(ARA) – If you thought that your credit card and debit card were simply convenient ways to pay for things, you might be underestimating all the features they offer. Chances are both your credit and debit card come with a range of protections and services that could save you time, hassle and money.

“Security features are especially important as people head into the travel season and use their credit and debit cards more frequently,” says Jenn Ehresman, senior vice president, Bank of America. “It’s essential that your banking institution offers meaningful security and fraud protection features to help you out in a worst-case scenario.”

Depending on your card, services include fraud and identity theft protection, purchase protection, travel assistance, rental car insurance and credit protection. Some come free with your card, while others require additional fees. Check with your card issuer to find out what type of protection you can receive.

Here are some useful protections that may be available to you:

* Security against unauthorized uses

If someone makes unauthorized charges to your credit or debit card, the law limits your liability for unauthorized charges to just $50, and many credit card companies waive even that amount. For example, all Bank of America consumer cards are covered by the Total Security Protection package, which provides reimbursement for unauthorized card transactions up to the amount of the loss. (For debit card transactions, claims must be reported within 60 days of the statement.)

You can also opt for the Photo Security feature on many credit and debit cards, which allows you to put your picture on the front of your card, providing an additional layer of fraud protection if your cards are stolen.

* Purchase protection

Under the federal Fair Credit Billing Act, you can withhold payment on damaged or poor-quality goods or services purchased with a credit card, as long as you have attempted to solve the problem with the merchant. This type of credit card protection is subject to certain limitations, but many issuers have gone far beyond the legal requirements. Many cards offer extended protection against theft or damage, or may even reimburse the difference if you find the same item for a lower price. Check with your card issuer for the deals offered by your card.

* Travel assistance and rental car insurance

Many credit cards offer a variety of services for travelers including flight insurance, baggage protection, rental car loss and damage insurance and roadside assistance. The major credit card companies also offer emergency assistance to travelers, typically through a hotline open 24 hours a day, seven days a week. The same might be true of your debit card – be sure to talk to your provider.

* E-alerts and online banking

In an increasingly connected world, many banks provide automatic alerts on credit and debit card activity that you can receive via e-mail or through alerts on your mobile phone while on the go.

Anytime there are changes to your online banking profile or if suspicious activity occurs on your credit or debit card, you can be instantly notified via alerts. To ensure security, you can view and confirm changes or activity such as irregular credit and debit card usage or any attempts to change your address, phone number or e-mail address. Ask your provider which types of alerts are available for your account and how to sign up to receive them.

“People often find it easier to swipe their debit or credit card while traveling, and they want peace of mind especially when on the go,” says Ehresman. “The security features that come with your card accounts may save you money if you run into trouble when you’re away from home.”

Courtesy of ARAcontent