The credit card industry is incredibly competitive, and it’s willing to go to great lengths to attract and retain new customers. For example, advertisements for credit cards are common on television, and many Americans find their mailboxes stuffed with applications for new cards.
You are probably aware of the generous sign up bonuses that credit cards can offer as well as rewards for spending, but what you may not know is that you may have a wide variety of credit card perks and benefits that can save you money.
Here are eight of the most valuable perks that your credit card may offer:
1. Purchase Protection
It can be a terrible feeling when your new purchase is damaged or stolen, but many credit cards offer purchase protection that can reimburse you if this happens.
[inline-ad]For example, the Discover it card features up to $500 of coverage in the event your eligible purchase is damaged or stolen within 90 days of purchase.
In most cases, you will have to document the damage or have a copy a police report to file a claim for stolen merchandise.
2. Extended Warranty Coverage
After having something damaged or stolen, one of the worst things that can happen is your purchase breaking shortly after the warranty expires. Thankfully, many credit cards offer extended warranty policies that add an additional year to manufacturers’ warranties.
For example, one of the many credit card perks of the Chase Sapphire card will add one year to a US repair warranty of up to three years, and will cover cardholders for up to $10,000 per claim and up to $50,000 per account. Just note that certain items are not covered, such as motor vehicles and parts, medical equipment, and used goods.
3. Price Protection
Another issue that credit cards can resolve is when you find a lower price for an item that you have already purchased. When this happens, check to see if your credit card offers some form of price protection, which can reimburse you for the difference if you find a lower price for the same item.
For example, Citi offers its Price Rewind service that can automatically refund the difference when a lower price is found within 60 days of purchase. This policy offers an automatic refund of the price difference, up to $300 per item, $1,200 per year.
4. Return Guarantee
Have you ever tried to return something and had it denied? If this happens to you, your credit card may offer some form of return protection that reimburses you.
To take advantage of these policies, you must have purchased an eligible item with your credit card, and submit a copy of the original store receipt. For example, American Express offers return protection for many of its cards, such as the Starwood Preferred Guest card.
It has a limit of $300 per eligible item, and $1,000 per calendar year, per account.
5. Credit Card Perks for Shopping
In addition to any rewards program your credit card may offer, many card issuers also offer additional credit card perks for online shopping. For example, Chase offers its Shop through Chase program that allows cardholders to earn additional rewards when they first use Chase’s online shopping portal to visit a store and make a purchase.
Customers may earn an extra four points per dollar when shopping at Sears.com, or two points per dollar when making a purchase through the Apple store.
6. Free Credit Scores
[inline-ad]Many credit card issuers now offer their customers a free credit score to help them to keep track of their credit. This benefit came in response to a call from the Consumer Financial Protection Bureau, which was looking for ways to help cardholders manage their credit without having to pay for an additional credit monitoring service.
For example, Capital One offers its cardholders access to its Credit Tracker app, which not only shows their current credit score, but their history as well.
The Credit Tracker app also features a Credit Simulator to allow cardholders to find out how possible future decisions will affect their credit. For example, you can learn what could happen if you eliminate your credit balances or increase them.
7. Lost or Delayed Baggage Insurance
When traveling, it’s always hard to recover from having your bag lost or delayed. But once again, your credit card may offer some form of compensation. For example, the Chase Sapphire card offers baggage delay compensation when your bags are more than six hours late.
This benefit offers up to $100 per day for up to five days for the purchase of emergency items such as clothing, toiletries, and even a charging cable for a mobile phone.
8. Trip Delay Insurance
Of course, the only thing worse than having your baggage go missing is having your entire trip delayed. In this case, a credit card like the Chase Sapphire will offer a credit card perk that covers meals, lodging, toiletries, and other expenses. It’s benefit covers up to $500 in expenses.
