Credit Card Perks That Are Fading Away
Credit Card Perks That Are Fading Away:
Why credit card side perks are disappearing can be quite a surprising question. People who routinely use credit cards are well-aware of the many benefits that the credit cards afford.
First and foremost, the biggest benefit of a credit card is that it is essentially a short term loan. Once the credit card terms have been established and the card issues, the user can easily avail a certain amount and then repay it by the end of the month. This allows users to juggle cash flow problems and cope with monthly expenditures.
An even bigger benefit is that some credit card companies allow their clients to pay back the amount used over a time period in the form of installments which is a huge ease. However, hidden benefits are the credit card perks!
Credit Card Perks!
Any smart user will milk the credit card for all its worth. It is important that every user at least tries to get the most out of it; after all, you are paying service charges, interest on unpaid amount and such fees. Why not then get the most value for money? Veteran users are able to do just this as they are well- aware of the perks that are offered by credit card companies.
These side perks are however, slowly diminishing as companies realize that a mass-catalog approach doesn’t work as well anymore.
- Extended product warranty, return guarantee, auto rental coverage as well as flight accident insurance have been removed from credit cards being issued by Discover. The reason is that for a prolonged time period, these benefits are being largely ignored by the users and thus hold no real value.
- Citi previously offered a Price Rewind program where price protection was offered of about $500 per item as well as a maximum benefit of $2500 per calendar year. These amounts have been lowered to $200 and $1000 respectively.
There are other card companies as well that are actively cutting back on benefits. However, it should be noted that the benefits being reduced are largely those that are not being used extensively anyways and are largely dormant.
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