Holiday shoppers should be aware there are purchase perks available on most bank credit cards depending on the brand (Visa, MasterCard, American Express, Discover) and the bank issuing the card.
A recent survey by CreditCards.com found among 100 frequently used cards:
• 81% offer extended warranties
• 57% provide purchase security
• 47% deliver price protection
• 26% guarantee returns even when the merchant does not
The research found 17% of the surveyed cards include all four benefits and 15% don’t offer any.
Holiday shoppers should take advantage of free credit card perks such as extended warranties, purchase security, price protection and guaranteed returns.
Extended Warranty Protection
• Lengthens the original manufacturer’s warranty (usually by two years) at no additional cost when items are purchased entirely with the card.
• Not all items qualify: motorized vehicles and their parts, medical equipment and computer software are among the most common exclusions.
• Replaces, repairs or reimburses cardholders for personal property that is lost, stolen or damaged.
• Generally limited to 90 days after buying the item.
• Jewelry, antiques, animals, plants, perishables and motor vehicles are usually not covered.
• If a cardholder buys an item and later finds the same thing for a lower price, he/she may be refunded the difference.
• In most cases, this is restricted to 2-4 months after purchase and capped at $250 to $500 per item and $1,000 to $2,500 annually.
• Broadens a retailer’s refund policy. If the cardholder cannot get a refund from the merchant, the issuer may provide one.
• Limited to 90 days from the sale and most frequently capped at $300 an item/$1,000 a year.
CreditCards.com is a free website with a limited database of available credit cards, as it relies solely on commissions earned from the credit cards it promotes. In 2015, over 27 million unique visitors used CreditCards.com to find the right credit card to suit their needs.