Just because you don`t have a rewards credit card, doesn`t mean that your credit card can`t reward you. According to a MasterCard survey, 55% of consumers don`t know the extent of the benefits that their credit cards offer.

Many consumers know the basics about cash-back, frequent flyer miles and reward points, but many consumers are in the dark about credit card purchase protection policies, insurance coverage and extended warranties.

"There are benefits for consumers who pay their bills on time every month," Roman Shetyn, CEO of Credit-Land.com said. "Once you know about the rewards unique to your account then you can see the beauty of your credit card."

Most of the benefits require that the consumer pay the remaining balance off each month. The balance must be paid in full and on time. Here are some rewards to check for:

Buyers Assurance: Many cards have buyer`s assurance which is similar to a purchase protection plan. If you lose and item you purchased with your credit card, and it ends up stolen or damaged within 60 to 90 days, your credit card company might provide a free replacement or reimburse you for the item. If the credit card company offers free insurance - all that is required is a police report to the credit card company. MasterCard and American Express will replace lost or damaged equipment for up to $1,000 per incident, and Visa and Discover reimburse up to $500 worth of equipment.

Car Rental Insurance: Next time you rent a car, your credit card may allow you to bypass buying that extra insurance. In order to this you have to refuse the collision damage waiver (CDW) or any other insurance that is offered by the car rental company. Many credit cards have insurance coverage built into their policies. If you are one of the lucky ones, you could save anywhere from $10 to $20 a day. Check yours out.

Traveling: Your credit card may entitle you to lost luggage insurance and roadside assistance. With roadside assistance there may be a charge, but you can call them up for quick jump-start, fuel delivery, or a tire a change. When using an American Express, services up to $50 are free. But Visa on the other hand charges a $59.95 fee for the call and charges you for any extra goods or services you may have racked up. Roadside assistance can save you anywhere from $50-$125. For lost luggage insurance, you can be compensated up to $300 to replace items if your luggage is delayed for at least 12 hours. Receipts must be provided and the airline must process your claim.