Credit cards provide with many benefits apart from the convenience of one-swipe transaction. Majority of the users utilise these cards to fulfil diverse financial needs. Be it booking a car ride, having a luxury dine-in, purchasing expensive gadgets/appliances or settling the utility bill, a credit card has become the smartest mode of transaction for such one-time payments.
However, apart from traditional uses, these cards also have some additional perks that can save both your time and money. Following are the little-known credit card benefits you need to know:
1. Recover money from damaged or stolen purchases
Credit cards come with a purchase protection facility. It states that the user is eligible to get a reimbursement if an item purchased using the card is stolen or damaged accidentally. To get the benefit, the consumer needs to provide an original receipt along with other purchase details.
However, the coverage amounts typically depend on the card issuer and the damaged/stolen item’s value.
2. Enjoy price protection
You may have encountered situations where the product you purchased a week back has seen a price drop recently. You will have the chance to get refund if you purchase the product with this card.
For that, submit a request to your lender along with the purchase receipt, a copy of your credit card statement and a documentation proof of price drop. The financial institution will investigate further facts to initiate the refund.
3. Rewards for travel and shopping
Many lending institutions offer credit cards with a slew of travel and shopping benefits. If you travel frequently, using these cards to make payments can bring you attractive reward points with every transaction.
With substantial reward points, you have the advantage of redeeming them for cashbacks and discounts. Additionally, enjoy facilities like complimentary access to airport lounges.
Moreover, there are many elite shopping cards that will help you to save huge amounts with discounted products or reward points. Many lending institutions partner with vendors to give their customers the best offers and make online purchase more affordable.
4. Balance transfer facility
Lenders also facilitate the consumers with the option of balance transfer facility. Often, a cardholder faces difficulty in paying off the debts with high interest rates.
Here, he can consider switching his existing lender and transferring credit card balance to a new card. By doing so, the user can get lower or even 0% interest rates on EMIs from the new lender. Although opting for a balance transfer makes EMI payments affordable, it slightly lowers one’s credit score.
5. Easy conversion to unsecured personal loan
There can be situations where you need immediate funds to cater to an urgent requirement. Instead of going through the long process of personal loans, you can opt for loans on credit cards.
The new-age NBFCs like Bajaj Finserv offer an interest-free emergency loan on the unused credit card’s limit for up to 90 days. You can repay the loan conveniently in 3 EMIs. Moreover, you can get a pre-approved offer with the Bajaj Finserv RBL Bank SuperCard. This unique feature helps to avail the product in a faster and hassle-free manner.
Opt for purpose specific cards to enjoy the best of the advantages from reliable financial institutions. Make sure to understand the fine prints to determine all the limitations and exclusions and then apply for a credit card
Guest article written by: 
Gaurav Khanna is an experienced financial advisor, digital marketer and writer who is well known for his ability to predict market trends. You can find Gaurav on Linkedin.