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Have you ever noticed how a thin rectangular slab of plastic issued by financial company is becoming indivisible part of our lives? Remember, Credit cards are best enjoyed by the disciplined, who can commit to financial discipline and awareness.
According to J.D Power 2019 Credit Card Satisfaction study, rewards have driven satisfaction with the cardholder for several years now and card issuers have played this card for all its worth. However, only 66% of consumer totally understood what sort of rewards they were getting while only 36% totally understood their supplementary benefits.
With increasing number of credit card users, it is important to bring awareness of all the extra hidden perks that will enable you to utilize your credit card to its best.
a. Free Price Protection: For certain Credit Cards, if the transaction goes wrong, if the selling company goes bust or if the purchase is faulty or goes missing, you can claim the cost back from your credit card provider. You’ll also be able to claim for a refund if your credit card is used fraudulently, as long as you weren’t negligent with it. Also, if the price of article you bought went down after the return period then you can approach your credit card company and they will refund you the difference in the price of article.
b. Extended Warranty: An extended warranty is a credit card feature offered by Visa, MasterCard, Discover and American Express that will match and exceed the length of a manufacturer’s warranty on eligible purchase. e.g. If a product has a warranty of 5 years and manufacturer is providing warranty of 3 years then with the credit card you will have total warranty up to 4 years.
c. Extended Return Period: Most places only allows you to return thing up to 30 days but with the credit card you can return thing up to 60 days or even 90 days
d. Theft and Damage Protection: Whenever you buy something really brand new, its more prone to get steal right after you pay for it. Credit card will protect your item generally up to 90 days from theft and damage.
e. Free Car Rental Insurance: Mostly credit card offer primary coverage for rental cars, meaning it pays out first, and you don’t have to get your own insurer involved. It is collision damage waiver or loss damage waiver-typically the most expensive coverage offered at the rental counter. Cards also usually include some coverage for towing expenses and administrative fees. Many cards also cover loss of use, which means compensating the rental company for time the car is out of service while damage is repaired.