Cards (MP) Your credit card can be a delightful tool if use correctly. If you pay your bills on time, it’s actually a “no-interest” short-term loan. And if you follow MoneyPacers, you know credit should be used to make investments, such as real estate, etc. Yet our purposes here will be to discuss the biggest credit card benefits that may be hidden from you, like cash back on purchases, and how, by not using them maybe costing you lots of money.
Most cards come with lesser-known perks that can save you tons of money. Some offer free warranty extensions on your purchases and free car rental insurance and travel perks galore. In fact, your card could provide over $1,000 in benefits you probably don’t even know about. We either don’t use them or know they even exist and this failure could be costing you lots of money in savings. To find out what your credit benefits are –call up your credit company and request a current “benefits guide.”
Benefits your credit card may carry
Here’s a few you may or may not be benefiting from right now
1. Product protection!
Credit companies love when their customers are satisfied with products they purchase with their cards. Many give you automatic extended warranty up to 1 year (that means no need to waste money buying extra warranties at Nordstrom’s). Your card may even offer to refund the difference of a product that price drops in 90 days. Many companies will only pay you the difference at your request. Suppose you didn’t get a chance to return a product within the store’s time frame (30 or 90 days). Today many credit companies will give you an extended return time so you can get your money back. What about if you break an item after the warranty has expired? You card may offer free extended warranties that can help you get it fixed or replaced.
2. Roadside help!
Another benefit of charge cards is when have membership in an auto club. Most people pay for roadside repair help through their insurance and renew it every year without thinking about it. However, you might already have access to this service for less money through your credit company. Check with your finance company first to see if Roadside Assistance is already in your cards benefits — it could literally save you hundreds of dollars a year.
3. Free cell phone insurance!
Lots of companies offer cell phone protection plans at no charge for customers who pay their monthly cell phone service bills with plastic. You do not have to purchase the phone with that company to be eligible. But they require you to pay your bill off each month, otherwise, interest charges can quickly make this free service costly. Another plus, if your phone is damaged or stolen, the card company picks up the tab for the repair or replacement.
4. Emergency travel assistance!
From getting you help for an unexpected illness while on vacation to replacing lost airline luggage, many credit card companies go the extra mile to enable you to continue travel — at no extra charge. Some even provide automatic car rental insurance and collision insurance (whether you’re away or not). And don’t forget “Trip-cancellation insurance,” so if you get sick before you go on holiday, your finance company will reimburse any cancellation fees. But you won’t know if any of the above advantages are available to you unless you get out the guide and go over it with a fine-tooth comb!