The 9 credit card perks you forgot (or didn’t know) you had

There are many reasons why people choose to get a credit card, for example to help improve their credit score, help balance their finances between paychecks or to earn rewards points.

No matter the reason, there are a whole bunch of perks that come with having a credit card, some of which you might not know about.

So, here are 9 common credit card perks that you should be using to your advantage if you have a credit card.

Travel insurance and travel extras

Many credit card providers offer complimentary travel insurance to customers. Obviously the level of cover depends on your credit card provider but typically, you can expect cover for medical expenses, lost luggage, cancellation fees and travel delays.

If you travel a lot and usually pay for travel insurance, it’s definitely worth checking your credit card T&Cs to see if you could be getting it for free. Or if you’re looking to get a new credit card, make sure that the one you choose offers free travel insurance so you can save money!

In addition, some rewards credit cards also give customers free airline lounge access or even free domestic flights, or transport to and from the airport. 

Rental car excess cover

Did you know that your credit card could even help you cover the excess when you hire a rental car?

Some free credit card travel insurance policies include rental car excess cover when you rent a car when on holidays. This means that you’ll save money on not having to take out insurance through the rental car company.

The amount of excess cover will vary between credit card providers though, so be sure you check the cover with your bank first. You will also have to make sure you’ve met the minimum activation requirements for the travel insurance cover to be valid.

VIP access to entertainment events

Are you a music, sports or theatre lover? Depending on the type of credit card you own, you may get exclusive pre-sale ticket access to entertainment and sporting events through your provider.

You may have already heard of an AMEX pre-sale, which is a presale held by Ticketek that is exclusive to AMEX card holders. Meaning that if you have an AMEX card, you can get access to tickets for various events before the rest of the public.

Similarly, Visa Entertainment and Mastercard Moments give customers access to exclusive competitions with major entertainment brands.

Purchase protection insurance

Purchase protection insurance is also a standard feature on many rewards cards. This means that if an item you purchase with the card is stolen or accidentally lost or damaged, your credit card provider will cover the cost of the item. However, there are a few conditions with this perk and the T&Cs will vary depending on your card provider. For instance, you may need to make the claim within 30 days of the incident and in order for your claim to be eligible, the item may need to have been purchased within the last 90 days.

Extended warranty

Your credit card may also offer extended warranty on appliances you purchase on your card. Generally, this is an extra 12 months on top of any warranty that comes with the product.

Price protection

Have you ever bought something and then seen it at a cheaper price at a different store? Well, some credit cards offer price protection, which lets you be reimbursed the difference between the price you paid and the lower price you’ve seen later.

Keep in mind, there may be a minimum and maximum price difference you are able to claim, for example between $75 and $500. Also be aware that some providers require the claim to be made within a certain time frame after purchase.

Private online stores

While you do have the option to use your rewards points for regular in-store purchases, Qantas and Virgin cardholders can use their points to do some retail therapy at the Qantas or Virgin Frequent Flyer Store. These stores sell everything from fashion and lifestyle to technology and home decor.

Concierge service

Depending on your provider, you may get access to a concierge service (which is like a personal assistant) who can assist with a whole range of things including hotel recommendations, dinner reservations, finding the perfect personal trainer and more.

If your card provider has this option, all you have to do is call the service line!

"Lock," block and cap features

Budgeting and online banking is made easier with additional banking features available on selected credit cards. Some providers allow you to ‘lock’ international online and in-store payments if you aren’t planning on shopping internationally. This feature can also help prevent your card being scammed and used outside of your country.

Some banks also allow you to set a spending cap on your credit card to stay on top of your budget as well as block cash advances if you want to avoid withdrawing cash with your card.

If you don’t already have a credit card and want to be able to have access to these great perks, compare credit cards below to find the one right for you!