When it comes to credit card perks, everyone knows the big ones, such as earning cash back bonuses or rewards miles. These are the common perks that every credit card bank wants you to know about, as it’s the best way to get you to sign up and start spending.
However, what about the lesser-known credit card perks that most people don’t even know they can take advantage of? Things like purchase protection, rental car coverage, or cell phone protection can be hugely beneficial to your bank account, but most people don’t even know they exist.
12. Checklist to Uncover Perks
It is really okay that most people don’t know what kinds of credit card perks exist, as they aren’t always front and center when you apply. As a result, before you jump into your next credit card, here is a list of questions you should be asking to get maximum value.
The first question is what kind of travel insurance benefits exist. Are trip cancellation or baggage delay benefits included? The same question goes for purchase protection or extended warranty, and how do they work?
The third question is to ask what kind of price-matching or purchase protection exists? How easy is it to file a claim? What about other unique perks that exist, such as event access or museum passes? Most importantly, your last checklist question is to inquire about the specific requirements necessary to activate any of these benefits.
11. Airport Lounge Access
Airport lounges are more relaxing than regular airport seating.
Frequent travelers are well aware of this benefit, but for infrequent travelers, access to airport lounges can be a valuable perk. The Amex Platinum card, Capital One Venture X, and Chase Sapphire Reserve all offer perks to as many as 1,400 different lounges spread across 140 countries. Complimentary access can save you up to $75,000 per calendar year.
10. Visa Signature Hotel Benefits
Exclusive hotel benefits are a major but lesser-known hotel perk.
If you are the owner of a Visa Signature card, like the Bank of America Premium Rewards Card or U.S. Bank Altitude Reserve, you can get a lot of nice hotel benefits. Not only do you receive limited-time offers with discounts, such as a free night every third stay at a hotel in a specific city, but you also get a $25 (USD) food or beverage credit, late check-out, automatic room upgrades, and complimentary in-room Wi-Fi. All of these discounts can save hundreds of dollars per trip.
9. Exclusive Event Access
Getting exclusive access to concerns makes you feel like a VIP.
For users of the Chase Sapphire Reserve and Preferred cards, exclusive event access is a lesser-known yet definite perk. For example, currently, Chase Sapphire Reserve cardmembers have exclusive access to Los Angeles’s most popular restaurants, with reserved times available through OpenTable. The same applies to cardholders looking to attend Lollapalooza, as limited reservations will be available exclusively to them.
8. Complimentary Museum Access
It’s hard to say no to free museum days.
If you hold a Bank of America card in your wallet, you can get free access to more than 200 different museums around the country. This can save between $15 and $30 per ticket, which can amount to hundreds of dollars per year, depending on how frequently you travel. This perk is reserved for the first full weekend of every month.
7. Cellphone Protection
Repairing your cellphone without spending anything is amazing.
A personal favorite, both the Wells Fargo Active Cash card and the PNC Visa Signature offer cellphone protection. At $600 and $800, respectively, if you bought a phone with your card, you are guaranteed financial help against both damage and theft. Far too few people are aware that this protection and benefit exist.
6. Price Matching
Being able to price match can be a real money saver.
We’re all used to price-matching directly through retailers, but the Capital One Savor Cash Rewards and Wells Fargo Visa Signature both offer this benefit. For the Wells Fargo card, if you find an eligible item purchased with the card at a lower price within 60 days of purchase, you can be reimbursed up to $250 per item.
5. Extended Warranty
Having an extended warranty can save thousands down the road.
Between the Chase Sapphire cards, Chase Freedom Unlimited, and Blue Cash Preferred from American Express, you are covered with a credit card extended warranty. This warranty essentially doubles your manufacturer’s warranty. In other words, if you purchase an iPhone from Apple with a 12-month warranty, any of these cards will extend it by 12 months, for a total of two years’ worth of protection.
4. Purchase Protection
Having purchase protection is invaluable.
Similar to price matching, some credit cards, such as the Bank of America Premium Rewards card, also offer purchase protection. If any item you purchase is damaged or stolen, you can typically request reimbursement within 90 to 120 days, depending on the credit card used. The amount usually varies, as Visa includes 90 days and up to $500 per claim, while MasterCard allows for 120 days and up to $1,000 per claim, saving you a lot of money along the way.
3. Rental Car Insurance
Having secondary rental insurance can save you thousands.
Depending on the credit card you have, one of the best benefits is rental car coverage. Instead of paying the exorbitant rates from the rental car company, cards like the Chase Sapphire Reserve offer you primary coverage. This means that your credit card will cover any damage or theft before your insurance takes effect. For cards like the Amazon Visa, you can use them as secondary coverage, so they will cover anything your personal insurance doesn’t, such as up to $75,000 in coverage.
2. Travel Insurance
Travel insurance can be a real lifesaver.
The Platinum Card from American Express offers cardholders substantial benefits, including assistance with trip cancellations. While you’ll need to follow eligibility rules, if you succeed, you can be reimbursed for up to $10,000 per trip for both trip interruption and cancellation. Lost luggage can be replaced for up to $3,000 per person, while any trip delayed for more than 6 hours receives up to $500 in benefits.
1. Trip Cancellation
Trip cancellation can be a huge financial headache.
Traveling can be a nightmare, and losing baggage while flying can be an even greater one. The Chase Sapphire cards both offer up to $100 per day as reimbursement for a maximum of five days, allowing you to purchase essential personal items. For the Capital One Venture X card, travel insurance offers you up to $2,000 per person for any airline, bus, train, or ferry tickets if your trip is cut short or canceled.
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