Don't Overlook These Valuable Credit Card Perks

When you apply for a new credit card, the most visible perks are often the rewards points, a good welcome bonus, and/or an introductory 0% APR offer. These are all fabulous benefits, but many credit cards offer other perks that aren't quite as prominent -- but they add serious value to the card. Let's discuss a few important credit card points you could be overlooking.

1. Travel insurance

Many travel rewards cards offer trip insurance, which is an absolute must for wanderlusters. For example, here's a look at the trip protection you get when you pay for travel using your Chase Sapphire Reserve® credit card:

• Primary rental car coverage with reimbursement for up to $75,000 for theft and collision damage.
• Reimbursement of up to $10,000 per person or $20,000 per trip for prepaid travel expenses, including airfare, hotels, and tours, if your trip is canceled or cut short due to circumstances like illness or severe weather.
• Up to $500 per ticket for unreimbursed expenses, like meals and lodging, if your flight is delayed by more than six hours or overnight.
• Up to $3,000 per passenger for lost or damaged checked or carry-on baggage.

The best travel insurance credit cards usually require you to book the entire purchase, i.e., the full cost of the air ticket or hotel reservation, to take advantage of this benefit.

2. Exclusive invites

Many top rewards credit cards offer invite-only access to exclusive events for members. For example, The Platinum Card® from American Express and the American Express Business Centurion Card both offer members exclusive access to Coachella and VIP access to Grand Prix de Monaco (terms apply). Keep in mind, though, that while your card may get you an invite to such events, you'll still have to pay to attend.

3. Cellphone protection

Many credit cards offer cellphone protection if your phone gets stolen or damaged. For instance, the Chase Freedom Flex® card gives you up to $1,000 of protection every 12 months with a maximum of two claims per year and $800 per claim. The Capital One Venture X Rewards Credit Card allows up to two claims of up to $800 per year for covered cellphone losses or damages.

To access this benefit, you'll need to pay your cellphone bill with your credit card. Depending on the credit card, you'll pay a deductible that often ranges from $25 to $100 for each claim filed.

4. Free TSA PreCheck or Global Entry

Many of the best travel rewards cards offer a $100 credit for TSA PreCheck or Global Entry. A Global Entry application costs $100. Since Global Entry members are automatically enrolled in TSA PreCheck, this credit card perk can expedite your travel for both domestic trips and when you're returning from an international destination.

How to choose the best credit card

Though the four perks listed above offer significant value, they aren't the most important factors to consider when you're choosing a credit card. They're more likely to be tie-breakers when you're trying to pick between two different cards. To choose the best credit card for you, consider the following:

• Are you trying to pay off debt or finance a big purchase? If the answer is "yes," a 0% APR credit card with the longest no-interest period you can find will likely be more valuable than a credit card with generous perks.
• Will the perks cover the cost of the annual fee? If you won't earn enough between points and perks to cover a credit card's annual fee, the card isn't worth it for you.
• Will the card reward you for your everyday spending? If you only travel a couple times a year, a travel credit card probably isn't a good fit for you, no matter how sweet the perks. In that case, consider a credit card that rewards you for everyday purchases, like a gas or groceries credit card.

Finally, if you're choosing a credit card for its amazing perks, aim to pay off the full balance each month. The interest you pay on a balance you carry over will likely negate the value of even the sweetest credit card perks.