CCAP outlines benefits of plastic money

MANILA, Philippines - In this age of technological convenience, the use of paper currency for transactions has become less and less pervasive.

Purchases using credit cards have taken a growing percentage of the norm, mainly because of the handiness, accesibility, and added features that go with it.

According to the Credit Card Association of the Philippines (CCAP), there are numerous benefits that consumers can reap by simply using credit cards, whether in actual retail establishments or  (also known as plastic money) shopping online.

On top of increasingly attractive rewards programs, several credit card providers offer different enticements such as cash rebates, price protection features, return guarantees, extended product warranties, and other consumer protection add-ons.

“Credit card benefits are no longer limited to the standard redeemable points for catalog items. New benefits that have become part of credit card plans offer additional value or greater protection, which can be especially useful when purchasing premium items,” Simon Calasanz, CCAP chairman, said.

Calasanz said if a consumer purchases a large flat-screen TV then finds the same make and model being sold at a lower price.

“Through the credit card price protection benefit, within a reasonable timeframe, a refund equivalent to price difference between the original purchase and the cheaper option may be granted to the credit card holder,” the CCAP chairman explained.

Various credit cards also offer a return guarantee for customers that may find themselves unsatisfied with their purchases.

Under the condition the claim requirements are met with a certain period since the purchase date (regardless of store policy), cardholders are entitled to a refund.

In the case of many electronics and high-end devices such as computers, the manufacturer’s warranty normally only lasts for a month (or up to one year) when purchased with cash.

Remarkably, some credit cards offer extended product warranties without incurring additional charges.

Other credit cards also offer purchase protection plans against theft or damage, an extremely beneficial perk for handheld gadgets such as mobile phones and tablets.

The CCAP recommends that consumers research the wide array of credit cards that are available in the market.

Their websites and customer service will be able to provide all the additional information.

Consumers must be familiar with their credit cards before making their next major purchase to ensure they are able to take advantage of the various protection plans and valuable benefits.

This is all in part of being a responsible card member that lives within their means.

In the end, CCAP assures that they will continue to innovate and enhance their services for more efficient, convenient, and safe payment options for the public as well as a push for responsible credit card use.