Missing Out On Credit Card Perks?

You probably are aware of the benefits of using a credit card for purchases such as earning reward points or cash back. But there are also valuable perks which cardholders frequently overlook. Get the most out of your credit card by taking advantage of these common benefits.

1) Extended Warranties

Before you pay extra for an extended warranty on a purchase, see if your credit card offers free coverage. The four major credit card networks- MasterCard, Visa, American Express, and Discover- provide up to one year of extended warranty protection to many card members. Limitations and exclusions apply but generally an item paid for with your card is eligible for up to $10,000 in coverage.

2) Coverage for Damaged or Stolen Items

Some card issuers offer coverage to repair or replace items charged on your credit card (at no cost to you) that are damaged or stolen within 90 days of purchase.

3) Price Matching

If an item you purchased on your credit card later goes on sale, your credit card might pay you the difference. Each card issuer sets its own limitations and exclusions so check to see if you are eligible.

4) Travel Insurance

Several card issuers, including MasterCard and American Express, will reimburse card members for luggage that is damaged, lost or stolen during a flight provided that the airline ticket was purchased with your credit card. If you have property stolen from a hotel room, certain card issuers will reimburse you for the loss as long as you paid for the hotel accommodations with your eligible card. Limitations and exclusions apply.

5) No Baggage Fees

Most airline-branded credit cards offer a free checked bag for flights that are purchased with your card. Benefits vary from airline to airline.

6) Free Admission

Bank of America and Merrill Lynch card members can take advantage of free admission to more than 150 museums, botanical gardens and other venues in more than 90 cities across the U.S. on the first full weekend of every month. Free entry is valid at New York’s Metropolitan Museum of Art, Atlanta’s High Museum, and Boston’s Museum of Fine Arts just to name a few.

7) Free Currency Conversion

When traveling outside of the U.S., buying local currency from an exchange bureau can be costly due to fees and volatile exchange rates. Instead of carrying a lot of cash (which is never a good idea) use a credit card that doesn’t charge foreign transaction fees on purchases made on your card.

8) Cell Phone Replacement

If your cell phone is ever damaged or stolen, some credit card issuers will cover the cost of buying a new phone provided that you pay your cell phone bills with your eligible credit card.