Credit cards are more than just tools for making purchases — they come with a variety of hidden perks that can help you save money and make your life easier. However, many cardholders aren’t fully aware of the range of benefits their credit cards offer, and as a result, they miss out on valuable opportunities. Whether you’re new to credit cards or have been using them for years, there’s a good chance you’re overlooking some fantastic perks that could save you money, provide added convenience, and offer peace of mind.
In this guide, we’ll walk you through the top credit card perks you might be missing out on and how to unlock those savings and benefits.
1. Cashback and Points Aren’t the Only Rewards
While cashback and points are the most common and popular credit card perks, they are by no means the only ones. Many credit cards offer additional perks that can make a big difference in your finances. Understanding these benefits will help you maximize your card’s value.
Travel Benefits
If you have a travel rewards card, you may be missing out on valuable travel benefits. Some cards offer airport lounge access, free checked bags, priority boarding, or travel insurance like trip cancellation, trip delay, or lost luggage coverage.
Extended Warranties
Many credit cards, especially those aimed at frequent shoppers, offer extended warranties on products purchased with the card. For example, the Chase Sapphire Preferred® Card extends the manufacturer’s warranty for up to an additional year on eligible purchases.
Purchase Protection
Credit cards like the American Express Platinum Card® often include purchase protection, which can cover you for lost, stolen, or damaged items within a certain timeframe (typically 120 days after purchase).
2. Free Concierge Services
Did you know that many premium credit cards offer concierge services? These are personal assistants who can help you with a variety of tasks, such as:
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Booking travel or restaurant reservations
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Securing tickets to events or concerts
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Finding hard-to-get products
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Making gift recommendations and shopping on your behalf
Cards like the American Express Platinum Card® provide 24/7 concierge services, which can be an absolute game-changer for busy professionals, frequent travelers, or anyone who enjoys convenience.
3. Travel Insurance You Didn’t Know About
Traveling can come with unexpected challenges, from trip cancellations to lost luggage. However, many travel credit cards come with built-in travel insurance that can save you hundreds of dollars in the event of unforeseen circumstances.
Common Travel Insurance Benefits Include:
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Trip Cancellation/Interruption Insurance: Covers your expenses if you need to cancel or cut short your trip due to illness, injury, or other qualifying events.
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Baggage Delay or Loss Insurance: Provides compensation for lost or delayed luggage.
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Travel Accident Insurance: Covers accidents that occur while traveling, whether on a plane, train, or in a vehicle.
The Chase Sapphire Reserve® offers excellent travel insurance, including trip delay and cancellation insurance, which is a huge perk for frequent flyers.
4. No Foreign Transaction Fees
If you travel internationally, foreign transaction fees can add up quickly, typically around 3% of each purchase. Fortunately, many credit cards, especially travel rewards cards, waive these fees. For example, the Chase Sapphire Preferred® Card and the Capital One Venture Rewards Credit Card don’t charge foreign transaction fees, allowing you to make purchases abroad without extra costs.
Why This Is Valuable:
If you travel internationally, not paying foreign transaction fees can save you a significant amount. On a $1,000 purchase, this could amount to $30 in savings.
5. Access to Exclusive Events and Offers
Some credit cards provide cardholders with exclusive access to events, experiences, and special offers. For example, American Express frequently offers cardholders pre-sale access to concert tickets, VIP event access, and private shopping experiences at top retailers.
How to Make the Most of It:
If you have a card that offers exclusive experiences or early access to events, it’s worth keeping an eye on notifications from your card issuer. Sign up for alerts on exclusive deals, as these offers can fill up quickly.
6. Bonus Categories and Rotating Rewards
While cashback and rewards points are often earned on every purchase, many credit cards offer rotating bonus categories that allow you to earn extra rewards in specific categories each quarter.
For example, the Discover it® Cash Back card offers 5% cashback on rotating categories like Amazon.com, restaurants, gas stations, and grocery stores (up to a limit of $1,500 in purchases per quarter). While you need to activate these categories each quarter, it’s a great way to earn a higher percentage on specific purchases.
7. Free Access to Credit Scores
Did you know that many credit card issuers provide free access to your credit score? Cards like the Discover it® Cash Back and Capital One QuicksilverOne offer monthly credit score updates, allowing you to monitor your credit health without any extra cost.
Why This Is Helpful:
Tracking your credit score can help you stay on top of any potential issues, and it can also guide your efforts to improve your score over time.
8. Rental Car Insurance and Travel Protections
Many travel and premium credit cards come with rental car insurance as a standard benefit. When you pay for the rental car with your credit card, you can be covered for damage or theft. This can save you from paying extra for the rental company’s insurance, which can be pricey.
Additionally, some cards provide trip cancellation and trip delay insurance, helping you recover costs if your trip is interrupted or delayed due to unforeseen circumstances.
9. Roadside Assistance
Some credit cards offer roadside assistance as a benefit. Cards like the Chase Sapphire Reserve® and American Express Gold Card offer complimentary roadside assistance, which can cover things like towing, battery jump-starts, and flat tire changes.
How to Use This Perk:
Before you find yourself stuck on the side of the road, make sure you have the phone number for roadside assistance stored in your phone. This way, when you need it, you’re ready to call for help.
10. Free Shop and Airline Benefits
Many credit cards offer exclusive deals and discounts for shopping and travel. For example:
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Amazon Prime Membership: Some cards offer an Amazon Prime discount if you pay with your card.
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Airline Fee Credits: Cards like the American Express Platinum provide up to $200 in airline fee credits each year, covering things like checked bags, seat selection, or in-flight purchases.
These perks can add up over time, saving you money on everyday purchases or travel-related expenses.
FAQ Section
1. What should I do if I’m not sure how to use my card’s perks?
Review the benefits guide from your credit card issuer or call their customer service. They’ll provide detailed information about the perks available, how to access them, and any restrictions or conditions.
2. Do credit cards with rewards have high annual fees?
Not always. While some premium cards charge high fees, many credit cards with rewards programs offer no annual fee or low annual fees. Be sure to evaluate the perks to determine whether the fee is worth it based on your spending habits.
3. Can I use my credit card rewards for anything other than travel?
Yes, most credit cards allow you to redeem rewards for various options, including cash back, gift cards, and merchandise. Review your card’s rewards program to see all available redemption options.
4. How can I avoid missing out on credit card perks?
Be proactive by reading the perks and benefits guide provided by your credit card issuer. Sign up for alerts and updates so you don’t miss exclusive offers, and make sure you’re aware of deadlines for redeeming rewards or booking travel-related benefits.
Conclusion
Credit cards offer a world of benefits beyond just the rewards and cashback you earn on everyday purchases. From travel perks and concierge services to extended warranties and purchase protection, many credit cards come with valuable features that can make life easier and save you money. The key to unlocking these benefits is understanding what’s available, using your card strategically, and being proactive in taking advantage of the perks.
By using your credit card wisely and taking full advantage of the benefits it offers, you can enjoy enhanced convenience, savings, and peace of mind, all while building a healthier financial future.