When it comes to managing your finances, selecting the right credit card can be a game-changer. Most consumers are aware of common features like cashback, rewards, and low-interest rates, but many credit cards come with lesser-known perks that can enhance your financial experience. Below, we’ll explore some of the best credit card features you might not know you need, making your choices not just easier but also more beneficial in the long term.
1. Price Protection
One of the overlooked features in many credit cards is price protection. This benefit ensures that if you purchase an item and find it cheaper within a certain timeframe (usually 60 days), you can get reimbursed for the price difference. This is an excellent way to save money, especially for larger purchases. If you frequently shop online or buy electronics, this feature can significantly mitigate buyer’s remorse.
2. Purchase Protection
Purchase protection is another feature that provides peace of mind. Many credit cards offer insurance against theft or accidental damage within a limited time after your purchase. If your new phone is stolen or damaged shortly after purchase, this feature can help cover the costs—saving you from unexpected out-of-pocket expenses.
3. Extended Warranty
For consumers who frequently buy electronics and appliances, an extended warranty feature can be invaluable. This feature extends the manufacturer’s warranty on your purchase, often for an additional year. This means if your television breaks down after the standard warranty ends, you’re potentially covered without additional costs.
4. Travel Insurance
Travel-related credit cards often include travel insurance, which is less known but incredibly beneficial for frequent travelers. This insurance can cover trip cancellations, lost luggage, and even medical emergencies while you are away from home. Not only does this protect your financial investment in travel, but it also gives you peace of mind during your adventures.
5. Identity Theft Protection
In our digital age, identity theft has become a serious concern. Some credit cards provide identity theft protection services, which monitor your personal information and alert you if there are any suspicious activities. This can greatly reduce the risk of falling victim to fraud and save you the hassle and stress of dealing with identity restoration.
6. FICO Score Access
Did you know you could get free access to your FICO credit score through certain credit cards? This feature allows you to understand your credit health better and helps keep you informed about factors affecting your credit score. Regular tracking of your credit score is essential for making informed financial decisions, especially if you plan to apply for loans or mortgages in the future.
7. Concierge Services
Some premium credit cards offer concierge services, which can act as your personal assistant. Whether it’s booking a dinner reservation, finding tickets to a concert, or arranging travel details, these services can save you time and hassle. This feature is particularly useful for busy professionals who want to simplify their lives.
8. Flexible Payment Options
Credit cards with flexible payment options allow you to manage your payments more effectively. Some cards enable you to split large purchases into manageable installments or allow you to pay off smaller balances over time without accruing interest. This can reduce financial strain and make it easier to stick to budgets.
9. No Foreign Transaction Fees
For international travelers, credit cards that waive foreign transaction fees can save you money on purchases made overseas. Many cards will charge you 1% to 3% on every purchase made in a foreign currency. By choosing a card that offers no foreign transaction fees, you can stretch your travel budget further.
10. Rewards for Everyday Purchases
Finally, while rewards programs are common, some cards align their rewards with your everyday spending habits. For instance, select cards offer higher cashback rates in categories such as groceries, gas, or dining out—making your day-to-day purchases more rewarding. This can turn mundane expenditures into opportunities for significant savings or travel points.
Conclusion
Choosing a credit card is more than just its interest rates and rewards; understanding the full scope of available features can help you maximize the benefits of your card. The lesser-known features outlined above can provide added protection, savings, and convenience that can enhance your financial lifestyle. Before selecting a credit card, take the time to evaluate these attributes to find one that aligns best with your lifestyle and spending habits.
FAQs
What is price protection on a credit card?
Price protection allows you to get reimbursed for the difference if you find an item cheaper shortly after purchasing it with your credit card.
How does purchase protection work?
Purchase protection covers theft or damage of items bought with your credit card within a specified time frame, typically 90 days.
What is the benefit of travel insurance provided by credit cards?
Travel insurance can cover costs related to trip cancellations, lost luggage, and medical emergencies, providing financial security while traveling.
Can I check my credit score through my credit card?
Yes, many credit cards offer free access to your FICO score as a part of their benefits, helping you monitor your credit health.
Why is identity theft protection important?
Identity theft protection helps monitor your personal information and alert you to suspicious activities, reducing the risk of fraud and identity theft.
