Credit cards continue to be trending, especially among Americans which hold an average of 3.1 credit cards with an overall outstanding balance of $6,354 and a credit score of 675. Whether it’s for online shopping, dine in restaurants, gas station, or any other places, this is still one of the most used payment methods.
However, what most of the people aren’t aware of is that there are some hidden benefits which are not being exploited. No matter if we talk about zero liability, emergency travel assistance, the best Aeroplan credit card program in Canada or others, we’ll cover some of the important one’s today.
Many of the credit cards available at the present time hold a zero liability policy for fraudulent credit card charges. That means the legislation makes you accountable for up to $50 in fraudulent credit card charges. Fortunately, this is a great benefit if you’re one of those who get their credit card stolen, or someone finds your details and manages to make transactions without your awareness. If this ever happens to you, all you have to do is file a claim and the bank will start an investigation.
Aeroplan travel rewards
This is one of the most popular travel rewards programs in Canada, which gives credit cardholders to earn miles redeemable towards flights, hotels, car rentals, tickets, and other benefits. There are a lot of Aeroplan-affiliated partners inside the country, and each time you make a purchase from them, you’ll be able to earn twice as much.
There’s nothing more frustrating than buying a new product with a one-year warranty and see it dies a few days after expiration. If you’ve made the purchase with a credit card, it might be your lucky day, since there are some with extended warranty coverage. Visa, MasterCard, and American Express are all offering this kind of credit cards, and the additional warranty coverage is free and adds up to an extra year of protection.
Protection against foreign transaction fees
Using a usual debit card while traveling abroad usually results in your bank charging transactions fees. For those who are savvy travelers, they should know that some credit cards come without foreign transaction fees, which makes currency exchange absolutely free. Paying with cash in a country you don’t know and without knowing the local language, could result in people offering overpriced products. Paying with a credit card will get you out of this situation without you having to face any fees.
Some credit cards have a price protection, which can be used for large purchases such as equipment, furniture or other things. The system works in a simple way: if a better price can be found within a 60 days timeframe, you’ll get notified by your bank and a refund could be issued. For this hidden benefit you must be aware that not any kind of purchase could be covered and in order to be sure, you should ask your bank for more details about that.