You want to make sure you are getting the maximum benefit from your credit card. Many people have, and know about, card features such as loyalty programs and insurance on a rental car. However, your credit card has less well-known benefits and services that can provide you with help in a variety of situations.
Limitations and exclusions are a reality with credit cards. But it is important to read up on the cards features so you do not waste money on services covered by your card.
Protection When You Go Shopping
MasterCard and Discover offer two types of protection when you make big purchases. Purchase assurance (or purchase protection) covers certain items that are damaged or stolen within a specific timeframe (usually 90 days).
Some credit cards have a price protection benefit. This feature enables you to get a refund, up to $500 depending on the card, if you find an item you purchased at any store for a lower price. Always make sure the item is eligible for this type of protection.
If you go back to return an item but the store will not take it back, your credit card might offer help. Return Protection is a feature that enables you to get a certain amount, up to $300 in the case of American Express, if a store will not accept your return. However, read the terms of your card carefully because a number of purchases including pets and perishables are not eligible for this type of refund.
Are you buying extended warranties at stores? Your credit card might have you covered, and eliminate the need to pay for this extra. Visa, MasterCard, American Express, and Discover offer extended warranty benefits with some of their cards. There are important differences between the major card companies. Visa extends a U.S. manufacturer’s warranty of three years or less for one additional year while American Express’ extended warranty program applies to product warranties of five years or less. Make sure you know whether you receive this benefit automatically (American Express) or whether you need to register your product online (Visa).
Benefits When You Travel
Credit cards offer protections from theft and damage when you travel. Some MasterCard and American Express cards provide reimbursement for damaged or lost luggage. MasterCard even offers reimbursements if you need to replace personal items because your baggage is delayed or if someone steals your possessions from your hotel room.
In addition to helping you with medical assistance during a trip, your credit card might offer you help with other personal services. Some Visa cards refer you to English-speaking attorneys and translation services when you travel abroad. Your card might even have a prescription assistance program to aid you with replacing a prescription while on your vacation or business trip.
Special Events and Giving
Credit card companies partner with other firms to give their cardholders great deals. Discover currently offers cashback bonuses for online purchases at merchants as diverse as Walmart and Saks Fifth Avenue. The Visa Signature® offers deals and discounts on tickets to museums, sporting events, and even wine tastings. MasterCard has a similar program so its cardholders get deals to special events.
Some credit cards offer concierge services. These are personal services that help a cardholder with everything from gift selection to making restaurant reservations. Visa and MasterCard have concierge services available with some of their cards.
Discover Giving is a Discover card program that allows you to earn a cashback bonus for charitable donations. You choose a charity from Discover partner JustGive’s list, make a donation of at least $10, and start earning a bonus. Cardholders receive a confirmation that they use for tax purposes.
Identify Theft Protection
A 2016 study in the Journal of Accountancy found that approximately half of Americans worried about losing money to identity theft. If you are one of those people, MasterCard offers assistance for you. Cardholders can register for a service called ID Theft Alerts that tell you if there is evidence that people are buying and selling your personal information. MasterCard also aids cardholders who have lost their wallets and / or believe they are victims of identity theft.
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