When it comes to credit cards, most people focus solely on the rewards and cashback offerings. However, credit cards come packed with a host of other benefits that often go unnoticed. From insurance coverage to extended warranties and purchase protection, these perks can provide invaluable peace of mind and financial security. Let’s explore these hidden advantages and how you can leverage them to the fullest.
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Advantages of credit cards beyond rewards
Here are some credit card benefits that go beyond rewards and cashback:
Enhanced security
One of the primary benefits of using a credit card is the added layer of security it provides for your transactions. Credit card companies employ robust fraud monitoring systems and offer liability protection, shielding you from unauthorised charges in case of theft or loss.
For instance, the IndusInd Bank Platinum RuPay Credit Card offers the Total Protect security program. It provides coverage for unauthorised transactions in case of credit card loss or theft, protecting you up to 48 hours before reporting the loss.
Total Protect covers you for a sum up to your credit limit on your card and is available on add-on cards as well. This feature adds an extra layer of security to your purchases, ensuring financial protection against unexpected incidents.
Travel insurance
Frequent travellers can benefit greatly from the travel insurance coverage offered by some credit cards. This can include protection against lost or delayed baggage, trip cancellation or interruption, and even medical emergencies while abroad.
IndusInd Bank Platinum RuPay Credit Card comes with the benefit of Platinum Travel. This travel insurance program, in partnership with The Oriental Insurance Company Ltd, covers lost baggage, delayed baggage, loss of passport, lost tickets, and missed connection flights.
Purchase protection
Many credit cards offer purchase protection, which can provide coverage for damaged, stolen, or lost items within a specified period after purchase. This can be particularly useful for expensive purchases, such as electronics or jewellery.
Extended warranty
Some credit card issuers extend the manufacturer’s warranty on eligible purchases made with the card, providing additional coverage for a specified period. This can save you from the hassle and expense of purchasing extended warranty plans separately.
Exclusive offers and discounts
In addition to the general rewards and cashback, credit cards often provide access to exclusive offers and discounts. These benefits of credit cards can include:
- Dining discounts: Credit card holders may enjoy special discounts or privileges at partnered restaurants, making dining out more affordable.
- Hotel discounts: Cardholders can take advantage of discounted rates or complimentary amenities at participating hotels, enhancing their travel experiences.
- Entertainment perks: Some credit cards offer discounted or complimentary access to concerts, sporting events, or other entertainment experiences.
- Shopping discounts: Cardholders may receive exclusive discounts or cashback offers when shopping at partnered retailers, both online and in-store.
Flexible financing options
Credit cards also offer flexible financing options, allowing you to manage your expenses more effectively.
| Feature | Description |
| Interest-free grace period | 20 to 55 days to pay off the balance without interest. |
| Balance transfer offers | Low or 0% introductory Annual Percentage Rate (APR) to consolidate debt. |
| Cash advances | Quick access to funds, but higher interest rates (not recommended for regular use). |
Maximising the benefits of your credit card
To fully take advantage of credit cards, it’s essential to understand the specific offerings of your credit card. Review your card’s terms and conditions, and don’t hesitate to contact the issuer for clarification on any aspect of the benefits. Additionally, keep an eye out for special promotions or limited-time offers that can further enhance the value of your credit card.
Conclusion
While rewards and cashback programs are undoubtedly appealing, it’s crucial to recognise the broader array of benefits that credit cards can provide. From insurance coverage and purchase protection to exclusive discounts and flexible financing options, these perks can significantly enhance your overall financial well-being and peace of mind. Understanding and leveraging these hidden advantages help you truly maximise the value of your credit card and enjoy a more comprehensive financial experience.
