7 Hidden Perks of Credit Cards

From extended warranties to roadside assistance, some credit cards

offer more than just credit

There are so many warnings that come with credit cards – don't abuse them, don't let a thief get his grubby hands on them – that it's easy to forget there can be perks to using them. And these extend beyond the obvious, ultimate perk: being able to pay for merchandise or services when you don't actually have cash in the bank to pay for them.

So if you'd like to better utilize your credit cards, you may want to sniff out any bonuses you're unaware of. "The quickest and easiest way to locate that information is to go directly to your card issuer's website," says Randy Hopper, vice president of credit cards for Navy Federal Credit Union in Vienna, Virginia.

Once there, Hopper says those perks will typically be located in the product program guide and disclosures space.

You may also find them hiding in the benefits and services section or some other out-of-the-way spot on the website. While some credit cards have no special benefits, here are some of the perks you may have been missing out on:

Extended warranties. Say your television went kaput. You might be covered for that. Visa, MasterCard, Discover and American Express all offer credit cards that extend a manufacturer's warranty for an extra year. Just remember that it isn't good enough to be a customer – you'll need to have purchased the TV with your credit card and not with a debit card, check, or a store credit card. That's generally the case with most credit card perks: You need to have bought the product or service with that particular credit card.

Roadside assistance. Some perks require no upfront purchase. If your car breaks down, your credit card may offer roadside assistance. But slow down before canceling your current roadside assistance without looking over the terms first. Often, what your credit card will do – after you’ve called the number on the back of your card – is call a local tow truck driver for you. Then, you'll pay for the costs with your credit card. (But some cardholders with premium cards do get free roadside assistance.) While it may not seem like the flashiest perk in the world, you might think otherwise if you find yourself stranded on a country road at midnight.

Guaranteed returns. You know how it goes in the world of shopping. You buy some merchandise and for whatever reason, you later wish you hadn't. Maybe it didn't fit. Maybe it's something you just aren't using. But the return date is passed, and you're stuck with it.

Or maybe not. Some credit cards have a guaranteed return policy – if the store won't give you your money back, the credit card will. But before you start scouring your house for unworn items with the tags still on, know that "there are rules and limitations," says Matt Schulz, a senior industry analyst for CreditCards.com. "For example, the item should be in good shape, and you should have the original receipt. You should also have the original packaging."

There are also price limits. "Many issuers have limits of around $200 to $500. Still, getting $200 back is a lot better than getting nothing at all," Schulz says.

Special access to airport services. Frequent fliers often relax in posh airport lounges that keep out the riffraff (regular travellers, like this writer). But it doesn't have to be that way. Some high-end credit cards allow free access to an exclusive airport and railroad lounges, says Bruce McClary, spokesman for the National Foundation for Credit Counseling.

"Nobody wants to be the person who pays for an expensive public Wi-Fi connection, only to find out afterward that their credit card allows the same access at no charge," McClary says.

Event ticket protection. If you end up missing a concert, Broadway show, or some other big event due to weather, a car wreck, or perhaps even lost tickets, some credit cards, like Citi Prestige and Citi/AA Advantage Executive cards, will refund your money. (Obviously, restrictions apply, so read the fine print.)

Emergency travel assistance. If you're travelling overseas and you run into trouble, some credit cards will kind of function as your own, personal American embassy, offering you phone-based translation services or helping you find a hospital, for example. And emergency or not, many credit cards, especially the high-end ones, also specialize in assisting with lost luggage.

If you're in Bahrain, but your suitcase is in Boise, your credit card might give you an allowance to buy enough of a wardrobe until you catch up with your suitcase. Every card is different in how it assists you when it comes to missing baggage. Some cards focus on helping you find your luggage, while others offer money to keep you afloat. Still, other cards will replace your luggage if it's stolen.

Replacing stolen and damaged items. Some credit cards will replace stolen merchandise purchased within the last 90 days. But there are exceptions (there are always exceptions). For instance, some Discover credit cards will replace most merchandise, but nothing considered perishable – food and even perfume – is covered. They also won't replace any items stolen from a car.

And if you pay your cell phone bill with your credit card, your credit card may have a policy that replaces your damaged or stolen phone. But not your lost cell phone.

That's why it helps to have a reality check. There are enough restrictions and guidelines surrounding these benefits that you can't rely on your credit card to bail you out of every jam. Nonetheless, many credit card issuers offer reasonable perks designed to help consumers who fall victim to unfortunate circumstances. A police report demonstrating that your iPhone was stolen from you at gunpoint demonstrates to your credit card issuer that what you say happened did. If you left your new iPhone on the front seat of your car, and it was stolen, your credit card probably won't help you out.

In other words, your credit card will often save you from bad luck. Very rarely will it save you from yourself?

Source: http://money.usnews.com/money/personal-finance/articles/2015/01/29/7-hidden-perks-of-credit-cards?