Don’t let credit card benefits go to waste at the end of the year

December 23, 2023

Use it or lose it

by Brian Kelly

With annual fees going up on credit cards and loyalty programs being naughty — restricting access to lounges and devaluing miles — you really need to stay ahead of the game and make sure you’re getting as much value as possible from your credit cards. We teach that at The Points Guy — you’ve got to hop on deals, transfer bonuses, etc., to maximize points and miles.

An area where I think people could spend more time is ensuring they leverage the perks and benefits that come along with their credit cards. So many premium travel credit cards have lucrative perks that can easily offset the annual fee. Many of these perks expire at the end of the year, so it’s a use-it-or-lose-it situation.

Let this be your reminder to use up all these valuable credits. For example, if you have The Platinum Card® from American Express, make sure you’re paying for your streaming services with that card to use your streaming credit (enrollment is required). Sometimes, I forget to switch payment accounts. Card issuers also sometimes add new benefits throughout the year, so be sure to check what your card offers.

Here’s a checklist of all the major card benefits for you to review at the end of the year, but hurry because time is running out in 2023.

Also, here’s another friendly reminder regarding trip delay and cancellation coverage* on credit cards: Don’t forget to submit your claims. In May, I had a 13-hour delay on United Airlines, and I forgot to apply for reimbursement via American Express (I had booked through Amex Travel). It recommends filing an application within 60 days of the incident, so I called and the agents were really nice and will now consider my claim, so I’ll get $500 back. It never hurts to ask!

*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

Happy holidays,

BK

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