Credit card perks most Canadians leave on the table

Your credit card probably does a lot more than earn points. Most Canadians use maybe 20% of what their card actually provides. The rest sits dormant in a benefits guide no one reads, quietly saving nobody any money.

These are the perks worth actually knowing about.

Extended warranty: the benefit you already own

If you bought a TV, a laptop, or an appliance on a credit card that offers extended warranty coverage, you may already have doubled the manufacturer warranty at no extra cost. Most Visa Infinite and World Elite Mastercard products extend the original manufacturer warranty by up to one additional year, on purchases up to $10,000.

The catch is that you have to register the claim through your card's benefit administrator, not the manufacturer. This typically means calling the number on the back of your card within a set window after the item breaks. Most people do not know the benefit exists until after the window closes.

Save your receipts for major purchases you made on a card with this benefit. When something breaks, call before you go to the retailer.

Purchase protection: three to four months of coverage you probably forget about

Most premium Canadian credit cards include purchase protection that covers items against theft, loss, or accidental damage for 90 to 120 days from the date of purchase. Coverage limits range from $1,000 to $60,000 per claim depending on the card.

A phone that falls off a table in week two. Headphones stolen from a gym bag. A camera damaged on a trip. These are all potentially claimable events if you paid with the right card and kept the receipt.

Filing a claim is not instant, and you will need the original receipt, a police report if theft is involved, and a repair estimate. But it beats paying out of pocket for something that was covered the whole time.

Rental car insurance: stop paying at the counter

Rental car companies earn a significant portion of their revenue from the Collision Damage Waiver (CDW) they try to sell you at the counter. Depending on the vehicle and the company, that can run $20 to $40 per day.

Many Canadian credit cards include car rental insurance that covers the CDW, as long as you decline the rental company's coverage and pay for the entire rental on the card. This works for Visa Infinite cards, most World Elite Mastercards, and many American Express products.

There are restrictions. Coverage typically applies to rentals up to 31 to 48 days. It usually does not cover trucks, exotic cars, or rentals in countries the card excludes. Read your certificate of insurance before you travel, not at the counter when the line behind you is building up.

Travel medical insurance: potentially the most valuable perk

Emergency medical care outside of Canada can cost hundreds of thousands of dollars. A helicopter evacuation from a ski hill in Utah runs $50,000 to $80,000 before anyone touches you. Provincial health plans cover almost none of this.

Premium travel credit cards from Scotiabank, TD, RBC, and Amex include emergency medical insurance for trips of 15 to 21 days (sometimes longer if you pay for an extension). For cardholders under 65 in reasonable health, this coverage is often comparable to a separate travel insurance policy that would cost $100 to $200 per trip.

The coverage has age limits, pre-existing condition exclusions, and stability requirements. Know them before you travel. If you are over 65 or have a pre-existing condition, the card coverage may not be enough on its own. But for younger, healthy travelers taking short trips, it is likely already covered.

Trip cancellation and trip interruption insurance

Book a flight or hotel on your eligible credit card and you may have coverage if the trip gets cancelled or interrupted for a covered reason. Covered reasons typically include sudden illness, job loss, a death in the family, or a natural disaster. They do not typically include "I changed my mind" or "the weather is bad."

This coverage can reimburse non-refundable travel costs up to several thousand dollars per trip. The key is that the travel must be charged to the card. If you booked with points or a third-party app, coverage may not apply.

How to actually use these benefits

The number on the back of your card connects you to a benefit administrator, not the bank itself. For most Canadian credit cards, the travel and purchase insurance benefits are administered by companies like Allianz, Manulife, or AWP Canada. When you have a claim:

• Call the benefit administrator number on the back of your card, not your bank's general line
• Document everything: receipts, police reports, medical records, repair estimates
• File within the claim window (usually 30 to 60 days for purchase claims, sooner for travel)
• Read the certificate of insurance, not the marketing brochure

Frequently asked questions

Do all credit cards have these benefits?

No. Basic and student credit cards typically offer little beyond the rewards program. Extended warranty and purchase protection are common on cards with annual fees or premium no-fee products. Travel insurance is almost exclusively a premium card feature. Check your card's benefit guide, which you can usually download from your card issuer's website.

Do I have to register for these benefits to use them?

For most purchase benefits, no registration is required upfront. You simply need to have paid with the eligible card. Travel insurance sometimes requires you to call before a trip or within a set timeframe of departure. Check your certificate for the card-specific rules.

What if my card has multiple benefits and I am not sure which applies?

Call the number on the back of your card and describe the situation. The benefits administrator will walk you through what applies. You can also download your card's Certificate of Insurance from your issuer's website and search for the relevant section.

The bank is not going to remind you to use these benefits. You have to know they exist and reach for them when the time comes.