Credit cards sometimes get an unfavorable reputation, but when used responsibly they can offer many valuable perks and protections. From helping build credit to earning cash back there are numerous advantages associated with owning the right card.
Shopping benefits like return protection are common features on many credit cards; some cards provide up to 90-day returns (terms apply). Cell phone insurance also keeps travelers covered while abroad.
1. Airport Lounge Access
Many credit cards offer lounge access, though some require a premium annual fee. One such credit card, the Delta SkyMiles Reserve American Express Card offers complimentary lounge access for primary cardholder and two guests; in addition, this card also offers other travel-related perks like $100 Global Entry/TSA PreCheck statement credit each year and bonus airline miles when flying Delta.
Other cards, such as the Platinum Card from American Express and Capital One Venture X, provide complimentary Priority Pass Select membership after enrolling once. This entitles you to access to various airport lounges worldwide with any authorized users joining you for free; or alternatively you can purchase lounge access directly from airlines or third parties either annually or daily.
2. Car Rental Insurance
Rental car companies typically provide insurance that you can buy at the counter; however, some credit cards provide primary coverage that could allow you to decline it and save money.
American Express Platinum Card and Chase Sapphire Preferred both provide primary car rental insurance when used to make payments (terms may apply).
Use of credit cards when purchasing travel products and services can speed you through airport security by enrolling you in TSA Precheck or Global Entry programs. Many cards also reimburse fees associated with these programs; check your card’s guide of benefits for more details. Some cards even provide price protection in case the price drops within an allotted time, such as 90 days.
3. Cell Phone Insurance
Not only can some credit cards offer rewards or cash back, but some cards also come equipped with hidden benefits like cell phone protection that could save you money on repair or replacement costs. To take advantage of these hidden perks, typically you will have to make your monthly wireless bill payment with that particular card and set it up with autopay – terms may apply).
Amex cell phone insurance covers both damage and theft – including screen damage which other providers might exclude – with many coming with a deductible fee that’s only available when paying your wireless bill with an eligible Amex card. Please refer to your card issuer or online account for terms, conditions and coverage details.
4. Emergency Roadside Assistance
Flat tires or dead batteries can be extremely annoying when time is of the essence and you need to get somewhere quickly. Some credit cards provide roadside assistance dispatch that can get you moving again quickly.
Look through your card’s benefits guide to determine if it offers roadside assistance coverage. For example, Chase Sapphire Reserve includes roadside assistance through Visa’s pay-per-use program which offers discounted rates for services like vehicle jumpstarting, towing, fuel delivery and flat tire changes.
Many travel cards also provide travelers with invaluable travel perks and insurances, such as flight delay/cancellation coverage and rental car damage protection. Compare the benefits available across cards to find one that best meets your needs and spending habits; use it responsibly by making payments on time to build an excellent credit history.
5. Fraud Protection
Credit cards often draw praise for their travel rewards and benefits packages, but many also come equipped with features to save you money – be sure to review your card’s benefits guide for details.
One of the most valuable perks is an extended warranty policy on eligible purchases. These policies provide coverage beyond that offered by manufacturers and often cover electronics, appliances and other items.
Some cards provide price protection, which allows you to claim back any lower purchase prices within a specified time period. Contact your card issuer for eligibility requirements and how to file a claim. Additionally, some credit cards offer free FICO/VantageScores that you can access online or via monthly statements to assist with budgeting and tracking spending. These features make budgeting and spending monitoring much simpler!
