Credit Card Perks: Beyond Rewards, What Else Can You Get?

When most people think of credit card perks, they immediately think of rewards such as cashback, points, or miles. While these rewards are certainly appealing and often serve as the primary reason people choose certain credit cards, they are far from the only benefits available. Credit cards offer a wide array of additional perks that can provide significant value to cardholders, yet many of these perks go unnoticed or underutilized. 

From purchase protection to extended warranties and travel insurance, credit cardholders have access to perks that can save them money and provide peace of mind. This article will explore these lesser-known benefits and explain how to take advantage of them.

Purchase Protection: Safeguarding Your Purchases

One of the most valuable yet underutilized perks of credit cards is purchase protection. This benefit typically covers eligible purchases against theft, loss, or accidental damage within a certain time frame after the purchase. Purchase protection can be particularly useful for expensive items like electronics, where the risk of damage or theft is higher. 

For example, imagine purchasing a new smartphone that gets stolen just weeks after the purchase. Without purchase protection, you would likely have to bear the cost of replacing the phone yourself. However, with purchase protection, your credit card can reimburse you for the cost of a replacement, giving you financial relief in such situations.

How Purchase Protection Works

Purchase protection generally works by reimbursing the cardholder for the cost of repairs or replacements, up to a certain limit. The process typically requires filing a claim with the credit card issuer, providing documentation such as receipts, police reports (in cases of theft), and evidence of damage or loss. 

While limits and time frames vary by card, many cards offer coverage for up to 90 days from the purchase date, with maximum coverage limits ranging from $500 to $10,000 per claim. It is important for cardholders to review the terms and conditions of their credit card to understand the specifics of their coverage.

Extended Warranties: Going Beyond the Manufacturer’s Warranty

Another highly beneficial perk that credit cards offer is extended warranties. Many credit cards will automatically extend the manufacturer’s warranty on eligible items purchased with the card, often adding an additional year of coverage to the original warranty period. This can be especially valuable for electronics, appliances, and other big-ticket items that typically come with limited warranties. 

For example, if you purchase a television with a one-year manufacturer’s warranty and it stops working after 14 months, the extended warranty provided by your credit card could cover the cost of repairs or replacement, saving you from having to buy a new TV.

What’s Covered Under Extended Warranties

Extended warranties usually cover the same types of issues that the original manufacturer’s warranty does. This might include malfunctions, defects, or breakdowns that are not the result of user error or damage. 

It is important to check the terms and conditions of your credit card to understand what is covered and how to file a claim if something goes wrong. Generally, you will need to provide proof of purchase and details about the product’s original warranty in order to file a claim. Knowing that you have this extended protection can provide peace of mind, especially for expensive purchases.

Travel Insurance: Peace of Mind When You’re on the Move

Travel insurance is a credit card perk that can provide significant value for frequent travelers. Many premium credit cards offer various types of travel insurance, including trip cancellation insurance, lost luggage reimbursement, and emergency medical coverage. 

Having this coverage can save you thousands of dollars in unexpected expenses during your travels, whether due to medical emergencies, flight cancellations, or lost baggage. For example, if you are forced to cancel a non-refundable trip due to illness or severe weather, your credit card’s trip cancellation insurance could reimburse you for the costs, allowing you to reschedule without financial loss.

Types of Travel Insurance Offered by Credit Cards

There are several types of travel insurance that credit cards may offer, and each provides different types of coverage. Trip cancellation insurance covers the cost of non-refundable expenses if you have to cancel your trip due to covered reasons such as illness, severe weather, or other unforeseen circumstances. 

Lost luggage reimbursement compensates you for essential items if your bags are lost or delayed during transit, helping you replace necessary items like clothing, toiletries, and travel documents. Emergency medical coverage can help cover the costs of medical treatment or evacuation if you become ill or injured while traveling abroad. Additionally, many cards offer rental car insurance, which can cover the cost of damages or theft of a rental vehicle, often eliminating the need for expensive coverage offered by rental car companies.

Other Lesser-Known Perks

In addition to the more well-known perks, credit cards often come with a variety of other lesser-known benefits that can add significant value. These might include concierge services, price protection, and access to exclusive events. Concierge services can assist with everything from booking travel to securing hard-to-get reservations at popular restaurants or finding tickets to sold-out events. For cardholders who enjoy luxury experiences or have busy schedules, concierge services can act as a personal assistant, helping to make life a little easier.

Concierge Services and Access to Exclusive Events

Concierge services can act as a personal assistant, helping you arrange travel, book tickets, or even plan special events. This can be particularly helpful for cardholders with busy lifestyles or those looking for unique experiences. 

Additionally, many credit cards offer access to exclusive events such as private concerts, sporting events, or luxury travel experiences. These perks are typically available to premium cardholders, offering them unique opportunities that would otherwise be difficult to arrange on their own. Whether it’s gaining VIP access to a major event or receiving personalized assistance with travel planning, these lesser-known perks can add significant value to a credit card’s offerings.

Conclusion

While credit card rewards like cashback and points are certainly attractive, the additional perks that come with credit cards should not be overlooked. From purchase protection and extended warranties to travel insurance and concierge services, these lesser-known benefits can provide substantial value. By understanding and utilizing these perks, cardholders can maximize the benefits of their credit cards and enjoy peace of mind in their everyday purchases and travels. Make sure to review your credit card’s terms and conditions to understand the full range of benefits available to you and how to take advantage of them.