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How to Save Money on Your Reward Credit Card Perks

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How to Save Money on Your Reward Credit Card Perks

Category: Personal Finance

If you have a reward credit card then, you should see to it that you maximize the benefits you enjoy from your card account. Aside from the actual rewards, try to determine your other privileges as a cardholder. After all, although some perks cannot be converted to cash, knowing how and when to use them can save you a great deal of money. How? Consider the following examples.

1. Extended warranty protection.  Most manufacturers offer a maximum warranty of one year to consumers who bought items, like electronic gadgets and devices. However, if you bought an appliance, say a television, using your reward credit card, you might be eligible for an extended period of warranty. This means that you can enjoy another year of free repairs, which can help you save cash ranging from $15 to $250.

Still, you have to remember that certain purchases (ex. vehicles, computer software, and vintage items) may not be covered by the extended warranty. So donít forget to inquire about the exemptions from your card issuer.  

2. Purchase protection. Vendors typically provide a 30-day guarantee in case the product you receive has damages or if youíre not satisfied with item you purchased. But, if you used your reward credit card for payment, you can enjoy up to 90 days of protection. In fact, you can even return the item and get a full refund.  

How much can you save through such perk?  Well, there is a limit on the maximum amount of refund you can ask from the vendor. For instance, American Express and MasterCard cap the maximum refundable amount to $1,000 whereas for VISA the limit is $500.  

You should also check the fine print of your program to make sure that your reason for returning the item and for claiming the refund is valid.

3. Free auto rental insurance. Most travel reward credit cards offer free car rental insurance. So the next time you go on a vacation, donít forget to check out this special provision. In so doing, you wonít need to purchase a separate collision damage and loss insurance from the car rental company. 
With this perk, you can actually save $10 to $20 a day.  However, make sure to determine the limit of your free car rental insurance. After all, it may not apply if you intend to rent the car for more than 15 to 21 days. So, talk with your reward credit card issuer and inquire about the rules associated with this incentive.

4. Lost-luggage protection. For frequent travelers, this particular credit card perk is indispensible.  After all, the card company will reimburse the difference between the declared cost of your luggage, plus the contents, and the amount paid by the carrier. Furthermore, you donít need to purchase separate luggage insurance from the airline.  This means that you can generate savings of $10 to as much as $150.

5. Roadside assistance. This special privilege for reward credit cardholders can be an excellent provision in times of emergencies.  If your car breaks down in the middle of the road, you can simply call up your credit cardís customer service hotline and ask for assistance. Take note, however, that the assistance, like the towing, tire change, quick repair or gas delivery services, may not be free of charge.

Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of http://www.newhorizon.org such as their continuous effort in giving out Free Credit Repair Guide.

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