Credit Card Perks Guide: Hidden Benefits You're Missing

Points and cashback get all the attention. But credit card perks—the insurance, protections, and benefits built into your cards—can be worth thousands of dollars when you need them.

Trip cancellation insurance that reimburses a $2,000 flight. Extended warranty that replaces a broken laptop. Cell phone protection that covers a cracked screen.

These perks exist on cards you already have. You're just not using them.

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Travel Insurance Perks

Trip Cancellation/Interruption Insurance

What it covers:

• Non-refundable trip costs if you must cancel
• Extra expenses if trip is interrupted
• Typically covers illness, injury, severe weather

Common coverage amounts: | Card Tier | Coverage | |-----------|----------| | Basic cards | $0-1,500 | | Mid-tier cards | $2,000-5,000 | | Premium cards | $5,000-10,000 |

Example claim: You booked $3,000 in flights and hotels. Family emergency requires cancellation. Trip cancellation insurance reimburses the non-refundable portion.

Cards with strong coverage:

• Chase Sapphire Reserve: $10,000 per trip
• Amex Platinum: $10,000 per trip
• Chase Ink Preferred: $5,000 per trip

Trip Delay Reimbursement

What it covers:

• Meals during delays
• Hotel if overnight delay
• Essential items

Trigger threshold: | Card | Delay Threshold | |------|-----------------| | Sapphire Reserve | 6 hours | | Amex Platinum | 6 hours | | Many cards | 12 hours |

Coverage amounts: Typically $300-500 per delay

How to use:

1. Flight delayed beyond threshold
2. Keep all receipts (food, hotel, essentials)
3. File claim with card's benefit administrator
4. Get reimbursed

Baggage Delay Insurance

What it covers:

• Essential purchases if bags are delayed
• Toiletries, clothing, necessities

Typical coverage: $100-300 per day

Cards with coverage: Most premium travel cards include this benefit

Lost Luggage Reimbursement

What it covers:

• Value of lost/damaged luggage and contents
• Beyond what airline pays

Coverage amounts: $1,000-3,000 typically

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Purchase Protection Perks

Purchase Protection

What it covers:

• Theft of purchased items
• Accidental damage
• Typically within 90-120 days of purchase

Coverage amounts: | Card Tier | Per Claim | Annual Max | |-----------|-----------|------------| | Basic | $0-500 | $0-25,000 | | Mid-tier | $500-1,000 | $25,000-50,000 | | Premium | $1,000-10,000 | $50,000-100,000 |

Example claim: You buy a $800 camera. It's stolen from your car within 90 days. Purchase protection reimburses the cost.

Cards with strong coverage:

• Amex cards: Generally excellent purchase protection
• Chase Sapphire Reserve: $500 per claim, $50,000/year
• Ink Business Preferred: $5,000 per claim

Extended Warranty

What it covers:

• Extends manufacturer warranty by 1-2 years
• Repairs or replacement if item fails

How it works:

1. Buy item with card
2. Keep receipt and warranty documentation
3. Original warranty expires, item breaks
4. File claim for repair/replacement

Coverage amounts:

• Extends warranty by 1-2 years
• Up to purchase price of item
• Usually capped at $10,000-50,000

Cards with coverage: Most cards include some extended warranty. Premium cards extend by 2 years; basic cards by 1 year.

Price Protection (Mostly Discontinued)

Many cards eliminated this benefit. Citi is an exception—some Citi cards still offer price rewind protection.

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Cell Phone Protection

How It Works

Coverage: Damage, theft of cell phone Requirement: Pay phone bill with the card Typical coverage: $600-1,000 per claim

Cards With Cell Phone Protection

How to Claim

1. Pay cell phone bill with eligible card
2. Phone is damaged or stolen
3. File claim with benefit administrator
4. Provide documentation (bill, proof of damage)
5. Receive reimbursement minus deductible

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Rental Car Insurance

Primary vs. Secondary Coverage

Primary coverage:

• Pays first, before your personal insurance
• Better protection
• Cards: Sapphire Reserve, Amex Platinum, certain premium cards

Secondary coverage:

• Pays after your personal insurance
• Still valuable if you don't have car insurance
• Most mid-tier cards

What's Covered

• Collision damage to rental car
• Theft of rental car
• NOT liability (injury to others)
• NOT personal belongings in car

How to Use

1. Decline rental company's CDW/LDW
2. Pay for rental with eligible card
3. If damage occurs, file claim with card benefit
4. Receive reimbursement

Savings: $15-30/day in rental car insurance fees

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Airport Lounge Access

Types of Lounge Access

Priority Pass:

• Included with many premium cards
• 1,300+ lounges worldwide
• Food, drinks, wifi, quiet space

Centurion Lounges (Amex):

• Premium lounges in major airports
• Full meals, cocktails, spa services
• Amex Platinum and above

Airline lounges:

• Delta Sky Clubs (with Delta cards + same-day Delta flight)
• United Club (with certain United cards)
• American Admirals Club (with certain AA cards)

Cards With Lounge Access

Lounge Value

Per visit value: $30-75 (meals, drinks, comfort) If you visit 10+ times/year: $300-750+ in value

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Global Entry/TSA PreCheck Credit

What It Is

• $100 credit for Global Entry (includes PreCheck) or
• $85 credit for TSA PreCheck alone
• Typically every 4-5 years

Cards That Offer It

• Amex Platinum: $100 every 4 years
• Chase Sapphire Reserve: $100 every 4 years
• Capital One Venture X: $100 every 4 years
• Many premium cards include this

How to Use

1. Apply for Global Entry or TSA PreCheck
2. Pay fee with eligible card
3. Credit automatically appears on statement

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Other Valuable Perks

Concierge Service

What it does:

• Restaurant reservations
• Event ticket assistance
• Travel planning help
• Gift sourcing

Available on: Premium cards (Platinum, Sapphire Reserve)

Actual usefulness: Varies. Good for hard-to-get reservations, less useful for simple tasks.

Hotel Status

Cards providing status: | Card | Status | |------|--------| | Amex Platinum | Marriott Gold, Hilton Gold | | Marriott Bonvoy cards | Various Marriott elite levels | | Hilton cards | Various Hilton elite levels |

Status benefits:

• Room upgrades
• Late checkout
• Bonus points
• Breakfast (at some levels)

Return Protection

What it does:

• Reimburses items the store won't take back
• Typically 90 days
• Up to $300-500 per item

Available on: Many Amex cards, some other premium cards

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How to Actually Use These Benefits

Know What You Have

1. List all your credit cards
2. Look up benefits guide for each (Google "[card name] benefits guide")
3. Create summary of key perks

Use the Right Card for the Right Purchase

Keep Documentation

Save for every purchase:

• Receipts
• Product information
• Warranty cards
• Credit card statements

Digital organization:

• Email receipts to yourself
• Use receipt scanning app
• Keep folder for major purchases

File Claims When Eligible

Many people never file. Don't leave money on the table.

Claim process:

1. Contact card's benefit administrator (not card issuer)
2. Submit required documentation
3. Follow up until resolved
4. Receive payment

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Perks Checklist

Quarterly Review

• Am I paying cell phone bill with cell-protection card?
• Am I using right card for travel bookings?
• Have I used Global Entry credit?
• Am I using lounge access?
• Any pending claims I should file?

Before Major Purchases

• Which card has best purchase protection?
• Which card has best extended warranty?
• Am I documenting properly for potential claims?

Before Travel

• Which card has best trip insurance?
• Do I have rental car coverage?
• Do I have lounge access?
• Is trip delay coverage adequate?

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Next Steps

Your credit cards probably have thousands of dollars in protection you've never used. Trip insurance, purchase protection, cell phone coverage—it's all there.

Review your cards' benefits guides. Start using the right card for the right purchase. Keep documentation. File claims when things go wrong.

The points are nice. The perks can be life-savers.

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Need help maximizing your card benefits? Freedom Consulting helps business owners get full value from their credit cards. Book a free consultation to optimize your card usage.

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Related: Annual Fee Worth It | Best Travel Cards for Business

Disclaimer: Benefits vary by card and change over time. Always verify current benefits with your card's benefits guide.

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Continue Learning

This article is part of our Business Cashback Mastery: The Complete Guide to 2-5% Back on Everything guide series.

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• Best Business Cashback Cards 2025: Ranked by Category
• Points vs Miles vs Cashback: Which Rewards Are Actually Worth More?
• Credit Card Sign-Up Bonus Strategy: How to Earn $5,000+ in First Year