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6 Credit Card Benefits You May Not Know About

Were you aware that for the majority of people the biggest reason for using a credit card is to earn rewards? This may not come as a surprise to you however, you may be more surprised at the fact that rewards programs on your credit card has some surprising and lesser known programs. In fact, if you use these strategically they could even be of more value than the rewards themselves. Here are six credit card benefits that you may not know about.

Purchase Protection

Some credit cards will automatically protect qualifying purchases for 90 days, which includes some forms of accidental damage and theft. For instance, if you purchased a new camera and dropped it a couple of months later then your credit card company may reimburse you for the product. This perk is usually found on Visa Signature, American Express and World Master Cards.

Extended Warranty

Most credit cards that offer purchase protection will also provide you with an extended warranty on the products that you purchase. This means that for eligible purchases that have a US warranty, you will get up to double the time that your product is covered for a maximum of one year extra.

Return Protection

If you’ve ever tried to return something only to find that the store has a no return policy then you know that this can be extremely frustrating. Fortunately, many credit cards now have return protection, which will reimburse you for the product that you want to return. Keep in mind that the rules for this particular benefit vary by card owner, however it usually works by allowing you to return a product that is in mint condition within 60 to 90 days after the store refuses to return it for you, and you will be able be reimbursed for a certain amount.

Reimbursement for Lost Luggage

Ever have a bag get stolen or lost while traveling? If this happens then you can call your credit card company in order to get compensated. Be aware though that this only works if you purchased your airline ticket using that particular credit card. This benefit usually provides coverage to both checked bags and carry-ons during travel. Ensure that you read the fine print when it comes to this benefit due to the fact that there are some exclusions and they only provide secondary coverage, which means that they will only reimburse you if the amount of your claim is more than the airline’s coverage.

Concierge Service

This is a 1-800 number that you will be able to call around the clock in order to receive assistance on such things as planning a trip, dinner reservations, shopping, and anything else you might need. A few years ago if you wanted to enjoy this perk then you would have had to pay the $450 fee to get the American Express Platinum or other such high-end credit card. However, today you can find a concierge service on plenty of credit cards that come with no annual fee such as Citi Dividend, Chase Freedom, and the Visa Signature cards.

Roadside Help

This is a very common benefit on credit cards, however you need to be wary due to the fact that card issuers tend to not explain how this works very well. In most cases, the credit card company will only help you get roadside assistance. However, the actual service cost will have to be paid by you. On a happier note, even though your credit card company will only arrange roadside assistance, they do so with pre-negotiated rates, and so you can save quite a bit of money compared to calling for assistance on your own.