We all know the basic benefits of a credit card—allowing you to pay for things over time and building your credit, and you might even be familiar with rewards such as cash back, miles, or points, as I talked about in last week’s Jill’s Journal. That said, I recently opened a business credit card and was amazed at the credit card benefits. So, today’s blog is basically just a list of benefits that a credit card can give/earn you, if you have the right card:
- All sorts of travel things:
- Travel Lounges—have you ever seen those airport lounges like the Delta Sky Club where like, important people go? Apparently, some credit cards come with a membership to those lounges, where you can use free wi-fi and get FREE snacks and beverages. Some even have shower facilities.
- Other travel benefits: priority check-in at the airport, statement credits for TSA PreCheck, free checked bags, and earning extra miles and free companion travel certificates.
- Upgrade your status in certain hotel rewards clubs—with this, sometimes you become a “gold” or “elite” member faster with the credit card and earn points faster which can translate into free hotel stays.
- Trip delay and cancellation Insurance—check before you purchase the extra insurance if you’re going on a trip, your credit card may cover this for you.
- Car rental loss and damage insurance.
- Baggage loss insurance.
- No foreign transaction fees—I guess if you do a lot of shopping or travel internationally this may be of interest.
- Preferred seating and exclusive ticket access to concerts.
- 24/7 medical, legal, financial, and other select emergency coordination and assistance services.
- Purchase protections:
- Extended warranties on purchases.
- Purchase protection if your new purchase gets stolen, damaged, or lost.
I was amazed, and I have had a credit card since I was 18 years old. My very first purchase was a set of 70’s music compilation CDs from the TV, so you can tell I have been making excellent choices my whole life.
As always, we recommend paying your credit cards, in full, each month. Credit cards can be a great convenience and have a lot of perks, but please use them responsibly.
Investment advisory services are offered through Stephens Wealth Management Group, (SWMG) an investment adviser registered with the Securities and Exchange Commission. SWMG is neither a law firm nor a certified public accounting firm and no portion of this article should be construed as legal or accounting advice. Past performance may not be indicative of future results. This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. SWMG, 5206 Gateway Centre, Suite 300 Flint, MI 48507 Ph: 810.732.7411.