Credit cards are a product issuing banks love to use to attract new customers. It’s understandable that they will market certain benefits and features of select cards to draw their ideal customer. We all know about cards that offer points for purchases, but that merely scratches the surface. Here are ten unknown credit card perks you may not realize could be available to you.
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Cell Phone Protection
This is a newer perk that more credit card companies have started to offer. If your phone is stolen or broken, you can have it replaced or repaired up to a certain amount if you used your credit card to pay the cell phone bill for the previous month.
Travel Insurance
Many credit card companies offer free travel insurance coverage as one of their lesser-known perks. This benefit will help you to recoup your money if you have to cancel your trip or if your trip is delayed or cut short.
This can come in handy if you get sick while traveling and need to go home early.
Foreign Currency Conversion
When you are traveling, you can rack up quite a lot of fees when exchanging currencies. Some credit cards will absorb the exchange fees for you if you simply use your card for the purchases.
Purchase Protection
You can use this perk to replace or repair items that were purchased with your card for a period of 90 to 120 days if they are broken or stolen. There are likely some exclusions, but many common purchases such as appliances or home goods are covered.
Extended Warranty
Another perk many credit cards offer is an additional year (sometimes two) of warranty coverage after the manufacturer’s warranty expires on items that were purchased with the card.
This can come in handy on large purchases of electronics and appliances.
Concierge Service
This perk usually only applies to travel rewards cards, but it can come in handy if you travel frequently. You can use a 24/7 phone concierge service to book flights, guided tours, and hotel and restaurant reservations. This can come in especially handy in a country where you don’t speak the language well.
Freebies
Many credit card companies offer freebies to their card holders. This can be anything from free zoo or museum admission to free concert tickets. Make sure you see what your card company offers.
Flight Perks
Some credit cards offer flight perks such as early boarding, free checked bags, and even flight upgrades. For some cards, the free checked bags extend beyond the cardholder to their traveling companions as well.
Airport Lounge Access
With the right credit card, you can upgrade your airport waiting experience. Some cards offer airport lounge access as one of their cardholder perks.
The lounges provide a calm oasis in an otherwise bustling environment with Wi-Fi, comfortable seating, and complimentary food and drinks.
Roadside Assistance
Few things are more frustrating that having a problem with your car when on vacation. You may need your car towed to a nearby mechanic or assistance changing a flat tire.
Being a AAA member is a helpful resource in this instance, but what if you’re not a member? Look no further than your credit card. Many credit card companies offer roadside assistance to help in time of need. There may be a cost associated with assistance, so keep that in mind.
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I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
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