According to a new study by MasterCard, 55% of consumers were not familiar with the perks and benefits of their credit card Some even paid extra for benefits they already had with their card.
Credit cards are subject to a lot of criticism over interest rates and fees, but their benefits are often overlooked. Most consumers know about the cash back or mileage rewards of their card. But it is worth the time to go through the welcome packet of your new card, or the terms and conditions of any card you may be considering, to see the significant perks offered by that card. Most credit cards offer services like lost luggage reimbursement, car rental damage insurance, or purchase protections that can help you through difficulties and save you some money. These perks are wasted if you don’t know about them.