Your credit card relationship may seem pretty straight forward, it is there when you need it, and gives you a solid cushion to make sure you can get everything you need and want without having to pay up front.
Well, there is quite a bit of information that many do not fully understand when it comes to credit card perks, and most of them could be buried within the fine print of your credit card agreement.
If you would like to maximize your credit card capabilities, whether that be from avoiding unnecessary fees, to scoring some sweet hotel stays, here are 8 handy and little known credit card perks.
1. Get immediate credit limit increase
According to Ken Clark who is a certified financial planner, and author of a book titeld “The Complete Idiots Guide To Getting Out Of Debt” has this to say ““The biggest trick is to ask for it in conjunction with a large purchase,” says Clark. If you can make the case that you want a balance increase because you want to make repairs on your home or you’re buying a new laptop, says Clark, your request is more likely to be approved than if you’re simply planning to use the card for everyday expenses. It’s also important to be a long-term customer in good standing. If you’ve skipped out on several payments in the past, the request is sure to be denied.
In addition to providing you with more credit to spend on large purchases, this can be a good strategy to instantly increase your credit score, too. “30% of your credit score comes from what is called the ‘utilization ratio,’” says Clark, which is “calculated by dividing your total outstanding balances by your total possible limits.” So, if the credit limit increase is substantial, “or if paired with paying down your existing balances, it can have a significant effect on your credit score (FICO) in a relatively short amount of time.”
2. Delay a payment
This is perfectly fine with most banks, especially if you call in ahead of time and talk to the credit card provider and let them know you had a big ticket item, and you would like to delay your payment for 1 month. They will then likely waive your late fee, it does depend on your status with your provider in the past, but typically more times than not they will give you plenty of slack as long as you assert yourself.
3. Waive fees
This happens all the time, and if you did not receive an invoice from your credit card provider, or your online payment request did not process you for sure have a legitimate excuse, and you will be able to request that your late fees get waived. Just explain your circumstance to your provider, and they will work with you, just need to be honest, and know how to work the system a bit, it is called being savvy.
4. Get a lower interest rate
Ken Clark says this is very easy ” “Simply call in with another offer in your hand, and negotiate with them for a better rate.” This takes some finagling, and you must be polite, but can be pulled off with the right touch. They will not want to lose your business, so they will most likley try and retain you at all costs.
5. Free car rental insurance coverage
Cards will usually offer free protection against damage on rental cars, so make sure to call your card provider and esquire about this, and make sure you are eligible.
6. Complimentary upgrades at hotels
This is very common when in need of hotel stays, you could get discounted meals, and other travel perks that could save you hundreds. Check out your card providers special deals, and check into this.
Many of this little known tricks comes with researching, and working with your card provider to get the best possible deal. This will take some charisma, and you need to learn how to work well with others to get what you want, street smarts is crucial in all areas of life, so being savvy when it comes to credit cards should be a piece of cake.