Credit Cards for Better Purchase Power and Other Benefits

PRLog (Press Release) - May 14, 2012 - Credit cards offer a convenient and quick way to make purchases, especially when retailers and companies do not accept cash purchases. Some rental car agencies, hotels, and many airlines do not accept cash as well, and having a credit card makes buying things easier. Moreover, cardholders can make purchases within their credit limit, which makes credit cards a flexible borrowing instrument.

Apart from better purchase power, credit cards offer a number of benefits. If a credit card has the word ‘signature’ on it, the cardholder is entitled to car rental insurance, emergency assistance, and concierge service. The 24/7 concierge service assists cardholders with vacation planning, reservations, restaurant recommendations, and more. If you use a signature card to pay for a trip, you are entitled to lost luggage reimbursement and travel accident insurance. Credit cards come with different types of insurances such as complimentary travel insurance, lost card coverage, extended warranty, and purchase protection. Travel insurance covers domestic and overseas travel, and credit card issuers normally offer it for free. It is best to check with the issuer because in some cases, it covers international travel only. This insurance typically covers lost luggage, missed connections, and flight cancellations. It may cover accidental death and disability, lost documents, and medical expenses while abroad. Serious events such as ransom, kidnapping, and hijacking may be covered as well. Lost card coverage is a specialized cover giving cardholders the opportunity to register their debit cards and credit cards. In case your wallet is lost or stolen with all credit and debit cards in it, one phone call is all you need to have your cards cancelled.

Purchase protection is another type of insurance used for items that are charged to a credit card and stolen, lost, or damaged. The coverage usually lasts from 3 to 6 months, and customers can expect the item to be repaired or replaced. Apart from standard insurance types, some credit cards feature auto rental insurance, common carrier accident insurance, emergency medical travel insurance, and more. Premium insurance packages offer protection and emergency medical protection for cardholders and their hotel, trip, purchases, and rental vehicle. Emergency purchases insurance and hotel/motel burglary insurance are also offered with some credit cards. Cardholders benefit from medical referral assistance, airline tickets, and cash service. Credit card issuers that offer travel and rewards credit cards promise no points expiry, seating restrictions, or blackout periods.

Credit cards offer a variety of perks and benefits depending on the credit card issuer and card of choice Clients of banks, credit unions, and credit card companies can choose from low interest credit cards, cashback credit cards, no annual fee credit cards, and other types. In addition, Visa, American Express, and MasterCard credit cards offer many beneficial features to cardholders. These include complimentary airport lounge access, airport club access, etc. The MasterCard Global Service offers cash advances and emergency card replacement in case one’s credit card is stolen or lost. There is a 24/7 worldwide fraud detection service as well.

For more information please visit: http://www.creditcardreview.ca/