Everybody loves a good credit card perk. While you’ve probably heard of frequent flyer points and cashback rewards, chances are your credit card is full of benefits that you’re not taking advantage of – simply because you don’t know about them.
Not anymore! Mozo has navigated through the tricky fine print to find the most popular (and lesser known) credit card benefits that could save you hundreds. From free travel insurance to a celeb-worthy concierge service, here are the hidden plastic perks you don’t (but should) know about:
Jetsetting overseas soon? Mozo found that 87 out of 201 credit cards in our database include complimentary travel insurance which often doesn’t just cover the cardholder but also the spouse and up to two children under 22.
This handy feature which is generally offered on platinum cards could save about $357 for a couple or up to $497* for a family and could mean the difference between a 3-star and 5-star hotel.
But remember the devil is in the detail so be sure to read your policy carefully to know what is and what isn’t covered, for example card cover is not for those with pre-existing medical conditions. Also you may need to spend a set amount on your card to be eligible for the insurance. You may still need to take out an additional comprehensive travel insurance policy which you can find with a quick search of Mozo’s travel insurance database.
And the benefits don’t stop there for jetsetters. Your piece of plastic could be the key to unlocking a whole world of luxury travel including a free domestic flight each year, airline lounge access or chauffeur driven airport travel- oo la la. Again it’s good to check these out before you check in.
Don’t you hate it when you’ve just purchased something in-store and then see it advertised somewhere else or even at the same retailer for less? It’s no sweat if you have Guaranteed Pricing Insurance (sometimes called Price Protection Insurance). Your credit card provider will pay you the difference between what you paid and the sale amount providing you are quick to make the claim and have proof (AKA sales catalogue). Just be aware that there may be a minimum price difference to be eligible for the insurance, for example, most card providers will reimburse the purchase if the minimum price difference is more than $75.
Did you know that many cards will insure purchases made on your card if they’re lost, damaged or stolen within a few months of purchase? Phew! You’ll need to do your research beforehand to check the amount you’re covered for and whether you need to pay some excess.
The warranty on your brand spanking new washer or 60-inch TV could be extended by up to 12 months all because of the credit card you whip out. Of course, this depends on the length of the original warranty and there are some restrictions, for example, the item may need to have a serial code.
Rental Car Excess
Another perk gathering dust on your credit card could save you up to $30 a day in car rental insurance excess (when booking with one of the major car hire companies). That’s right! This benefit is included on many cards when you use them overseas, but some cards also offer this benefit when renting a car domestically.
Did you know your piece of plastic could give you a celeb-worthy concierge service at your beck and call? Whether you need a hotel recommendation, a dinner reservation or a personal trainer many cards come with a 24/7 concierge service. And it doesn’t stop there because Visa, AMEX and MasterCard also have a benefits program on top in which you can get your hands on exclusive concert tickets, hotel discounts or pre-sale event tickets.
Are you using your credit card program to the fullest?
*Estimates are based on a couple/family purchasing a standard international annual multi – trip policy underwritten by QBE (via Easy Travel Insurance) covering rental car excess of $5000 but without any customisation for pre-existing conditions or without taking into account any special conditions or requests as of 25 May 2015.