Credit Card benefits You Might Not Know About: Hidden Perks and Protections
Your credit card comes with a variety of benefits that are hidden that can provide advantage to you. The range of purchase protection and travel insurance perks are extended rental car insurances and warranties. These hidden perks and benefits can benefit you while purchasing or any travel insurance.
Insurance on Travel
There are many credit cards in case of trip cancellation, delay or interruption that can protect you. The travel insurance includes medical expenses, demand of damaged luggage or lost items incurred while travelling.
Protection on purchase
There are credit cards that offer reimbursements of the item covered under it that are either stolen or damaged. This reimbursement is provided under a specific period of time after purchase. For expensive items this protection is given or for any valuable items such as jewellery or electronics.
On purchased items extended warranties are offered with the card. The direct meaning of it is you may be covered for replacements or repairs if after manufacturing items warranty expires and it broke.
Insurance on Rental Car
Credit cards offer rental car insurance that can provide primary coverage for theft or damage on any rental car. On the high rental cost of rental car insurance you can save money.
Airport Lounge Access
To airport lounges many premium credit cards allow this facility. You can relax in the comfort of your flight. The amenities offered by these lounges are food and drinks, Wi-Fi, etc.
How to find out these hidden benefits on your credit card?
If you want to find out the hidden benefits about your credit card and read its benefits or want to reach the website of the issuer. You can call the customer service number in these cases that is given on the back of your card and ask a representative about the benefits that are available.
Benefits of owning an credit cards
- With responsible credit card use you can build your credit score: It is the potential to improve the score of your credit and this is the one of the main benefits of having a credit card. Your credit score is considered as a trust by the lender before allowing or passing any loan. Many companies prepare credit information in the form of a report in which they calculate your credit score.
- With credit card rewards programs earning rewards for your spending: Many credit card companies offer various reward programs that allow earning perks and cash back or points so that they can use credit cards. Many rewards are tied with famous websites like Amazon or flipkart. No points or EMIs on cards from banks like ICICI, Axis bank or any other popular bank. For travelling or shopping these reward points are used.
- Against Fraud protection: It’s easy to have your credit card stolen or you misplace it. To protect consumers against fraud many credit cards have measures. For fraudulent charges made on your cards you cannot be held liable. They can monitor your account activity if they find anything suspicious and notify you and can reverse any charges made by your card.
- With a credit card you can purchase protection and insurance while enjoying peace of mind: many companies and banks offer insurance and purchase protection on their cards. For certain scenarios purchase protection can reimburse you.
- Warranty coverage can be extended: Until the moment when you need the credit card most credit card benefits are not seen. Among the hidden perks one is extended warranty. On certain items, credit cards often offer warranties which can provide additional protection beyond the warranty of the manufacturer. With the product there comes an extension of the warranty. In the case of high-priced it can be proved to be a godsend in a hefty replacement or repair cost with a simple malfunction.
- Travel benefits are unlocked: These credit cards can offer many travel benefits like access to airport lounge, boarding priority, discounts on flights or hotels. For frequent travellers, travel credit cards are a tool and for those also who love to explore new places.
- More efficiently can manage your budget: For everyday expenses and for keeping a track on your expenses you can gain a better understanding of your credit card. You must know how to manage your budget and use it efficiently. It is an essential part to keep track of the expenses and after tracking you must set a limit that should align with your budget.
- When you need any emergency assistance: Your credit card serves as a useful tool so that you can access it when you need it the most. For assistance you can call your customer service that is given on the back of your card anytime. With the help of customer service you can get a temporary credit line and with that a new card can be shipped to your location.
- Cash flow improvement: As an owner of a small business you can have some regular income and with which your cash flow can be improved in many ways.
- Enjoying flexibility and convenience: Credit cards allow you to make purchases anytime, without having to carry cash anywhere. In case of emergency, it offers convenience and flexibility. In case of emergency expenses they can be a lifesaver such as medical bills or unexpected purchases.
Conclusion
There are many benefits offered by the credit that are beyond just about making urgent payments. There are many hidden benefits and perks that can help you at the time of emergency. Many customers receive these benefits but don’t know about it. With the help of the above article you can know about the hidden fees, and the potential to accumulate debt.
By using too much of the available credit or having too many credit cards make sure you know the mistakes that are fundamental while handling the credit card. Usually business holders as well as individuals should avoid carrying larger debts that can lead to high interest charges.
