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April 29, 2006
Credit Card Rewards - All the Extras
Credit cards offer you lots of rewards that make them attractive. They can offer savings on travel insurance, car rentals and travel expenses. For example, if you have a card that offers a "car rental collision and loss damage insurance waiver," you can decline to purchase the insurance offered by a car rental agency. This can save you up to $12 a day and can cover the annual cost of a card in just a few days.
Some credit cards offer medical coverage while you're travelling. This may not only save you money, but provide you with the convenience and peace of mind of knowing that coverage is automatic. However, there are usually limitations on the length of the trips covered. Check the insurance certificate carefully before you decide to buy.
Some credit cards offer insurance on the goods you buy so if they are lost, stolen or damaged, they will be fixed or replaced free. Some even offer you a rebate when your balance is paid so you can save on your overall purchases.
Some cards offer bonus points redeemable for merchandise; others have an affiliation with an airline that earns you travel points. Take advantage of these special characteristics to make your life easier and to save money. If you travel a lot, for example, then a credit card that offers special travel features may be the right one for you. These features may include:
Most credit cards offer a card registry service that sometimes includes the registration of important documents (e.g., passports, birth certificates, etc.) so you can retrieve those numbers any time with one phone call. If you've ever lost your wallet while travelling, you know what a pain it can be to contact all the proper authorities to report your missing cards. With the card registry service, it's done for you.
Some cards even offer insurance on the balance owing so that your balance will be paid off in the event of involuntary job loss or death.
Each insurance coverage package has exclusions and restrictions, and the details can be found in the individual insurance certificates. Take the time to clearly understand the terms and conditions for the insurance coverage offered before you decide on a credit card.
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