When looking for a new credit card, we all pay attention to the big and flashy cash and bonus offers. Unfortunately, to our own detriment, we neglect what are arguably the more significant and certainly longer-lasting benefits of a credit card. Often buried in the fine print of many credit cards are a bevy of very valuable benefits that go unnoticed and unused by a surprising number of credit card users. In fact, several years ago MasterCard did a survey that revealed that an astonishing 55% of consumers didn’t know what benefits their cards offered.
Well, it’s time to get educated! Here are some of the top five ongoing credit card benefits many of us should be taking advantage of.
1. Price Matching (Also Called Price Guarantee)
Price matching is perhaps one of the least used, yet most useful perks. Is there anything more frustrating than buying an item (especially a big-ticket item like a computer—I speak from experience) and then seeing that exact same item on sale a month later? If you buy something on your card and then find the same item (anywhere from 60 to 120 days after your original purchase) at a lower price your card will give you a refund on the price difference. Every card has different rules as to how much you can claim; some will refund as much as $500, while some might max out at $300. You may also have to provide an original receipt and some proof of the lower price, such as a copy of the add for the lower price.
2. Damage or Theft Protection
If an item you bought is stolen or breaks within 90 to 120 days of the date of purchase your credit card provider may replace, reimburse or repair the item, usually up to $500 per claim. The claim time period and the amount can vary per card.
3.Extended Warranties
Next time you buy an electronic item and the clerk asks you if you want to buy an extended warranty, just say no! Many credit card offer you the exact same extended warranty — for free! Be sure to save a copy of your manufacture’s warranty and your original receipt.
4. Car Rental Loss/Damage Insurance
If you like to travel, this perk can easily save you thousands. To be covered, the card holder must be the primary driver and use the card to pay for the rental. You must be sure to decline the collision damage waiver (CDW) or similar option when picking up your rental. Coverage usually only applies for 30 days and may not be available in all countries. On a five-day car rental in the south of France last month, this credit card perk saved me over $200 dollars!
5. Travel Insurance and Trip Cancellation Insurance
As long as your charge the trip to your card, you may be eligible for a refund if you have to cancel your flight. Some credit cards also provide travel accident insurance (the amount varies per card), as well as lost or damaged luggage insurance. Also note that many credit cards provide general travel emergency assistance, which is provided in a variety of languages and can include such things as advice on where to find the nearest doctor and what shots you might need before you travel.
Don’t let the only quality time you spend with your credit card be at the department store. It’s worth your time to spend a few minutes going over the fine print to see what benefits are offered. A few minutes getting to know your card could save your hundreds, if not thousands of dollars over the years.
[Image via Getty]