In addition to travel, cash back and rewards programs that most credit cards offer, there are a variety of other perks that come with being a credit card holder. While some of the perks vary between credit card companies, just being knowledgeable of some of the benefits of having a credit card can save you money, stress and time in the future. The CGS Team is sharing 10 credit card perks to take advantage of. If you aren’t sure if these perks are available to you, don’t hesitate to give your credit card company a call!
#1 Zero Liability
This perk applies to everyone, thanks to the legal authorities governing credit and finance! By law, credit card companies cannot hold cardholders liable for more than $50 worth of charges if a card is lost, stolen or used fraudulently. As long as you report the problem promptly, often times that number drops down to $0 liability. Most credit card companies have fraud departments in place to research any fraudulent activity claims. If something funny comes up, claims can be denied.
#2 Extended Warranties
Extended warranties were on our list of the 8 Things to Stop Spending Money On because often times customers never needed the warranty. However, some credit cards offer cardholders with the ability to extend original warranties by simply using their credit card at purchase. Extended warranties shouldn’t necessarily come out of your pocket, but if it’s free when using your credit card, don’t pass it up!
#3 Price Protection
Some cardholders have the ability to ask for a refund if an item goes on sale after the original purchase. Typically the timeframes for the sale range from 60 to 90 days, and may be limited to certain items or certain stores.
#4 Free Credit Scores
Credit monitoring is huge right now, and thankfully credit card companies are jumping on board. Nowadays, most credit card companies offer cardholders the ability to check their credit scores for free. This may be limited to one time a month, or insight on scores from only one of the credit bureaus, but it’s a great way to check your credit standing, for free!
#5 Rental Car Insurance
Whether primary, secondary or paid-in-full insurance, some credit cards come with complimentary insurance when renting a car while traveling. Depending on the type of insurance, certain limitations may apply. It’s best to check with your credit card provider to confirm exactly what’s covered under their rental insurance.
#6 Airport Lounge Access
According to Cheapism, “some co-branded airline credit cards offer free access to airport lounges. A few premium cards — the ones with big annual fees, such as American Express Platinum — offer access even to non-airline lounge areas at airports around the world.”
#7 Complimentary Bag Check Fees
Free bag check-in, early boarding, and in-flight discounts are just a few of the perks that come with having a credit card that partners with an airline or hotel. These cards also offer travel insurance and reimbursement of lost bags while traveling.
#8 Concierge Service
Nowadays, most cardholders have access to 24-hour concierge services. If you need to book a last-minute trip or dinner reservation, the concierge service offered by your credit card company can help. This is especially true with cards that are used for travel, or contain travel rewards.
#9 Early Event Access
Some credit card companies make special arrangements with vendors or stadiums to sell early access tickets to sporting events, movies, concerts, and other events.
#10 Financial Activity Tracking
Most banks and credit card companies offer complimentary software that tracks and categorizes the customer’s spending. This information comes in handy when creating a budget or reviewing your past spending. If you don’t currently track your spending, this information can give good insight into where your money is going.
Related: An Introduction to Travel-Hacking
While the rewards may have sold you on your credit card, there are other perks that can certainly come in handy! What perks are you taking advantage of with your credit card? Are you familiar with the perks available to you for being a card holder? Leave a comment below to share your thoughts!