Travis S. via Flickr
Credit cards can offer damage, fire and theft protection.

Credit cards offer much more than the option to pay later.

Paying with credit opens up a number of benefits that consumers aren’t aware of, according to Investopedia.

These features include getting help from your credit card company when you aren’t satisfied with a product, change your mind, find a lower price or need some extra money.

A credit card company might pay a refund on a product or service if a company refuses. You receive money from the credit card company, which then charges the cost to the business. This is known as a chargeback.

Many businesses will extend return periods if you purchase with a credit card. If the store refuses to accept a return, MasterCard will refund up to $250 if you aren’t happy with a purchase within 60 days. Visa also does $250 but with a 90-day period.

Sometimes credit card purchases will extend an already existing warranty. MasterCard and Visa purchase will double a manufacturer’s warranty up to one year. American Express extends up to one year if the warranty is five years or less.

If a product is damaged or stolen within 90 days of buying it, MasterCard and American Express will cover “most items.” Visa replaces, repairs or reimburses customers within 90 days. Discover Business Card offers damage, fire or theft protection within 90 days as well.

For the full report, click here.

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