The credit cards you currently have could have perks you’re not even aware of. For specifics on your card, check your issuer’s website or app, or call the number on the back. Some possibilities:
Cell Phone Insurance
This can keep you from having to pay the full cost of a replacement phone if yours is stolen or damaged and you’ve exhausted other insurance you hold (i.e., homeowners, renters, and automobile). You have to use the card to pay your phone bill. Mastercard offers cell phone insurance with most World and World Elite cards, and American Express offers it with several of its premium cards. It’s included with all Wells Fargo consumer cards.
Typically the card will pay a set amount per incident (generally $600 to $800), often on two or three claims a year after you pay a $25 to $100 deductible.
Extended Warranty Coverage
Many cards extend the manufacturer’s warranty by a year if you use the card to buy an eligible item. “My wife bought an expensive electric toothbrush with her Amex card, and it broke 6 months after the manufacturer’s warranty expired,” says Ewen of The Points Guy. “But she got the replacement cost credited back.”
Price Protection
If you buy an item and within a certain time find it advertised for less, with this perk you can file a claim asking to be refunded the difference. Reimbursement caps vary by card. For example, the Wells Fargo Visa Signature Credit Card tops out at $250 per item and up to $1,000 a year if you find an eligible item within 60 days of the purchase date.
Purchase Protection
This can insure certain goods against theft or accidental damage for a limited time after you buy them. The coverage amount and the duration of the protection differ by card. The no-annual-fee Chase Freedom Flex card, for example, covers new purchases for 120 days for damage or theft up to $500 per claim and $50,000 per account. Rewards cards with high annual fees may provide more protection. For example, Chase Sapphire Reserve, which charges a $550 annual fee, provides coverage up to $10,000 per claim for up to $50,000 per year within 120 days of purchase.
Car Rental Coverage
Programs vary, but generally, you have to pay for your rental car with a card that has this coverage and decline the insurance offered by the rental car company. The coverage that most credit cards offer, typically for damage to or theft of the rental car, kicks in after your personal auto insurance pays.
