Introduction:
Credit cards are widely recognized for their multitude of benefits, such as cashback incentives, travel-related advantages, and convenient credit availability. Yet, credit card companies also provide an array of under-the-radar perks that can save you money and bolster your security. Here are 10 unusual credit card perks that may be unfamiliar to you.
i. Extended Warranty Coverage:
Several credit cards provide extended warranty coverage for items purchased with the card. This bonus can extend the product warranty by up to two years, potentially saving you significant sums in repair or replacement costs.
ii. Price Matching Assurance:
In cases where you purchase a product with your credit card and later discover it at a lower price, some cards offer price matching assurances. This allows you to claim a refund for the price difference, usually within a certain time frame, such as 60 or 90 days from the purchase date.
iii. Cell Phone Coverage:
Are you aware that some credit cards come with free cell phone coverage? If you pay your monthly phone bill with your credit card, you could qualify for protection against theft or damage, saving you money on costly repairs or replacements.
iv. Trip Cancellation and Interruption Insurance:
Travel is inherently unpredictable, and unexpected occurrences can lead to trip cancellations or interruptions. Numerous credit cards provide insurance for these situations, reimbursing you for non-refundable travel expenses.
v. Auto Lease Protection:
When you use your credit card for car rentals, you might be eligible for free collision damage waiver (CDW) coverage. This benefit could potentially save you from purchasing expensive insurance directly from the car rental company.
vii. Purchase Security:
Certain credit cards offer purchase security for items bought with the card. This feature protects your acquisitions against theft or damage for a set period, usually around three months from the date of purchase.
viii. Guarantee on Returns:
In instances where a retailer won’t accept a return, some credit cards provide a guarantee on returns. This advantage allows you to secure a refund from your credit card company, typically within a specified timeframe and up to a certain value per item.
ix. Assistance During Emergency Travel:
Many credit cards offer round-the-clock assistance during emergencies while traveling. This service can assist you with medical referrals, legal help, or emergency transportation, ensuring you have peace of mind during your journey.
x. Complimentary Access to Credit Scores and Monitoring:
A number of credit card issuers offer free access to your credit score and credit monitoring services. Regularly keeping track of your credit can help you detect potential identity theft or fraud and maintain a good credit history.
xi. Unique Event Benefits and Discounts:
Certain credit cards offer cardholders exclusive access to events, advance ticket sales, and special discounts. These benefits can encompass dining experiences, concerts, sports events, or even unique travel opportunities.
Check Out These Sites for In-depth Information and Assistance on Credit Cards
1. NerdWallet (https://www.nerdwallet.com/)
NerdWallet offers extensive knowledge on numerous credit cards, highlighting their attributes, benefits, and side-by-side comparisons. They also provide insights and tools pertinent to personal financial management.
2. CreditCards.com (https://www.creditcards.com/)
CreditCards.com enables users to juxtapose credit cards on various grounds, including rewards, APRs, and credit score prerequisites. They also supply instructive materials and articles revolving around credit cards.
3. Bankrate (https://www.bankrate.com/)
Bankrate imparts comprehensive data on a broad range of credit cards, encompassing reviews, comparisons, and guidance on selecting the best-suited card for individual needs. They also delve into other personal finance aspects like banking and lending.
4. CardRates.com (https://www.cardrates.com/)
CardRates.com offers specifics on a wide array of credit cards, covering their benefits, charges, and APRs. They also furnish resources and articles to guide consumers in making informed decisions regarding credit cards and personal finance.
5. Credit Karma (https://www.creditkarma.com/)
Credit Karma provides users with free access to credit scores and credit monitoring services, along with tools to assist in understanding and bolstering credit. They also disseminate information on various credit cards, including reviews, comparisons, and tailored suggestions.
6. Experian (https://www.experian.com/)
Experian, one of the three leading credit bureaus in the United States, offers a plethora of resources on credit cards, credit scores, and personal finance on their website. They also suggest credit cards based on your credit standing.
Pros and Cons of Credit Card Perks:
Pros:
- Financial savings: Numerous credit card perks, including extended warranty coverage or car rental insurance, can result in savings by covering costs you would otherwise pay from your own pocket.
- Convenience: Perks such as 24/7 travel assistance or exclusive event access can simplify your life by offering valuable services and experiences.
- Enhanced security: Perks like purchase protection or free credit monitoring can help protect you from fraud and identity theft.
- Travel protection: Travel-related extras, including trip cancellation insurance or car rental insurance, can offer financial protection and peace of mind while you’re on the road.
- Maximizing value: By utilizing the perks of your credit card, you can enhance the value of your card and get more from your spending.
Cons:
- Limited availability: Not every credit card offers the same perks, and some benefits may only be available on cards with higher annual fees.
- Eligibility requirements: Eligibility for some perks may require certain actions, such as paying your mobile phone bill with the card or signing up for a program.
- Limitations and exclusions: Many extras come with restrictions or exclusions, like maximum claim limits, specific timeframes, or ineligible items.
- Potential fees: Some perks may involve fees or costs, such as deductibles or service charges, which can reduce the overall value of the benefit.
- Complexity: Managing and understanding the terms and conditions of various perks can be challenging.
Frequently asked questions
Are all these perks offered by every credit card?
Credit card perks can vary significantly based on the issuer, card type, and annual fee, meaning not all cards provide the same benefits.
How can I find out what perks my credit card offers?
To find out what perks your card offers, refer to the cardholder agreement, visit the issuer’s website, or contact customer service.
Are there any costs involved in using these perks?
While some perks are free, others might require payment of fees or certain costs. To understand any related costs, refer to your card’s terms and conditions.
What is the process for enabling or accessing these perks?
The process for activating or accessing perks can vary depending on the specific benefit. Some perks are automatically enabled when you use your card, while others require enrollment or contacting customer service.
Can I combine my credit card perks with other promotions or discounts?
In some cases, you may be able to combine credit card perks with other promotions or discounts. However, this depends on the specific perk and the terms of the other offer.
Are authorized users on my account eligible for these perks?
Authorized users might have access to some or all of the perks associated with the primary cardholder’s account. To find out more, refer to your card’s terms and conditions or contact the card issuer.
Can I transfer perks from one credit card to another?
Generally, credit card perks cannot be transferred between different cards or issuers.
Do these perks have an expiration date?
Some benefits, such as price protection or purchase protection, come with specific timeframes during which they can be used. Refer to your card’s terms and conditions for more details.
Is it necessary to keep receipts or other documents for these perks?
Indeed, keeping receipts and other relevant documents is important for accessing certain perks like extended warranty protection, price protection, or return protection.
How can I submit a claim or request a reimbursement for a credit card perk?
The process for submitting a claim or requesting a reimbursement may vary depending on the perk. Generally, you will need to contact your card issuer, provide the required documentation, and follow their specific procedures.
Final Thoughts
Credit cards aren't just for making purchases and building credit. Many credit cards come with additional perks that can save you money and offer added convenience. From travel extras to cashback rewards, it's crucial to understand the full range of perks your credit card provides. Make sure to review your cardholder agreement or contact your card issuer to learn about all the unexpected perks available to you.
Also view >> Web story on – 10 Credit Card Perks