There are numerous benefits to having and using a credit card — you can charge purchases to pay later, access a 24/7 log of all your credit card transactions to track your spending, carry less cash, and earn rewards for your credit card use.
However, apart from these benefits, your credit card has other built-in features you may not be aware of, says finance author Ramit Sethi, who spoke with MyBankTracker in the past.
1. Price protection
Your credit card issuer may refund the price difference if you purchased something with your credit card and it later goes on sale, or is advertised for a lower price elsewhere. As long as the reduction is caught within a specific time frame, typically 30 or 60 days, you are eligible to receive a price difference refund.
Submit your merchant receipt, advertisement with the lower price, and credit card statement as evidence to your issuer, and they can refund you up to $250 per item. You can take advantage of this feature for up to $1,000 per year.
2. Warranty coverage
When you open your card, you get an automatic extended warranty of up to one year, which means no more hassle and money spent getting protection for your purchases. The more sophisticated cards that charge consumers an annual fee offer even more coverage, such as doubling the standard warranty period, free. Also, many purchases give customers automatic repairs in their own standard manufacturer’s warranty.
3. Return guarantees
Many cards offer different benefits, some more than others, so be sure to check with your issuer. One benefit offered to American Express customers is return coverage for purchases they wish to return but can’t because of extenuating circumstances like a lost receipt or missed return deadline.
American Express refunds full purchases of up to $300 per item within 90 days from the date of purchase, and $1,000 per year. Customers must have their original receipt and corresponding credit card statement, as well as mail the item in new condition to American Express.
4. Travel perks
Travel benefits are commonly offered by many card issuers, though mostly only on cards that come with an annual fee. For applicable cardholders, perks include free protection against rental car damage, trip cancellation coverage and protection from travel delays, and emergency travel assistance. If you enjoy traveling, the cost of paying for a credit card with an annual fee is offset by the savings you’ll receive, which are sure to outpace the annual fee.
For instance, Delta’s Gold SkyMiles American Express Card, which has a $95 fee, extends the baggage fee waiver for up to nine people in the same reservation, meaning that every member of the family can save $50 each.
These days, credit cards are just one part of the impressive package that many card issuers are offering their customers, and the features are only getting better. For instance, many credit card issuers offer their customers first dibs on preferred seating or ticket sales, a somewhat recent feature made available to cardholders.
For the best travel credit cards, visit MyBankTracker’s credit card page.
Are you curious? To learn about potential benefits from your own credit cards, get in contact with a representative and ask about the hidden credit card perks they can offer you today.