Most credit card companies emphasize their showier benefits, such as cash back rewards or airline miles, to bring in new customers. Some credit cards provide much more than that, offering their customers a wide range of valuable benefits.
If you only pay attention to your credit card’s surface level perks, you might not be getting the most out of your card. Check the benefits guide on your credit card; you might find benefits you’ve never even heard of.
Here are six credit card benefits you may not be taking advantage of:
1. Purchase Protection
Credit card purchase protection covers damage and theft of purchases made with your card. Within a certain period of time (typically 90 to 120 days) if an item is damaged or stolen, you can submit a claim for repair, replacement, or reimbursement. Certain types of damage and certain types of purchases aren’t covered, so check with your credit card company.
If the item is damaged, you may have to seek warranty coverage or a refund from the seller before purchase protection kicks in, so be sure to keep all receipts and documents related to the transaction.
2. Extended Warranties
Credit card companies may automatically extend the terms of eligible warranties for purchases made with credit cards. It means you are covered for service or replacement for a longer period of time. Certain purchases aren’t eligible, so be sure to check your credit card’s benefits guide. The extended warranty is likely to mirror the terms of the original warranty.
Until the original manufacturer’s warranty expires, your credit card’s extended warranty will kick in. Be sure to save receipts, original warranty documents, and any paperwork related to repairs. You will need to provide this information when you request an extended warranty.
3. Travel Insurance
Weather, illness, and other unexpected circumstances can delay or cancel a trip. When this happens, you may be on the hook for nonrefundable expenses such as airline tickets, hotel reservations, or alternative travel arrangements.
In these situations, trip cancellation insurance and travel delay insurance can prove useful. A travel delay insurance policy reimburses you for the cost of lodging, transportation, and other expenses incurred when your trip is delayed. When your trip is cancelled for a covered reason and you can’t obtain a refund from the travel provider, trip cancellation insurance reimburses you. You will need to provide documentation about the itinerary, the reasons for delay or cancellation, and correspondence with the travel providers.
4. Auto Rental Insurance
The additional coverage offered at the rental counter can be declined if your credit card provides auto rental insurance. You can purchase auto rental insurance when you use your credit card to pay in full for the rental car. It will cover theft, damage, and other losses to your car. Some policies only cover certain types of cars, so check your benefits guide.
5. Online Rewards Portals
You should check if your credit card offers an online shopping portal if you want to earn cash back or travel rewards on purchases. These online storefronts feature hundreds of national retailers, and purchases earn additional cash back, miles, or points. If you already shop online a lot, this is a great way to boost your rewards.
6. Concierge Services
The concierge service is typically available 24 hours a day through the credit card company. Travel arrangements, dinner reservations, and even tickets to local events can be arranged through them. This is an underused service that can be useful when traveling.
In Closing
Do you want to know what benefits your credit card offers? The benefit guide for your card is the best source of information. In addition to telling you what policies your credit card offers, it will include information about your benefits and how to make use of them. Many of these policies require you to submit documents, such as receipts, travel itineraries, and other information – so make sure you keep all your documents.
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