We live in a world where credit cards come in handy to make payments and keep record of our purchases. Issued mostly by banks, credit cards offer money or credit which need to be repaid within an estimated period.
When we think of the benefits or perks of using a credit card, we mostly think of rewards and low-interest rates. But apart from these, the best credit cards come with additional benefits which many of us may not be aware of. Taking advantage of these perks can help you get more out of your credit card and also save you some money in this process!
• Price protection
Often it happens that you purchase an item at a given price and see its price go down in the next few days. Don’t you feel cheated? Well, if you used your credit card for purchasing the item, you would be able to get the price difference refunded through your credit card’s price protection benefit.
• Purchase protection
What if you purchase an item and later have it damaged or stolen? In case of such a situation you would be eligible for a purchase protection policy if you bought the item with your credit card. All you need to do is provide a receipt and the credit card statement showing records of the purchase. In case of a theft, you’ll be required to show a police report.
• Car rental insurance
Best credit card networks provide car rental insurance for which you must charge the entire expense of the rental to your credit card. You must decline the rental company’s loss damage waiver/ collision damage waiver in order for your credit card company to agree to cover you.
• EMIs
If you’re making a big purchase, like a TV, laptop or refrigerator, you can easily convert it to affordable monthly installments in the form of EMIs.
• Cash back and bonuses
While reward cards earn you points for spending money on certain things, cash back cards pay the money back into your account. These cards help you save money depending on your monthly expenses, and amount refunded is based on the credit card’s cash back rate. Many credit cards offer lucrative bonuses for signing up with them, such as large amount of bonus points, complimentary flights, lower fees and reduced interest rates.
• Grace period
You can use your credit card to defer your payments till your bills are due. Contacting the credit card company and asking to change your billing cycle date could buy you another week before interest is charged. Banks usually offer a maximum of 50 days grace period for paying the dues.
In today’s world easy availability of credit card is a boon. If you pay your bills on time, they’re actually a free short term loan.
When we think of the benefits or perks of using a credit card, we mostly think of rewards and low-interest rates. But apart from these, the best credit cards come with additional benefits which many of us may not be aware of. Taking advantage of these perks can help you get more out of your credit card and also save you some money in this process!
• Price protection
Often it happens that you purchase an item at a given price and see its price go down in the next few days. Don’t you feel cheated? Well, if you used your credit card for purchasing the item, you would be able to get the price difference refunded through your credit card’s price protection benefit.
• Purchase protection
What if you purchase an item and later have it damaged or stolen? In case of such a situation you would be eligible for a purchase protection policy if you bought the item with your credit card. All you need to do is provide a receipt and the credit card statement showing records of the purchase. In case of a theft, you’ll be required to show a police report.
• Car rental insurance
Best credit card networks provide car rental insurance for which you must charge the entire expense of the rental to your credit card. You must decline the rental company’s loss damage waiver/ collision damage waiver in order for your credit card company to agree to cover you.
• EMIs
If you’re making a big purchase, like a TV, laptop or refrigerator, you can easily convert it to affordable monthly installments in the form of EMIs.
• Cash back and bonuses
While reward cards earn you points for spending money on certain things, cash back cards pay the money back into your account. These cards help you save money depending on your monthly expenses, and amount refunded is based on the credit card’s cash back rate. Many credit cards offer lucrative bonuses for signing up with them, such as large amount of bonus points, complimentary flights, lower fees and reduced interest rates.
• Grace period
You can use your credit card to defer your payments till your bills are due. Contacting the credit card company and asking to change your billing cycle date could buy you another week before interest is charged. Banks usually offer a maximum of 50 days grace period for paying the dues.
In today’s world easy availability of credit card is a boon. If you pay your bills on time, they’re actually a free short term loan.
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