I was a little nervous the first time I rented a car for a trip home to see family, but I was excited. Our car is a 1989 Toyota Corolla, and the idea of getting to drive a car that was built this decade was intoxicating. I could just see myself stroking the leather seats and feeling the cold A/C as I drove down a picturesque highway in the mountains, without worrying about chug-chug-chugging up the hills or whether my car would make it. I was brought out of my reverie by the rental car agent who asked if I wanted to include collision insurance with my rental. You know, because “stuff happens.” My gut reaction was to say sure, and then I thought to ask how much. I almost fell over when I heard the price—$26 a day extra. Because we were home for 8 days, it would be an extra $208 for our trip (plus taxes). But, then, I remembered something. I asked the agent to give me a minute, and I called the number on the back of my credit card. The customer service rep for my credit card company informed me that yes, they do offer collision coverage for rental cars. Phew! With confidence, I swaggered back to the counter and said, “No thanks. We don’t need collision insurance.” And how did I know that my credit card would likely cover my rental car? Because I read the press release entitled, “10 credit card perks you didn’t know you had.” To read the entire release, click here. Think all that’s in the fine print of your credit card is trouble? There may actually be some good news in there: hidden perks, from car rental collision insurance to return protection, that can save you cash. “Over the last 20 years, we saw a dip in benefits,” says Heather Loftus, vice president of Affinion, a marketing company that handles benefits for a number of credit card companies. “Now there’s a renewed interest in making the consumer aware of what they have.” So what’s the best way to figure out what your card actually entitles you to? Call your card issuer and ask for a list of benefits, or search for “cardholder benefits” on your card’s website. Perk: First crack at concert tickets. Don’t have a prayer of scoring seats at the Lady Gaga concert? Some card issuers offer presale or preferred seating tickets to hard-to-get-into concerts and sporting events. Perk: Rental car insurance coverage. According to a 2007 survey, one third of drivers spring for extra collision insurance when they rent a car. But most credit cards offer collision insurance for rentals, covering whatever your primary car insurance won’t. Perk: Guaranteed returns. If you buy an item that gets lost, stolen or destroyed within the first 90 days, your credit card will cover the cost of replacing or repairing it, even when the store that sold it to you won’t take it back. Perk: Cell phone replacement insurance. If your cell phone gets damaged or stolen, your credit card will buy you a new one. Perk: Trip cancellation coverage. While only 15 percent of cards offer it, travel cancellation insurance reimburses you the cost of nonrefundable flights if an emergency or illness derails your travel plans. Perk: Cash without an ATM. Discover’s Cash-Over program lets cardholders essentially use their credit card as a debit card. You can add an additional $40 (or whatever amount you choose) to your purchase, then pocket the difference in cash. It’s not a cash advance, so there are no fees. Perk: Emergency travel assistance. Get into a bind while you are out of the country, and some credit cards will step into the fray, whether you need help finding an American doctor or replacing a stolen passport. Discover even offers 24-7 translation services over the phone. Perk: Help with car shopping. With American Express’s car-buying program, you use an online interface to build your dream car, then see a low price and a list of certified dealers who will honor it — before you enter your contact info. On used cars, you’re guaranteed to pay less than the Kelley Blue Book price. Perk: Price protection. If you use your credit card to buy anything from a stereo to a sweater, then find the same thing for a lower price elsewhere within 60 days, your credit card will refund the difference. Perk: Roadside assistance. If your car breaks down, simply call your card’s customer service line and they’ll arrange to send a tow truck your way. Jump-starts, tire changes and locksmith services are usually included, too. About Affinion: Nathaniel Lipman is President and CEO of Affinion Group. Affinion ensures company value by providing insurance, package enhancement and loyalty programs. Affinion participates in direct marketing through their own subset of “affinity marketing” which involves marketing to customers of specific institutions. Through this specific type of marketing, members can promote their brand while also experiencing additional benefits. Affinity partner receive tailored marketing plans specific to their company needs. They also offer identity theft protection. Through Nathaniel Lipman’s leadership, the Affinion Group has grown to be the world’s leader in membership services, insurance providers, loyalty programs, value-added checking programs, and security services.
