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Credit Card Perks You Might Not Know About

Jan 16, 2014

Many consumers use their plastic on a daily basis, but how many are aware of the perks their credit card provider has made available? The answer to that question is surprisingly few, though due to the sheer number of perks many credit card providers are offering, it’s worth while finding out what you’re entitled to and that’s often a simple case of visiting their website to find out more.

Extended warranty coverage

This is one of the most common perks of credit card purchases because most credit card providers offer it. When you buy an item, for example an electrical good, it comes with a one or two year warranty; however, if you pay for it with plastic you get an additional year’s warranty. Save your receipts and warranties and file them together just in case you need them.

Security from unauthorized purchases

By law, all credit card companies must cover unauthorized usage of their cards and your maximum liability for unauthorized use of your card is $50. This means that if your card is lost or stolen before you report it missing you could be charged $50. This is a very small fee in comparison to how much you could be hit with if someone stole your card and went shopping.

Price protection

This is different from purchase protection – purchase protection protects you from theft or accidental damage for a period of up to 90 days – and involves a refund of the difference between the price you paid for an item you purchased and the discounted price if the retailer discounts the item afterwards, usually 60 or 90 days after the purchase.

Travel insurance

Depending on your credit card provider there are a number of travel insurance policies that you could be covered for, including travel accident insurance, lost luggage insurance, trip cancellation insurance and travel emergency insurance. This is something to check before your next holiday, provided that you buy the airfares with your credit card, because taking out a travel insurance policy could prove superfluous if you’re already covered.

Presale tickets

This is a perk that many people would be interested in, especially music and sports fans. This perk takes the form of preferred ticket programs where seats have been set aside specifically for credit card holders and often come on sale before they’re available to the general public. If you attend concerts or sporting events regularly, visit your credit card provider’s website or give them a call to find out more.

Rental car insurance

Many travelers have enjoyed the benefits of this perk whilst travelling. This perk can enable you to say ‘no’ to any damage waiver the rental agency tries to sell you though you have to be aware of the limitations here, which unfortunately for some cardholders, excludes business traversals from enjoying this perk.

Roadside assistance

The ‘American Express Roadside Assistance Anywhere’ is a notable example of roadside assistance provided free of charge to cardholders and many other credit card companies offer similar assistance. This differs from rental car insurance so make sure certain you’re covered before making the call!

Whilst your current credit card provider mightn't offer all these perks there’s a good chance that out of the seven discussed here they offer at least the first four – extended warranty coverage, security from unauthorized transactions, price protection and travel insurance – because these have become the norm with most Visa credit cards from issuers around the world. To reiterate, if you’re not sure as to what the perks with your particular card are, pay a visit to your credit card provider’s website to find out.

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