Although many of us carry around a moderate to burdening amount of credit debt, most of us are unaware that we also have account rewards waiting to be cashed-in. In many cases, your credit card lender could owe you bonus points, or even have services to help you in a time of need that you don’t even know about.
Getting Clued In
Part of the appeal of many credit card offers comes by the way of bonus points, cash-back incentives, or other “rewards”. These incentives are based on your spending history and, often, your balance. Meaning the higher your balance, the more rewards you could earn. However, most people never even check their balance or cash in these rewards. From gift cards to popular retail stores or frequent flier miles, all the way to flat screen TVs, you could have some high value perks waiting for you. Be sure you are staying in contact with your lender about your reward balance. Chances are they aren’t advertising the fact they owe you something, and, if you were to end up in default or credit negotiations these rewards are likely to vanish.
Another overlooked area of credit card perks are offers that are unrelated to your actual spending history or balance. Many credit accounts come with hidden aspects such as purchase protection plans and extended warranty benefits. For example, if you were to purchase a new cell phone with your credit card, your account may cover the cost of repairs or replacement on that phone down the road. Other items like extended warranties on electronics may also be provided at no additional cost to you, when you purchase these items with your card. Always check the fine print of your credit accounts and make a point to know exactly what your card can do for you!