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Credit Card Perks You Might Be Missing out on in 2022

Credit Card Perks You Might Be Missing out on in 2022

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Credit cards are very useful to earn free rewards and points while financing new purchases or making other payments online. But, you could possibly be missing some amazing money saving perks that come with a new credit card. Credit card companies usually promote their cards with plentiful signup bonuses and cashback. But they keep the details of lesser-known benefits like purchase protection, trip cancellation insurance, and exclusive online shopping rewards hidden. All these credit card perks can help you save a big deal of money every month. However, you need to read the fine print and terms & conditions of your credit card issuer carefully to uncover the rewards you can enjoy.

In this article we have listed some credit card perks you might be missing out on in 2022, so you can not only gain more insight into different types of credit cards, but also start saving while financing day-to-day purchases and more.

Purchase Protection

Purchase protection is a type of insurance offered by credit card issuers. This helps you replace products or goods that are purchased with your credit card and are damaged or stolen. For instance, if you have purchased home appliances with your credit card and are accidentally damaged, the purchase protection option will cover the damages to help you save bucks. Purchase protection varies by card so you need to read the benefits list carefully to understand the details. You should also ask the customer services representative if purchase protection benefits are available on the card you are about to apply for.

Balance Transfer

A balance transfer is one of the best perks offered by credit card issuers. A balance transfer is a credit card transaction that allows you to move your credit card debt from an old (high-interest rate) card to a new (0% interest rate) card. It is a great idea to save a lot of bucks on interest and consolidate your debts as well. Balance transfer credit cards usually come with certain limitations and fees. That’s why you should read terms and conditions watchfully to prevent any hidden financial charges or fees when transferring the balance of one card to another.

Rewards suited for the times

The incentives and rewards offered by credit cards may not necessarily match to individual needs of the users. For instance, travel points are less valuable for users who travel not as much but spend a lot on groceries, streaming services, and food delivery.  So, look for a credit card that offers rewards suited for your spending habits in your current environment. If you spend often in a particular category, you should look for a card that offers enticing free rewards and perks in that category.

Extended Warranties

Extended warranties are all about extending the warranty offered by a manufacturer for a set period of time. When you purchase a particular product with your credit card that comes with one year warranty from the manufacturer, the card issuer will extend the timeframe of warranty provided. You can get up to 24 months of extended warranty on eligible items when purchased through a credit card. This type of coverage can help you save a lot of bucks on the repair and replacement of items for an increased period of time. You should check the policy of your credit card for further details to buy the eligible items for extended warranties.

Trip Cancellation Insurance

There are several hotels, airlines, and travel agencies that are nonrefundable once there are a few days left to the trip and you cancel it. This can eat up a big deal of your money in terms of no refund. This is where trip cancellation insurance offered by your credit card comes in handy. When you have paid for a trip with your credit card and canceled or delayed due to some reasons, you will get the prepaid amount back as per communicated terms and conditions. Some credit cards will refund the nonrefundable travel costs or expenses up to $1500 per head and $6000 per trip. This could be a life savior for you when it comes to canceling a trip due to weather conditions or injury. So, find out which card offers the best trip cancellation rates and use that card to book your tickets or pay for trips.

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