In the world of traditional personal finance, credit cards tend to get a bad rap. However, if they are used responsibly, they cannot only improve your financial life, you may also qualify for a lot of perks.
The reality is that credit cards come with perks that cash doesn't - and we're not just talking airline miles or cash back. We're talking stuff like extended warranties and concierge services.
Your credit card probably comes with a lot of nice bonuses you probably didn't know about. We'll mention some of them in this post, but to get a full list of what your credit card comes with just call up customer service and tell them to send you a list. It's that easy!
Did you know that if you purchase something with a credit card you can actually double it's warranty at no extra charge?
All four major credit card companies offer cards that come with the right to double the manufacturer warranty.
That means if you're buying a brand new iPhone 6, which Apple gives a one year warranty for, can be covered for two years so long as you purchase with a credit card.
Price Difference Refunds
Have you ever bought something off of Amazon only to find out it went on sale the next day and you could have saved some serious money? Some credit card companies will refund the difference in price if you report it within a certain time frame.
The same applies if you buy something at one store and find it cheaper somewhere else. As long as you purchased with a credit card and reported the price difference you can get refunded.
Just make sure to read the fine print as different credit card companies have different time frames for allowing refunds.
Automatic Car Rental Insurance
If you travel a lot and have to rent cars, see if your card comes with automatic car rental insurance. Many cards some with this perk so you don't have to spend extra money at the car rental place.
Trip Cancellation Insurance
If you have to cancel a trip the day before due to illness or unforeseen circumstances your credit card may reimburse your cancellation fees.
Negotiate a Lower APR
Believe it or not, that APR attached to your credit card may not be set in stone. In fact, if you make a good case you may be able to negotiate a lower rate. Ramit Sethi has great scripts for this in his book, I Will Teach You To Be Rich.
Did you know that some credit cards have a concierge staff? This is not only perfect for finding the best restaurant in town when you travel, it can also help you find hard to find tickets for shows in your local area.
Cell Phone Replacement Insurance
If your phone gets damaged or stolen, your credit card company may replace it for up to $250. To be covered just pay your monthly cell phone bill with your credit card.
Not all credit cards are created equal, so you may want to research a card's perks depending on what you think you may need. And as always, make sure to read the fine print.