Its been a little while since I last spoke about credit cards and money-savvy ideas now that I’ve gone back to work, but there’s no doubt we can always do with more tips. I remember at the time how many credit card experts were coming forward with all the ways a we can benefit from them. As a consumer, having a credit card can be a great way to build your credit while taking advantage of certain rewards and benefits. However, some credit cards out there offer features and benefits that you may not find with other cards.
And in some cases, your current credit card might actually provide more value than you might know of.
Because we’re all about sharing the knowledge, here are some features and benefits that your credit card may have without your knowledge.
Purchase Protection eg Complementary Mobile Phone Protection
Certain credit cards offer purchase protection against theft and accidental damage to most items purchased with the card. In many such instances, especially for large purchases, this protection can help replace the item without forcing you to incur extra costs.
For example, many credit cards offer complimentary mobile phone insurance protection, which particularly covers hardware and software replacement, repair costs, and even reimbursements for stolen phones. While the likes of Capital One, Chase Freedom, Citi Double, and BOA credit cards are said to offer it, it’s one of the first perks you’ll notice during Sofi’s credit card application process.
Also, many credit card companies offer extended warranties on items purchased with their cards. These warranties typically extend the manufacturer’s warranty by an additional year or two and may provide additional coverage for accidental damage or theft.
This makes it wise to check with your credit card company to see if they offer such a benefit. You should also read the terms and conditions carefully to understand what is and isn’t covered. An extended warranty can also be a great way to save money if something goes wrong with your purchase.
Some cards offer price protection on items purchased with your card. While it’s rather rare, price protection benefits of credit card purchases can include refunds of the difference in price if a customer finds the same item they previously purchased at a lower price within a certain time frame, typically within 60-90 days.
Customers may also be entitled to refunds if the merchant goes out of business or if the item they purchased is damaged or defective.
Trip Cancellation Insurance
As much as planning a holiday is exciting, certain (and uncertain) situations may arise and force you to cancel a trip you had already paid for. Thankfully, some credit cards offer trip cancellation insurance, which can help you recoup a significant portion of the costs associated with the trip.
Including the credit card from your local bank, some popular cards that offer this benefit as part of travel insurance include:
- Chase Sapphire (Reserve and Preferred)
- United Explorer
- Marriott Bonvoy
- American Express Platinum Card
- Citi Prestige Card
- Capital One Venture Rewards Credit Card
While often dreaded by pretty much anyone, emergencies do happen during travel. When taking a road trip, roadside emergencies may include a flat tire, an engine problem, or running out of petrol in the middle of nowhere.
It’s always a good idea to consider calling your credit card provider’s hotline to see if they can assist. Many cards offer roadside assistance, a benefit that can come in handy if you:
- Have a flat tire
- Need a jump start
- Your car needs towing
- You locked yourself out
- Need emergency fuel delivery
Other Common Benefits
Many credit cards also offer various benefits and features, particularly designed to help you save money. They might come in handy, whether you’re trying to check more top destinations out of your travel bucket list or simply trying to minimize your credit card spending.
Cash Back Rewards – Many credit cards offer redeemable points or cash-back rewards when you use them to make purchases.
No Annual Fee – Some credit cards have no annual fee, making them a great option if you are trying to save money.
Low-Interest Rates – Low-interest rates would mean saving money on your monthly payments.
Travel Rewards – Also, your credit card could have travel rewards, such as discounts on hotels, flights, and car rentals.
Balance Transfer Offers – Balance transfers are a great way to consolidate debt and save money. Many credit cards offer balance transfer offers with no or low fees.
The above are just a few of the features and benefits that your credit card may offer without your knowledge. Knowing and understanding them will not only help you make the most out of your card, but it will also help you choose the right card for your needs.
Post in collaboration.