and building credit. Many credit cards offer additional benefits that can save you money and provide added convenience. From travel perks to cashback rewards, it’s important to understand the full range of benefits your credit card offers. Be sure to review your cardholder agreement or contact your card issuer to learn about all the surprising benefits available to you.
Also Read >> 10 Types of Insurance