Credit cards have a multitude of benefits, from helping to build your credit history, offering liability protection, and allowing you to earn rewards. You will likely mention the benefits of credit cards such as free checked baggage when you fly with a partner carrier or discounts in your favorite department store.
Do you know that your credit card offers you benefits beyond what you are already aware of? Many reputable credit card companies offer their customers a variety of lesser-known and additional benefits. You can save a lot of money by using them. Are you curious about them? This article will explore them all.
Ten Lesser Known Benefits to Using a Card
Find out if any of your cards offer the following benefits.
Most credit card companies provide this common but little-known feature. The price protection feature allows you to receive a refund when you purchase an item using a certain card, and the item's price falls within a specified period. This period is usually between 30-60 days after the purchase date. Some cards will allow you to make a claim within 9 days.
You must file a claim to your credit card company if you wish to receive a refund under the price protection feature. You must also provide a document that shows the reduced price. You can, for example, attach a photocopy of an advertisement or printed copy that shows the item at a reduced price.
It's important to note that each credit card company has different program conditions. Refund limitations may apply. Some providers, for example, may limit the amount of money you can refund per year to $200 or $100. Some providers, on the other hand may exclude online purchases from their price protection offers.
Internet auctions are not always eligible for price protection. You may also not be eligible for a price-protection offer if you find your item at a reduced price during closeouts or liquidations.
Price protection does not always have to be automatic. Cardholders can sometimes register specific items to be covered. The credit card provider will be able to monitor the price changes, and ensure a refund.
Credit card providers can also highlight certain items as part of their price protection programs. The provider will encourage you to make frequent purchases, as the likelihood of a return increases with more purchases.
Many credit card companies offer roadside assistance that can help with situations such as flat tires and dead batteries. If your credit card provider offers this perk, you do not need to be a member of AAA to take advantage. Roadside assistance is a service that assists you in dealing with roadside emergencies such as mechanical failures, running out gas, etc.
This service, also known as roadside assistance, is available via certain insurance policies, motor clubs and credit cards. Credit cards offer a variety of roadside assistance services, such as complimentary benefits or pay-per use. Travel credit cards that have higher annual fees often offer roadside assistance for free, which you can use several times per year.
The low-fee card may also come with assistance that you have to pay for.
What are the benefits of the Roadside Assistance Program?
Some of the benefits that you may receive from the roadside assistance service include:
Towing Assistance Across the United States
Call the partner roadside assistance. You must tell the service provider you have a credit card so they can check it. Some roadside assistance programs that accept credit cards may require you to register in advance. Check the details of your credit card for roadside assistance coverage.
Extended Warranty Production
The manufacturer's standard warranty usually expires when this benefit kicks in. These extended warranties allow you to add an additional year of coverage. Say your coffee maker suddenly stops working and the original warranty is expired. Your credit card extended warranty could help in this situation.
You can get this additional coverage through a network of credit cards. It is available for purchases that are eligible. This benefit is free and applies to products that come with a warranty from the manufacturer. The terms and conditions are generally identical to those of the original manufacturer’s warranty.
If your extended warranty on your credit card covers parts and labor costs up to a certain limit, then the same applies if you have a product warranty that includes both. Your extended warranty might also have some other terms. There may be a cap on the amount of money that can be claimed or charged per account. This is usually based on the market standard.
What can you expect your extended warranty to cover?
Any item with a warranty from the manufacturer may be covered by an extended warranty. There may be some exceptions. The warranty coverages can vary based on which network you use. They will usually cover the item for a specific time and up to a certain dollar amount. For more information, consult the benefits guide of your credit card or call your provider's service department.
Home appliances, mobiles, electronics and other durable consumer products are the most common items that fall under a credit card extended warranty. The coverage excludes motorized vehicles and computer software. It also excludes medical equipment, used or rented goods, and real estate services. Moreover, the extended warranty on your credit card may not cover general wear and tear or product alteration-induced damage.
You must present your receipt and warranty from the manufacturer to make a claim. You must then register the product to make the claim process easier. You should then contact the benefits administrator of your card via their official website or by phone.
You will need to provide the necessary documents after you have completed filing. This may include the receipt for the purchase. This statement contains the details of the transaction and a copy the warranty from the manufacturer. After the administrator has verified your claim, he will guide you through the rest of the process. You can save money on repair and replacements with credit card extended warranty.
Credit card protection is usually only applicable to purchases made with your card within a certain time period. This coverage allows you to get reimbursed for an item you purchased or receive a replacement if it is damaged or stolen. The period usually ranges between 90 and 120 days. Purchase protection never exceeds the maximum.
You will usually have to adhere to a limit per claim, an annual cap, or a limit for your lifetime. Your provider may also exclude certain purchases from coverage. They may include used or pre-owned items, collectibles, antiques, motorized vehicles, computer software, government-confiscated items, etc.
Credit Card Purchase Protection
If you choose to use credit card protection, you can extend the coverage by using the card to purchase the item that you wish to cover. You may also be eligible for protection if you've used your rewards for using your card.
You are automatically covered if you purchase an item with your credit card or reward points. You can file a claim by visiting the official website of your provider or calling them.
- Cell Phone Insurance
A few credit cards provide cell phone insurance. This insurance is usually free, and can help you save money on phone repairs. In general, you will need to pay for your phone using your credit card in order to receive this benefit. The dedicated insurance reimburses you for eligible costs incurred due to the theft or damage to your smartphone once you have submitted your claim.
As with any insurance policy, there is a deadline that must be met in order to file a claim. You must also provide proof of damages and pay the deductible. Credit card insurance for cell phones may cover lost phones, cosmetic damages, rented or pre-paid phones, accessories other than the standard battery, fees and taxes, etc.
Most major credit card companies offer coverage against stolen or damaged phones, both for the primary number and for any additional lines on the same plan. Some providers offer secondary insurance after the primary provider has covered its portion of the losses. You can therefore claim on any insurance that you have and use the credit card coverage to cover remaining amounts.
It is an additional benefit to using a credit card. Return protection allows you to return your purchases, even if the retailer does not allow returns. Return protection on credit cards can extend the time to return an item if the retailer permits returns. Not all credit card companies offer this perk.
The return request process is cumbersome and can vary depending on your card provider and purchase. Some purchases are not covered by the return policy. You will need to provide a credit card statement that shows the purchase as well as the original receipt and any documents proving you've already returned the item to the original retailer.
Credit card protection guidelines may vary from one user to another. You may have a return window that ranges from 60 to 90 days. There may also be a limit per return, or per calendar year. Personal hygiene products, jewelry and live animals are usually not eligible. Books and magazines, damaged goods, medical equipment, computer software, and batteries may also be excluded.
Buy Now, Pay Later Interest-Free
Many cardholders may find interest rates to be a dreadful thing. These interest rates are often like an extra layer of cheese that you have to accept in order to get the product you want. Some credit card companies allow you to avoid those annoying interest rates. You can apply for a card with an annual percentage rate (APR), which is 0%, as an introductory offer.
This offer is generally for big-ticket purchases, with a longer APR. You must use this scheme with caution. You should not use the card again until your first due is paid.
- Trip Cancelation Insurance
Sometimes travel insurance just doesn't work! You might find that your flight is refused a refund if your trip is delayed or cancelled due to bad weather, personal circumstances or other reasons. Your credit card's travel insurance could be of assistance in such situations. Some providers offer travel insurance with their credit cards.
You can get coverage when you use your credit card to pay for specific travel expenses. Sometimes, this is applicable to non-refundable tickets.
What are some of the best credit card tricks you can use?
When you are aware of the best ways to use credit cards, they can be a rewarding way to make purchases. Smart credit card tricks include keeping track of card-linked deals, moving dates to stay on schedule, using strategic card combinations that maximize rewards and monitoring balance alerts.
Why are you getting so many offers for your credit card?
The credit card companies believe that these offers will keep you more interested. They curate their offers based on your credit rating. If you have a poor credit rating, you will be more likely to receive preapproved offers that can help you improve it. Good credit holders are more likely to receive offers that relate to rewards.
What happens if you refuse a credit card?
You can accept or decline any offer for a credit card based on what you need. Once you accept an offer you will not be able to decline it. Preapproved offers usually allow you to benefit from a lower interest rate, more benefits and a reasonable annual fee.
The conclusion of the article is:
Credit cards can be more valuable than you ever imagined. To get the best out of your credit cards, you must keep up with the latest developments in the industry. Do you have the above benefits with your credit card? Do not miss out on any savings. Good luck!