You know that your credit card gives you points or miles, and perhaps cashback rewards. There are many perks that you get as a credit card user that you probably don’t even know about, however. These can be valuable, saving you hundreds of dollars at times. Check out the list below to see if you are aware of how you get to benefit from cards that you already have.
1. Cellphone insurance
Many card issuers offer users free insurance on their mobile phones. If your phone is damaged or stolen, they reimburse you up to $500 or so. Wells Fargo has cellphone coverage on all its cards, and other issuers offer the perk selectively on different card products.
2. Free TSA Pre-Check
TSA Pre-Check allows you to get on a special line at airport security for expedited entry. Ordinarily, you would pay $85 to enroll to TSA Pre-Check for five years. With some credit cards, however, you get reimbursed for what you spend on enrollment.
3. Discounts on mileage redemption
Not many people know that with a credit card, you often don’t need to pay the full number of miles required for a ticket. You get to redeem about 25 percent or 30 percent fewer miles when you put in your credit card number.
4. Free credit monitoring and scores
Ordinarily, getting to see your FICO score requires payment of a fee of $20 or so. You also need to pay to monitor your credit report and be notified when there is activity. With many credit cards, however, you get both credit monitoring and your credit score for free. You get to guard against identity theft with credit monitoring, and your credit score helps you see how good your credit health is.
5. Access to events
In major cities, credit card issuers often hold exclusive events for their cardholders. From private concerts to VIP golfing getaways, these events tend to be great if you are interested in the type of entertainment on offer. You also tend to get early, pre-sale access to ticket sales at important theatrical shows and concerts.
6. Free entry
If you love visiting botanical gardens, museums and science centers, many credit and debit cards from the likes of Merrill Lynch and Bank of America offer you free entry in dozens of cities. If you’re going with your family, however, you need to know that you only get one free entry per card. That’s usually about $25 saved.
7. Reimbursement for flight cancellations
When you buy airline tickets or book a holiday, and later need to cancel, you would ordinarily need to pay a large cancellation fee. When you buy with a credit card, however, in many cases, the card company covers your cancellation fee. You get covered if you need to cancel for reasons of illness, bad weather or a call to join duty in the military.
8. Rental car insurance
With most credit cards, when you pay for a rental car with the card, you get to take advantage of free rental car insurance. You simply need to decline the rental company’s offer to sell you collision damage waiver and choose the credit card company’s coverage, instead.
Many people believe that credit cards are only good for a few predictable perks. In reality, however, you can get a lot more out of your credit cards than you realize.
