TULSA - Sometimes it pays to use credit cards.
We're showing you the high dollar, little known, credit card benefits and how to find them.
If you're like a lot of people, you probably shell out a lot of cash to your credit card company.
So why not make them work for you?
When booking your dream vacation or buying a big ticket item you may get a lot of free perks just by using your credit card rather than your debit card or cash.
Lyndsey Reyes is a credit card customer who didn't know about the perks, "Honestly I had no idea. Kinda cool."
We asked Lyndsey and her husband Joey to spend a little time checking out their cardmember agreements looking for those benefits.
Lyndsey said, "Maybe 10 or 15 minutes just to look it over and see what your benefits were. They're kind of very fine print."
That's the thing - You can't take advantage of the perks if you don't know they're there.
Joey said, "I'm not surprised they keep that from people at all."
And Joey said he doesn't expect the companies to tell people what they're due. " No. They're in business to make money, too."
That's because the credit card company stands to have to pay out hundreds or even thousands of dollars to a customer who takes advantage of a benefit they're due.
On one of the Reyes' cards Lyndsey found one of those high dollar benefits that won't cost the family a thing, "Travel insurance if something goes wrong and we can't make the trip that's automatically covered."
The same card also automatically adds rental car insurance when they use that card to book. Joey said, "You don't have to buy insurance at this point because it's already on your card. You're taken care of."
The Web site www.LowCards.com shows some American Express cards are among those that will reimburse you up to $1,000 if you buy something with the card that's stolen or damaged during the first three months you own it.
Capitol One and others offer extended warranties. For example; if you use the card to buy a new refrigerator with a one-year manufacturer's warranty, you automatically get an additional year of warranty with no extra cost.
Joey said, "Who doesn't want to save a dollar here or there. If you can do it by actually still doing what you want to do and getting what you want to get. For sure."
City Diamond Preferred is one that offers price protection. If you buy an item and find it at a lower price in the next 60 days the company will refund the difference to your card.
The Reyes already used their Target card to get 5% back on purchases. But a closer look reveals they can also enroll their children's school and Target donates 3% of their Target purchases to the school district.
If you don't have a copy of your cardmember agreement look for it either on the company's web site or call the toll free number on the back of your card and ask the rep to mail you the full agreement.
Of course, you still want to pay off your credit card balances every month so interest payments don't eat up the value of your perks.
The Reyes' plan to reap their credit card benefits by planning future purchases based on which card gives the best perks.
It's not always easy to find the benefits clearly listed but here's a sampling of credit cards offering great perks:
Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook, offers this information for consumers:
Take Advantage of Relatively Unknown Credit Card Perks
Cash rebates and reward points receive most of the bold print and attention, but there are some nice perks that you could be missing from your credit card. These benefits can save money on tickets, shopping and travel, guarantee the lowest price on purchases, and provide an extended warrant.
Five perks to your credit card you may not be using:
1. Free or Discounted Tickets to Museums and Theme Parks
- Bank Of America's "Museums on Us" offers free admission to over 100 museums in 24 states with a Bank of America credit card or debit card during the first full weekend of every month for 2011. States include California, Florida, New York, and Virginia.
- Discover members save 5% on in-park and online purchases for Six Flag Season Passes, VIP Tours, daily admission tickets, parking, food and merchandise.
- Citi Private Pass gives discounts to theme parks, such as 25% off on one-day admission to LegoLand California.
- Chase Ultimate Rewards offers cooking classes or food tours, sports tickets and outdoor adventures in selected cities. All are available with rewards or can be charged to your Chase card.
- American Express offers pre-sale tickets and preferred seat tickets for events and concerts. Recently, American Express provided
- pre-sale tickets
for the NBA All-Star game, Katie Perry, George Strait & Reba McEntire and certain Broadway shows.
Credit card issuers may even be able to get you tickets to a sold-out show. Expect to pay the typical ticket surcharges and fees. 2. Travel Perks
- The Visa Signature card offers many reward perks for travel. It offers 15% off Luggage Forward service where your luggage is shipped to your hotel, cruise ship, or home in over 200 countries and territories worldwide. The card also offers hotel room upgrades, $25 travel vouchers for food, 20% off every $25 in movie tickets (Fandango), and discounts for car rentals.
- Cardholders can also find special offers like 15% off Southwest Wanna Get Away round trip ticket (these are limited time offers). The 24/7 concierge service can help with travel, entertainment, and business planning.
- Continental One Pass and Delta Skymiles do not charge a fee for the first checked bag on any flight booked with the card
- Chase Sapphire helps cover expenses for a trip delay or a baggage delay on a covered trip.
3. Shopping Perks
- Many cards have merchant partners that offer free shipping and discounts on purchases made with the designated card. Partners may include WalMart, Macy's, Sears, Pottery Barn, Home Depot, and Apple Online Store.
- Discover offers 5% or 10% cashback bonus for online purchases made with its merchant partners. Earn 5% cashback from WalMart.com, or 5% cashback when you buy an Apple iPhone 4 or iPad from ShopDiscover.
- Bank of America WorldPoints and Citi ThankYou offer an online shopping mall full of merchandise that you can purchase with reward points.
- Merchandise includes flat screen TVs, lawn equipment, and kitchen appliances.
4. Consumer Protections
- Price Protection. Price protection helps you get the best price for your purchase. If you find a lower price on that item in the designated time period (typically 60 days), many issuers will refund the price difference on the same item from the same manufacturer. Issuers may set a refund limit. For example, Citi refunds the price difference up to $250 per item. Internet purchases and close out sales are excluded. Price protection does not cover airline and transportation tickets. To get the price protection, save the printed advertisement and contact the program administrator for claim forms and filing procedures.
- Purchase Protection. Purchase protection guards eligible purchases against accidental damage or theft for up to 90 days from the date of purchase. Your credit card issuer can repair, replace or reimburse for up to the amount charged. For example, American Express coverage is limited to $1,000 per occurrence, and up to $50,000 per cardmember account per policy year. If a retailer will not accept a return within the first 90 days of purchase, some cards, like Chase Sapphire, will reimburse you for the cost of the eligible item purchased on your card.
- Extended Warranty Protection. This protection extends the length of the free repair period under the original manufacturer's U.S. warranty for up to one additional year. The warranty must be three years or less. Capital One doubles the original warranty time period and duplicates the coverage of the original manufacturer's warranty up to a maximum of twelve months on most items you purchase. To receive Extended Warranty Protection, you must submit the store receipt, the credit card receipt and a copy of the manufacturer's warranty.
5. Car Rental Loss/Damage Insurance
- Using your credit card for a car rental may cover damage incurred when renting the car, so it may not be necessary to purchase extra insurance coverage from the car rental company. Before renting, check the description of this coverage in your Cardmember Agreement. To be covered, you must be the primary renter and use your card to pay for the entire rental. You must decline the collision damage waiver (CDW) or similar option when you are reserving and picking up your rental car. Coverage applies for the first 30 days, and is in excess to your other sources of insurance. Coverage may not be available in some countries.
"All of these perks can save you money and hassle, but you have to know they are available," says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. "The description of the perks and benefits can be found in the card's welcome packet. Some issuers also post these benefits online, but you have to dig to find them. If you can't find a list of benefits for your card, contact your issuer and they can re-send the information to you."
LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card.
The LowCards.com Complete Credit Card Index is the most objective
and comprehensive resource on the Internet which allows consumers to compare rates for over 1,000 credit cards offered in this country. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for eleven years.
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
By: Michelle Lowry
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