If you have a credit card (or more than one!), do you know what types of benefits it includes? And have you taken advantage of them? Believe it or not, there are numerous credit card perks included in many cards that we just don’t use. Here are some of the best ones to start leveraging today.
Arguably the most obvious benefit of a credit card is their rewards program. Whether you get cash back, travel points, or merchandise, be sure to take advantage of these benefits!
If it’s travel rewards, put the points towards an expensive flight, as they will likely go further.
Is it cash back? Invest those dollars or use them to pay off your credit card bill for the month!
Be sure to check the expiry for reward redemption so that you don’t miss taking advantage of this perk.
2. Airport Lounge Passes
If you have a premium credit card, especially a travel card, it may include airport lounge passes. And these can often be used for guests too!
My credit card includes a membership to Priority Pass and 4 lounge passes each year. The Priority Pass membership alone starts at $99USD and provides access to over 1,000 airport lounges around the world. And visits under this membership are $27USD each, making the total value of this perk at $207USD each year.
With this perk, my husband and I can both use the lounge twice each year which is more than enough since we aren’t avid travellers. It saves us money on food and drinks at the airport, and makes the overall airport experience way more pleasant.
3. Car, Travel and/or Medical Insurance
Depending on your card, you may get some protection in the form of insurance. My card, for example, offers the following:
- Car rental collision damage coverage, trip cancellation, trip interruption/trip delay, flight delay, baggage & personal effect benefits
- Out-of-province/Out-of-country emergency medical benefits (for cardholders under 65)
This coverage includes unlimited trips every year for trips up to 3 weeks long.
Pretty impressive, huh? And this isn’t with a super premium card either. Check with your credit card provider to find out what benefits your card includes and how to take advantage of them.
4. Purchase Protection and Extended Warranty
Did you know that if you buy products with your credit card, they may be subject to additional protection?
Depending on your credit card and their benefits, you may be able to obtain purchase protection on some items.
With my card, for example, if I charge the full purchase price of an item on my card, and it’s for personal purposes, it’s covered for 90 days. If within that 90 day period, the item is stolen or damaged, it will be repaired, replaced, or I will be reimbursed the purchase price.
So that means if I bought $200 sunglasses with my credit card and they break within a few months, I can get them fixed or replaced by leveraging this perk.
You may also be able to take advantage of an extended warranty on some items, depending on your credit card.
Mine, for example, extends the original manufacturer’s warranty up to one year, provided it meets several conditions. Let’s say I buy an eligible item (we’ll use a fridge as an example) and the original manufacturer’s warranty is for five years. If, after five and a half years, it breaks, the extended warranty would kick in and the credit card company would reimburse me for the cost to either repair or replace the item, which ever is less. So if it’s a $3,000 repair or $1,500 to replace the fridge, they would reimburse me the $1,500 to replace it.
So is your credit card looking a bit more exciting now? Did you know about these perks or are any of them new to you? Leave me a comment with how you get the most out of your card!
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I am not a financial planner, and I do not work for a financial institution. Credit cards aren’t right for everyone, and I would never recommend accumulating debt for the sake of taking advantage of these perks. The perks mentioned above are those I’ve been made aware of due to what my credit card offers. Always check with your credit card provided to see what’s included.