Many of us rely on our credit cards to make purchases, get through a difficult month, and buy big expensive items which we need for our homes. What a lot of people don’t realize, however, is that there is often a huge range of bonuses that are available with every type of credit card. You should always check the terms of your credit cards and speak to your provider to find out exactly what is on offer because there may be a different card out there that are will suit you better.
To help everyone understand the kinds of bonuses available, here are 7 awesome credit card perks and benefits you might be missing out on.
1. Purchase Protection
This benefit is very useful as it means any items that you purchase on your credit card can be replaced if they are accidentally damaged or stolen. For example, if you buy a new TV on your card but you drop it during setup, it will be covered by purchase protection. The terms of this coverage are different for each type of credit card. The top cards will often cover you for 120 days to a value of $10,000 per claim but other cards will not offer so much.
2. Retail Price Protection
Retail price protection enables you to claim back the difference if you have recently made a purchase and it suddenly drops dramatically in price. This is true even if the price drop occurs at a different retailer. For example, if you bought a laptop and three days later the price drops $300, you may be able to claim a refund of that amount from your credit card company. Different card issuers allow for different amounts of time for the price drop to occur but it is usually less than 100 days after purchase.
3. Free Hotel Nights
There are some credit cards that offer you free nights in high-quality hotels when you spend a certain amount of money. Moreover, these rewards have become very popular because it means that people are able to buy necessities on their cards but still treat themselves once in a while. Some of these rewards are only available through credit cards issued by hotel websites and companies so check with your card issuer whether you have this perk.
4. Rental Car Damage Waiver
Many credit cards these days provide coverage for rental cars if your primary insurance doesn’t cover the car. In this case, your credit card may cover all or some of the cost of repairs or replacement rental cars if you have an accident. The amount of coverage varies from card to card but the top-tier credit cards may pay out as much as $75,000.
5. Trip Cancellation Insurance
This benefit is very useful because most of us have experienced having a trip canceled or delayed due to something out of our control. Whether that is bad weather, illness, or an unexpected family event, your card issuer will pay back the costs so that you can go another time. Many hotel bookings and airplane tickets are non-refundable so this is a very popular credit card perk.
6. Travel Medical Insurance
Most of the major credit cards offer medical insurance when you travel if you pay for your flights using the card. This insurance will cover you for any medical treatment you need, as well as the cost of flying you home if you suffer a major injury, dismemberment, or death. There are different limits for different cards but there are some which even go up to $1 million. Travel insurance is very important and you should never go abroad without it because of the costs of medical treatment, and especially for flying you home if you are incapacitated and unable to travel without assistance.
7. Airport Lounge Access
Another really popular benefit provided by many credit cards is access to airport lounges. Waiting for your flight in the lounge rather than in regular departures is a lot more peaceful and will enable you to eat and drink for free. Some lounges even have massages and other services for guests. You will usually get a certain amount of lounge visits a year depending on your credit card.
The best credit cards offer favorable rates, big limits, and also a whole host of benefits. From airport lounges to purchase protection, choosing the right credit card can make a major difference in your life. Find out exactly what your credit card provides, and make sure that there isn’t a better one on the market. These are just 7 potential perks but there are many more to look out for.