Three perks you could be missing out on with your credit card
When it comes to rewards credit cards, it can be confusing to sift through all the benefits to make sure you are choosing the right card.
Furthermore, once the card has been sitting in your wallet for a while, you might start to forget about all the perks you originally signed up for.
To make sure you're getting value back on your annual fee each year, stay in touch with what's on offer. Here are three perks many rewards credit cards have, that you might not know about.
1. Ways to access a lower rate
There is a lot of talk about buy now pay later (BNPL) offerings taking over credit cards, but for many of us, using a credit card is our preferred method of payment and we're unlikely to shift our behaviour, particularly if it means missing out on reward points.
For those consumers who prefer a credit card but are intrigued by the proposition of breaking up a payment into smaller chunks - you can see if your credit card offers instalment functionality. The exact offer will vary by provider, but typically an instalment plan will let you convert a purchase, or multiple purchases on your statement into monthly instalments at a lower interest rate than the standard rate on your card.
Depending on your circumstances, this can have benefits for cash flow management, be helpful to fund big purchases, or simply be a way to manage your money that suits your current needs.
2. Insurance above and beyond travel
While heading to the airport might feel like a distant memory, the fact your credit card could make travel insurance one less item on the to-do list of holiday-planning, made travel insurance a sought-after perk. But did you know many credit cards offer insurance above and beyond travel? Some examples include:
Guaranteed pricing schemes allow cardholders to be reimbursed for the difference in price (up to a certain amount) between a product they have purchased on their card, and the same product advertised at a lower price elsewhere
Purchase cover lets cardholders claim on theft, loss or damage of a purchased item, within a set time period
Extended warranty means cardholders can extend the manufacturer's expressed warranty on goods purchased by a certain time frame
Insurance may, understandably, not be the most memorable perk on your rewards card. However, these stand to offer immense value and can be a worthwhile safety net when things go wrong. In most cases, to access the insurance consumers need to have purchased the goods on their credit card but it is important to read the fine print of your own provider to check eligibility criteria.
3. A rewards program that is better than you think
While some credit cardholders are diligent about maximising their credit card reward points, for others it's something they might check in on once a year and cash in their balance for gift cards or to help pay for a holiday.
For those of us who fall in the latter category, it's likely that your rewards program has more to offer. Take the time to browse your credit card provider's app or website. Do they have partnerships with restaurants, and give perks like a free bottle of wine when you dine?
Maybe the card has seasonal sponsorships and can give you early access to event tickets, concerts or sporting games. You may be able to use your points to pay for purchases on your card.
Additionally, most cards partner with Mastercard or Visa to facilitate access to their rewards programs - which in turn expands your universe of rewards and could let you access discounts on major brands.
Not all rewards cards are created equal, and the benefits above won't be available on every one of them.
However, by doing your research when choosing a card or making sure you remind yourself regularly of the benefits you signed up for, you can make sure you're not missing out on any of the perks you deserve to be enjoying.
Want to maximise your rewards? Learn more about Citi's credit cards.