Swiping a credit card has always been a convenient way of paying for things, but did you know your credit card can actually protect you in ways you’ve probably never imagined?
Credit cards offer a wide variety of services and protections that may end up saving you time, money and worry. Many credit card companies offer free services and protections you may be unaware of.
Many credit cards offer travel assistance and other related benefits.
Depending on your credit card, you may be able to take advantage of 24/7 travel assistance, lost baggage tracking, passport and other travel document replacements, consulate referrals and police station referrals.
Even if you don’t frequently fly overseas, your credit card company may offer flight rebooking and ticket replacement services if your tickets are stolen or lost. This comes in handy if emergency situations arise and you need to change your travel arrangements at the last minute.
Travellers may also be entitled to medical referrals, a cash advance for emergency medical expenses, emergency eyewear replacement and convalescence arrangements.
You can also coordinate return travel arrangements with your credit card company and set up communications with family and business associates.
Credit cards may also protect you from a booked vacation that goes bankrupt. With so many businesses closing, the trip you booked six months ago maybe in jeopardy if the resort you planned to stay at goes out of business.
Booking a vacation with a credit card will protect you in this situation, whilst paying with cash or check means you’ve lost out on the amount.
You may also be surprised to discover that your credit card company offers rental car insurance. As long as the rental car is paid for with the credit card, you’ll be covered if the rental is damaged.
The majority of credit card companies do not provide such a wide variety of travel-related services and those that do may only provide limited benefits. While some extend such services free of charge, there are those that charge additional fees for travel perks, so read the fine print.
Some credit cards even offer wallet protection. If you ever lose your wallet or have it stolen, you simply contact the credit card company and they do the legwork for you. They will notify all your credit card issuers and even get replacements for you.
Most cards come with purchase protection. This means that if you purchased a damaged good with a credit card, you may be entitled to reimbursement if you have tried to solve the problem with the retailer.
Some cards even work to protect your credit. In financially difficult times, you may be able to suspend your minimum payment for a specified amount of time. Even if this service comes with a fee, it’s a good thing to have in an emergency.
Anytime you shop around for a credit card, get a complete idea of services and protections offered and look beyond the interest rate.
Even if credit cards with the most benefits come with an annual fee, it may be worth it.