Let Credit Card Perks Work For You
Using credit cards isn't a one-way street, with interest and fees going from you to the companies that issue them.
Those companies offer numerous incentives, trying to entice you to use or stay with their cards.
On The Early Show Wednesday, consumer correspondent Susan Koeppen ran down a variety of those perks, many of which you may not know about.
They fall under three main categories: security, retail, and travel.
The bottom line, Koeppen stressed, is that you should contact your card issuers today to find out which benefits they offer. It's a good idea to have them send them to you in writing. Make sure to ask for all terms and conditions that apply. And don't forget that you have to use the cards for the benefits to come into play.
The perks Koeppen pointed to:
SECURITY
Many cards have zero liability for you if you report unauthorized charges, and all cards have emergency assistance if you lose your card or it's stolen. All cards have dispute resolution, meaning, if you see a charge on your bill and it's not familiar or you think you've been overcharged, you can call the credit card company and dispute that charge. These are the perks everyone is familiar with.
TRAVEL
By Air
Trip Cancellation Insurance: If you die or become ill or a carrier goes under, MasterCard will pay up to $1,500 dollars in non-refundable expenses.
Lost Luggage Insurance: If your baggage is delayed for 12 hours or more, some cards will give you up to $300 to buy essential items such as toothpaste, a change of clothes, etc., and if your luggage is damaged on a flight, they will give you $3,000 per incident to repair or replace it. Provide receipts, and terms and conditions apply.
Travel Assistance: Most cards offer some variation of travel assistance. All American Express cards offer global assistance, an emergency hotline that helps with telling you what shots you need before you travel, find you a doctor, help you if you lose your prescription, etc. MasterCard will provide you with medical assistance while you're traveling, helping you find a dentist, doctor, pharmacy, etc., even overseas. Medical evacuations are covered on certain cards. Visa offers similar benefits.
By car
Rental Car Insurance: Collision coverage — you can waive the rental company's collision coverage and the cards will cover you if you use that card when renting the car.
Roadside Assistance: Amex will arrange and pay for towing of your own car if you're 50 miles or more from home.
RETAIL
Extended Warranty: Doubles the time of, and duplicates manufacturer's warranty. Limit of one year: If it's a two-year warranty, only adds one year.
Purchase Protection: Virtually everything you buy with your covered Visa card is protected in case of theft or damage for the first 90 days from the date of purchase. MasterCard insures you for 90 days for theft, damage, or loss of the purchase made with MasterCard. Limited to cost of the item, up to $,1000. That applies to items that were working when you received or bought them, then stopped working or got damaged.
Satisfaction Guarantees
For issuer-by-issuer specifics, click here.