4 Surprising Reasons to Always Use Your Credit Card
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Most people understand that rewards credit cards offer points, miles, or cash back for their purchases. But credit cards often come with a whole package of purchase protection benefits as well. In fact, many cards now offer extensive coverage of new purchases against theft, damage, defects, and even price drops.
Here are the purchase protection benefits that could save you big on your next purchase if you use your credit card. (See also: The Awesome Credit Card Perks You Didn't Know About)
Purchase Protection
This policy will protect your purchases in the event they are stolen or accidentally damaged. For example, some cards will offer up to $1,000 of coverage per item, for eligible items purchased with your card. If your item is damaged, the coverage will pay for the cost to repair it. However, it's important to check with your card issuer in advance about which items are actually covered. (See also: How Credit Cards Protect Your Purchases From Damage or Theft)
Extended Warranty
Many credit cards offer an extended warranty policy that adds one year to an existing manufacturer's warranty. This can save you money even if your purchase never breaks, as you can rely on it to avoid purchasing a retailer's expensive extended warranty coverage typically offered at the time of sale. As with other purchase protection policies, there are restrictions and exclusions that you should review before making your purchase. (See also: How Free Extended Warranties Work on Credit Cards)
Price Protection
Don't you hate it when you realize that something you recently purchased is now available at a lower price? If you use the right credit card, you can receive the difference back when a covered item experiences a price drop. Some cards even do the work for you, automatically applying a refund for a price drop. With other cards, you just have to submit a claim, offering the appropriate documents. Be sure to check your card's terms and conditions for more details. (See also: How to Get a Price Match Through Your Credit Card)
Return Protection
With a return protection policy, you can file a claim with your credit card issuer if a retailer fails to accept a return for any reason. Some policies will allow you to return it up to 90 days after purchase and can save you from being stuck with an item you don't want or can't use simply because you didn't return it in time.
The next time you make a purchase, make sure you're using a credit card that protects it!
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Tagged: Credit Cards, Shopping, extended warranty, price match, price protection, purchase protection, return protection, returns
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