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Take Advantage of These 9 Free Credit Card Benefits and Save Big

Take Advantage of These 9 Free Credit Card Benefits and Save Big

Aside from rewards, many credit cards offer massive cost saving opportunities, but you have to know where to look and what to do.

From free travel medical insurance to low price guarantees, many of us lose out on hundreds, if not thousands, of dollars because we have no clue what benefits our credit cards provide. Others simply waste money paying for something their credit card already offers for free.

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Here are just a few of the more common, and not so common, benefits you should check your credit card for, to ensure you get the most bang for your buck.

1. Out of Country Travel Medical Insurance

While not as common with U.S. credit cards, many foreign cards, such as Canadian travel credit cards, offer free travel medical insurance. If your current healthcare provider doesn’t cover you for out of country medical emergencies, you need to ensure you’re protected when travelling. Without it, you can be on the hook for the entire cost of a medical procedure or hospital stay, which can literally go into the tens, if not hundreds, of thousands of dollars.

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2. Trip Cancellation

If you get sick right before a trip and have to cancel your vacation, it can cost you thousands. Your airline may be willing to reschedule your dates for a fee, but many cruise lines and resorts will charge you the full amount of your reservation if you cancel within two months of your stay. Trip cancellation insurance will protect you for a series of qualifying events and comes free with many travel credit cards.

3.  Car Rental Insurance

If you plan on renting a car while on vacation, there’s no doubt the car rental agent is going to pitch you to take out the rental agency’s insurance. Before doing so, see if your credit card already covers you. A simple check can save you $30 a day in insurance!

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4. Price Protection

This benefit isn’t offered by many credit cards, but it’s a super valuable perk, if you have it. Nothing causes buyers remorse more than finding an item on sale days after you bought the exact same product for more. Some credit cards offer price protection, so that if you find the same item on sale within 60 days of purchase, you’ll get compensated the difference, saving you hundreds of dollars!

5. Purchase Protection

Ever break, scratch or have your sunglasses stolen just days after you bought them? If you had purchase protection on your credit card you’d be in the clear. Before going out to repair or buy another item that may have been lost, broken or stolen, make sure you’re not already covered by your credit card for up to 90 days after purchase.

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6. Extended Warranty

Ever notice that every time you buy electronics or white goods at Best Buy, Staples, Home Depot, Lowe’s or Sears somebody’s trying to up-sell you extended manufacturers warranty? Before saying yes, consider that if you buy the item with your credit card, it may automatically double your manufacturer’s warranty by up to a year or more. Often times stores charge huge sums for extended warranties, sometimes as much as 20%-30% of the value of the purchase price itself. Relying on your credit card’s extended manufacturer’s warranty is a great way to save – especially when electronic items are being replaced so quickly anyhow.

7. No Foreign Transaction Fees

If you plan on travelling out of country, re-think exchanging your money at the bank, airport, hotel or currency exchange booth. Both MasterCard and Visa exchange your foreign purchases at pretty close to the spot rate. If you get a no foreign transaction fee credit card, you’ll be getting what could be the lowest exchange rate available. Instead of paying close to 10% over and above the spot exchange rate at an airport, you’ll be paying less than 1% with your card.

8. First Checked Bag Free

Airfare is only the first in a long line of a la carte fees airlines charge to get you from point A to point B. Before dolling out $30 each way to check your bags, make sure your credit card doesn’t already cover the cost. Some cards even offer free first checked bag for you and each of your travelling companions, which could add up to hundreds of dollars saved per trip.

9. Zero Liability

If you ever see any unauthorized charges on your credit card, you’re credit card issuer is on the hook to pay the charges, not you. Whether your card was stolen, a merchant added shipping charges you did not agree to, or a subscription service enrolled you into a program after a free trial without your permission, you’re protected. Instead of contesting the charge with the merchant, simply call your credit card issuer and they’ll take up the issue with the merchant directly.

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Marc Felgar

Marc Felgar is an aging, health & senior care expert focused on improving the lives of mature adults.

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Published on November 11, 2020

10 Best Ways to Save Money Faster and Smarter

10 Best Ways to Save Money Faster and Smarter

People love to talk about budgeting, reducing spending. and investing. But unfortunately, talk is cheap, and poor money management is expensive. It’s easy to talk about the best way to save money, but putting it into practice is a different thing.

What people need to talk about is the practical and efficient ways you can quickly save money to accomplish your goals. After all, they don’t teach this stuff in school.

Here are the 10 best ways to save money faster and smarter.

1. Cancel All Your Subscriptions

Yes, all of them.

Okay, you can keep your wifi and trash. But other than that, cancel all your monthly subscriptions for one month. You will survive, I promise. Better yet, you will realize you won’t miss all of them.

Now that you have had 30 days to examine what you really missed and what you never thought twice about, you can add some of them back in. The others? you never have to think about them again.

This is something you can and should do with every part of your life. If it’s clutter, cancel it. Being able to step back and see what is cluttering your life and what is excelling your forward helps improve your quality of life and financial standing.

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2. Automate Savings From Your Paycheck

Many of us are so excited about getting a new job that we rush through the paperwork during the hiring process. Good news for you, I have had lots of jobs so I have seen it a million times.

There is an option for a portion of your paycheck to go directly into a secondary savings account. This is by far the most effective way to save money every month. We tend to spend most of what we have. So, if we take it off the top first, then it’s less likely to be spent. Just head over to HR and ask. It will only take two minutes.

3. Cancel the Happy Hours for the Rest of the Pandemic

We are in the middle of a global pandemic, which means that there is no better time to buy some drinks from the local store and stop shelling out $5 a drink at the local cocktail bar. When we look back at our bank statements, we are always shocked that fast food and alcohol can add up so quickly. You can easily save a couple of hundred dollars just by taking this step.

A great exercise is to print out your last bank statement and highlight all the areas of alcohol and fast food. The amount may surprise you and make you think twice about that old fashion.

4. Online Grocery Shopping

Some people think online shopping increases the amount they spend. For the most part, I would agree—except for this category.

Online grocery shopping is now a no-brainer, though. Whenever you walk through a grocery store, two things always happen: you always grab impulse items, and you never know the total of your cart until you checkout. This means that we always spend more than we originally planned.

With online shopping, you can see your total as you add items to your cart. You are way less inclined to make those impulse purchases and because of that, I would venture to say that you could even pay to have them delivered to your door and still save money each month by choosing online grocery shopping.

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5. Get a Famzoo Debit Card

This is something my wife and I swear by, and it’s great for the entire family! Famzoo strictly exists to help families and kids budget their money better. Each month, my wife and I have an allotted amount loaded onto our pre-paid Famzoo debit card. This amount has changed every year depending on promotions, kids, stage of life, etc.

The important part is that when you give yourself the freedom to spend a certain amount, you are more likely to only spend the allotted amount. Think of it as a diet. If you are counting calories, you are more likely to stick close to the amount you set. You can also look for some tips online to better stick to your family budget.

6. Purge

This is actually my favorite to do, and it is actually one of the best ways to save money. Raise your hand if you have ever moved. Okay, so everyone.

When we move, we are always amazed at how much junk we have acquired. I have found that about every 6 months, I can find a couple of boxes to sell online of things that we never use. This not only gives you so extra quick cash, but it also keeps your house more tidy and organized.

Now, go clean out that garage!

7. Amazon Subscribe and Save

32! That is how many items I have setup on amazon subscribe and save. Let me explain.

This sounds expensive, I know. But it actually saves us hundreds of dollars per year! We all need toothpaste, shampoo, razors, laundry detergent, toilet paper right? This feature is truly a triple threat. When you have more than 5 items on subscribe and save, you automatically unlock the max savings for every product on your list. This can be up to 20% per item!

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Now, even better is that it ships straight to your door on the exact day you want the item, maybe monthly or maybe you only need it every 4 months. This way, you never have too much or never run out. Either way, it’s totally customizable.

Lastly, there is no contract for any items, which means you can switch brands or items at any given time at no cost. My advice: every single staple item should be on your subscribe and save.

8. Rewards

This may ruffle some feathers, but if you are using your debit card for purchases, you are missing out on free money! We have this notion that credit cards are evil but in reality, they are the same piece of plastic as your debit card.

How you use it can be bad, don’t get me wrong. But if you want my opinion though, ditch the debit card and get a rewards credit card. Use it just like you would your debit card and make sure to pay it off as soon as the statement comes in!

Just to give you an idea of how powerful this can be in terms of money, here are some things that our miles have paid for:

  • 4 nights in Vail with Flight
  • Rental car in Vail (convertible might I add)
  • Flight to Ireland
  • Flight to Hawaii
  • Multiple staycations at very nice Hotels

That’s roughly about 7 thousand dollars in travel expenses so far! Remember that the credit card is just a tool and can be one that benefits you if you use it wisely. Ironically, this can be an effective way to save money.

Pro tip: If you don’t trust yourself carrying around a credit card, then set up all your monthly bills with your credit and leave it in a drawer at home. This way, you rack up miles but don’t get tempted to overspend.

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9. Vacation With Friends

Now, I know travel is hard right now but what a perfect time to go grab an Airbnb in the woods with a couple of friends and detox from the world right now!

Vacationing alone can be pricey and get rather boring quickly, but if you split lodging and set out for a road trip, it can become affordable quickly! For a couple of hundred bucks apiece, you can have one of the most relaxing vacations ever. Don’t forget to pick up your food at the local grocery store to avoid eating out every meal!

10. Make a Budget

When is the last time you updated your budget or made one for that matter? Making a budget is like writing down your goals. If you don’t make a budget, then you will struggle to save.

How can you know if you are spending wisely if you are not tracking everything?

Our advice would be to get a finance app like Mint, Every dollar, or personal capital. All these apps are free and do a tremendous job of tracking spending and budgeting. I still am old-school and have an excel spreadsheet which I do highly recommend.

Work Smarter, Not Harder

The entire goal is to boost your bank account while reducing the effort required. Efficiency is the name of the game, and automation is the key player. Luckily, we live in a world that has more perks than we can ever take advantage of. But if I were to choose a few, it would be the ones above.

Taking on all 10 of these steps may seem a little daunting. You can first try to pick three of your favorite and start there. Saving money doesn’t have to be a chore as long. As we use the tools correctly, it can be quite effortless. And now, you have a great blueprint to get started!

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Featured photo credit: Sharon McCutcheon via unsplash.com

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