Credit cards have been touting cash back rewards and sky miles for years. With most cash back rewards between 1% to as high as 8% on qualifying purchases. And free travel on future flights. But there are so many other benefits that most people aren't even aware of. The only reason I found out about them, is because, after returning from a trip and paying for full coverage on my rental car, I was curious if my credit card would have already provided full collision coverage. As it turns out, my card that I used, would, in fact have covered the rental. In this case, to be eligible for coverage, the following must have occurred. The entire cost of the rental must be paid, on the card and you must decline the rental company's collision/loss damage insurance. There were some stipulations though. The length of the Rental Agreement could not exceed 15 days, and it covered up to $50,000 of maximum coverage. If I knew that, I would have saved about $500 in rental coverage expense! Just like any insurance, you will want to read the fine print to be sure you are covered.
So, after this revelation, I started doing some homework to see what other benefits cardholders may be entitle to. Here is a list of perks that you may already have on your credit cards:
- Extended warranties on electronics purchased.
- Accidental Death and Dismemberment Life Insurance.
- Access to Airport Lounges
- Free Checked Bag at the Airport.
- Cell Phone Replacement for Theft or Damage.
- Insurance for Lost Luggage.
- Roadside Assistance.
- Bank of America has Free Museum Entry to 225 Museums Across the US.
- Hotel Cards May Offer Room Upgrades, Complimentary Meals and Even Provide One Free Night Stay.
- Here is an unusual one! Nibble Credit Card Provides Up to $25,000 of Health Coverage for an Accident or Injury for your PET for free! With 80% coverage, a Maximum Deductible up to $950 and 3% Cash Back on all Pet Expenses, like Food and Vet Bills! After reading that, I applied for one myself and now Oliver is covered!
As you can see, there are so many unknown and useful perks many cards offer and no one even knows about them. Just log into your credit card account online and click on "perks" or "benefits" and a whole list of free goodies may be ripe for the picking! Happy savings!