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3 On Your Side: Added Benefits When Using Credit/Debit Cards

By Jim Donovan

PHILADELPHIA (CBS) -- Most credit cards come with perks like prize points or frequent flyer miles, but did you know your credit or debit card may offer benefits that could save you hundreds, even thousands of dollars? 3 On Your Side Consumer Reporter Jim Donovan takes a look at potentially priceless perks just in time for shopping season.

Savvy shopper Kimberly Rose always scours the fine print of credit cards to make sure she only applies for the ones that offer her money-saving benefits.  She says, "Over the years I've saved thousands of dollars, by using the credit card benefits."

One such occasion was when her phone broke after the manufacturers' warranty expired.  Luckily, she bought the device with her American Express card, which offered an extended warranty.  MasterCard has a similar policy.  It  doubles the manufacturer or store warranty for up to a year.  Diana Robino of MasterCard says, "Most card holders don't know the services and benefits that their, the card in their wallet or their digital wallet hold."  Like price protection.  If you buy an item but find it cheaper somewhere else, some cards will reimburse you the difference.  No trip to the store needed.

Also, if you miss a return deadline at the store, some cards allow you to fill out a form, ship the item to them, and get your money back.  Robino says, "We have cardholders that are actually in the store and actually call our call center to find out if that type of purchase is covered by their credit card."

Experts caution that it's important to read all that fine print to find out which perks apply to the specific card you have and, of course, you still need to watch for things like interest rates when you swipe.

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