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Living the good life doesn’t come cheap, but it can be achieved with smart planning.
If you’re looking to up your lifestyle and treat yourself with special privileges, a credit card may be exactly what you need.
With lavish perks and sign-up bonuses on offer, owning a credit card isn’t just for paying off expenses, it’s about experiencing the finer things in life that money can buy.
From discounted tickets to exclusive dining experiences, check out our list of 14 must-have credit card perks to get started now!
1. Airport Lounge Access
If you’re a frequent traveler, then having access to airport lounges can make your time on the ground more enjoyable and comfortable.
Some credit cards come with complimentary lounge access at airports around the world, giving you a place to relax, recharge, and grab a bite to eat before your flight.
2. Rental Car Insurance
Rental car insurance can provide coverage against damage or theft of your rental vehicle, so you don’t have to worry about unexpected expenses during a road trip.
Some credit cards will provide complimentary rental car insurance coverage, allowing you to save money while still being protected.
3. Waived Security Deposits
It’s true: many apartment rental complexes waive security deposits if your credit score is high enough. How’s that for a little-known perk?
“They straight up told me when I put in the application to rent this place (2016) that if my credit was above 750 that I’d be auto-accepted and wouldn’t have to put any security deposit down,” one renter revealed. “They weren’t lying.”
4. Ability to Churn Credit Cards
The art of credit card “churning” is when you keep opening and closing credit cards – but keeping their often-generous sign-up bonuses in the process! One particular person has this system down pat, and he wasn’t afraid to brag about it. “I have 14 cards and haven’t paid out of pocket for a vacation in half a decade (including what would have been a ~$10k honeymoon that we booked using the points off a $95 annual fee card),” he confessed.
“Credit score has never dipped below 780 (just make sure to pay off all the cards and track them).”
5. Lower Auto Insurance Rates
Even your auto insurance can benefit from being attached to an account with a high credit score. (We’re starting to think this whole “work towards getting a great credit score” has some merit, people!)
“My wife works for a state farm, and rates can be significantly higher with a low credit score,” somebody in the know revealed.
6. Better Cell Phone Offers
Now this is a perk of having a high credit score that we didn’t know existed! A savvy shopper revealed an interesting loophole in the cell phone business: “I know that T-Mobile uses your credit score to determine if you’re eligible for monthly installments on devices.
If you don’t have a good credit score, you’re only given the option to buy devices in full. I assume it’s the same for other phone service providers.”
7. Benefits When Buying a House
While many people begin to panic if they do not have a large down payment for their first home, one savvy individual revealed that it’s a moot point if your credit score is high enough: “If you don’t have 20% for a down payment on a house, having a high credit score makes PMI on the mortgage almost negligible.
I always thought it would add like $200-$300/month to our payment to have PMI but since we have excellent credit it will only be like $40.”
It sure makes homeownership a lot more feasible, doesn’t it?
8. Job Opportunities
Doors to new and exciting job opportunities are opened to you as a result of high credit scores as well. “If you work in finance at all, or any leadership, your employer will run a credit check with the legal background check,” one banker said.
“Of course, they do not want a litigious employee, they also do not want one that has other issues with finances.” Talk about setting yourself up for success!
9. Not Needing a Co-Signer For Loans
Many people have been in a situation where they’ve needed to convince a friend or relative to co-sign a loan with them. We’ll be honest: we’ve been there, and it’s an awkward conversation to have!
Luckily, having a high credit score means that you’ll never have to make an embarrassing phone call like that, ever.
10. Lower Auto Loan Rates
Whenever you’re in the market to buy a new or used vehicle, you’ll be in a much better position to negotiate if you have a high credit score in your metaphorical back pocket! “You may have more negotiating power when it comes to buying a car,” a car salesman revealed. “The interest rates can be lower or 0% in some cases.”
While 0% interest car loans may be rare, it seems like the only way to even get close to obtaining one is to have a great credit score.
11. Security Clearance
You never want your job to be in jeopardy because of a low credit score, which is why it’s imperative to get it as high as possible – and keep it that way. Even if you’re at the beginning of the job hunt, a high credit score will never hurt you.
“Helps when you are trying to get a security clearance for a government job,” one private employee said.
12. Better Rewards Credit Cards
Imagine a world where approval for nearly every credit card is easily within reach. That’s exactly what can happen when your credit score gets high enough – you’d essentially have your choice of any credit card you want.
Having the ability to personally curate your credit card collection and reap the benefits of many rewards cards was mentioned by countless people as one of the unheralded amazing benefits of a great credit score.
13. First Class Upgrades
Enjoy traveling in style with complimentary first-class upgrades.
You’ll be able to take advantage of upgraded amenities such as more legroom, priority check-in, and access to the airport lounge.
Plus, you’ll have a fast and easy way to earn points for future travel expenses.
14. Zero Percent Financing
Take advantage of 0% introductory APR rates on select purchases.
You can spread out payments over a longer period of time, giving you more flexibility when managing your finances.
Plus, you’ll be able to pay off large purchases without worrying about hefty interest charges.
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I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.