Think you know your credit card inside and out? Think again.
Beyond the usual cashback and travel points, most cards come loaded with hidden perks that go completely unnoticed and unused.
According to the Federal Reserve, 82% of adults had a credit card in 2023.
From free insurance to airport lounge access, these little-known benefits can actually save you money and make life a bit easier.
Here are some of the best credit card perks you’re probably missing out on.
Trip Protection and Purchase Warranty
“Being a U.S. citizen and living as a nomad and developing a business that serves expatriates, I can observe many people obsessed with the rewards points and forgetting about the built-in insurance benefits that provide much more tangible savings,” said Olivier Wagner, CPA and founder of 1040 Abroad.
He said the majority of people don’t appreciate the trip protection and purchase warranty facilities that are very valuable in the card.
These perks can quietly save you hundreds — or even thousands — of dollars when things don’t go as planned.
Trip protection can cover you if your flight gets canceled, your luggage is delayed, or you need to cut your vacation short for an emergency.
Meanwhile, purchase protection steps in when something you just bought gets damaged or stolen, often reimbursing you for repairs or replacement within a set time frame.
Read More: Do Your Student Loans Affect Your Credit?
Find Out: 6 Safe Accounts Proven To Grow Your Money Up To 13x Faster
Auto Rental Collision Damage Waiver
“In my observation, the greatest and least used benefit is the auto rental collision damage waiver,” said Wagner.
He said that without understanding that their card gives them ample protection, people often pay insurance policies of the rental company between $15 to $30 per day.
“The waiver offered by the rental agency will be worth hundreds of dollars saved by declining it and taking advantage of the card on a trip,” said Wagner.
This will involve using that particular card to pay the total rental and to determine whether the coverage is primary or secondary.
Trip Delay Reimbursement, Lost Luggage Cover and Purchase Protection
According to Wagner, a variety of cards also has trip delay reimbursement, lost luggage cover and purchase protection.
“In case of an overnight delay in a flight, hotel and meal costs of up to a predetermined sum are refundable using the card,” he said.
In case an airline misplaces your bag, he noted the same advantage is granted.
“Purchase protection will replace or repair a new product when stolen or unintentionally damaged within the initial 90 days, and extended warranties will extend the coverage by one year on top of the coverage by the manufacturer,” Wagner said.
This is down and line monetary safety nets that the majority, unfortunately, never get to use.
More From GOBankingRates
- Trump's $2K Dividend: Who Qualifies and How You'll Get It
- Elon Musk Predicts 'Universal High Income' Will Pay For Everything -- How Much Would You Get?
- How Middle-Class Earners Are Quietly Becoming Millionaires -- and How You Can, Too
- 5 Things You Must Do When Your Savings Reach $50,000
This article originally appeared on GOBankingRates.com: The Best Credit Card Perks You’re Probably Not Using
