Key Takeaways:
Purchase protection is a valuable credit card benefit that offers coverage for eligible items purchased with the card against theft, damage, or loss for a limited period, typically ranging from 60 to 120 days.
For selecting the right credit card with robust purchase protection, consider factors such as coverage limits, annual fees, rewards structure, and other benefits
Ever had a sudden moment of panic after accidentally dropping your new gadget? Picture a safety net that goes beyond bubble wrap. Leveraging a credit card for such expensive purchases offers a multitude of advantages.
Apart from accumulating rewards based on your expenditure, accompanied by zero liability coverage guarding against fraud, many credit cards provide protection, facilitating reimbursement for eligible products in case of mishaps.
One such benefit is purchase protection, an exclusive feature extending post-purchase repair or replacement assistance.
In this guide, we have identified the best purchase protection credit cards based on coverage limits, duration, and even those without annual fees.
However, it’s essential to note that damage coverage has certain exclusions.
What is purchase protection?
Purchase protection, also known as damage protection, safeguards purchases against theft, loss, or accidental damage for a limited period.
It is a valuable credit card benefit that provides coverage for eligible items purchased. Coverage duration and amounts vary depending on the credit card.
For instance, if you buy a new smartphone using a credit card offering purchase protection and accidentally drop it, damaging the screen, the credit card issuer may reimburse you for the repair costs.
It gives consumers added peace of mind and financial protection for their purchases.
Credit card purchase protection typically covers purchases made with the card within a specific timeframe, usually 90 to 120 days. The coverage comes with per-claim and annual limits.
Additionally, certain purchases may be excluded from coverage, highlighting the importance of understanding the policy’s terms and exclusions.
It’s crucial to note that loss may not be covered unless it’s theft, and filing a police report may be necessary for theft claims.
While an extended warranty provides broader protection for damages, purchase protection focuses on theft incidents, offering added security in case of theft.
How to use purchase protection?
The best credit card for purchase protection extends coverage when you use the card to pay for the item. And in some cases, purchases made using points may also qualify.
According to Chase’s terms & conditions, purchase protection applies to eligible items purchased with an eligible Chase card or with rewards earned on such a card.
Once paid for with the card or rewards, items are automatically eligible for coverage unless excluded.
This coverage includes protection against theft, damage, or loss, serving as secondary insurance after other policies like homeowners’ or renters insurance.
To use purchase protection, review your card’s terms and conditions to ensure your purchase is eligible and within the coverage window.
Then, gather documentation such as the receipt, proof of payment, and any relevant details about the incident, like theft or damage.
You can now file a claim with your credit card issuer, either online or by phone, providing the required information and supporting documents.
Once your claim is reviewed and approved, you’ll typically receive reimbursement for the item’s cost or a replacement up to the coverage limits specified by your card’s policy.
Best Credit Cards for Purchase Protection
The right card comes with more than just spending power—it provides a sense of security and peace of mind. The best purchase protection credit cards offer excellent coverage against damage, theft, or loss of purchases, along with enticing rewards.
When choosing a credit card with purchase protection, compare coverage eligibility and exclusions for different cards.
Consider fees, rewards, and other perks to ensure the card aligns with your overall financial needs and your intended purchases qualify.
Opt for a well-rounded card that offers comprehensive benefits tailored to your preferences and spending habits.
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card_name
With robust purchase protection, the card_name is an excellent purchase protection credit card, ensuring peace of mind for cardholders.
It covers new purchases for 120 days against damage or theft for up to $500 per claim and $50,000 per account.
With a $95 annual fee, the card offers a welcome bonus of bonus_miles_full Coupled with no foreign transaction fees, valuable protections, and 1:1 point transfer to many airline and hotel programs.
Boasting a solid rewards structure, it earns 5x points on travel purchased through Chase and 3x on dining, online grocery (excluding Target, Walmart and wholesale clubs), and select streaming services. It is the best choice for those valuing both protection and rewards.
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card_name
Renowned for elite benefits, card_name excels in purchase protection, offering coverage of up to $10,000 per occurrence and $50,000 per calendar year against stolen, accidentally damaged, or lost items for 90 days from the purchase date.
Cardholders enjoy a lucrative welcome offer of bonus_miles_full 5x points on flights booked directly with airlines or on Amex Travel (on up to $500,000 per year) and prepaid hotels, exclusive lounge access, and valuable statement credits.
With a annual_fees annual fee, it provides complimentary Marriott Bonvoy and Hilton Honors Gold Elite status, valuable protections, and other benefits apart from Amex Platinum purchase protection, catering to luxury travelers.
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Chase Sapphire Reserve®
Chase Sapphire Reserve® purchase protection covers 120 days against damage or theft for up to $10,000 per claim and $50,000 per year. It comes with no foreign transaction fees and a generous intro offer of bonus_miles_full
With a annual_fees annual fee, it offers 5x total points on flights, and 10x on hotels & rental cars booked through Chase travel, and 3x at restaurants.
The card’s luxury perks, like access to 1,300+ airport lounges with Priority Pass Select, $300 Annual Travel Credit, up to $100 for Global Entry, TSA PreCheck, or NEXUS fee credit, and more, make it a well-rounded choice for frequent travelers.
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card_name
Tailored for United Airlines enthusiasts, the card_name combines effective purchase protection with airline perks.
This credit card purchase protection covers new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per year. It also comes with various travel perks like no foreign transaction fees.
Offering 2x miles on United purchases, dining, and hotels, it’s ideal for loyal United travelers. With a annual_fees, you get priority boarding, a free checked bag, 25% back on in-flight purchases, up to $100 Global Entry/TSA PreCheck credit, and two United Club passes, making it a compelling choice for frequent flyers.
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card_name
This is another Amex purchase protection credit card that is also an excellent choice for everyday spending. The card_name protects your new purchases against accidental damage and theft for up to 90 days.
Boasting 3% cash back at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases (up to $6,000 per year in each category), it suits families and commuters.
With a no-annual-fee structure, a welcome bonus of bonus_miles_full
1% cashback on other eligible purchases, and flexible redemption options, it provides valuable protection for everyday purchases.
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Chase Freedom Flex℠
The Chase Freedom Flex℠ stands out as one of the best credit cards for purchase protection with no annual fees. It covers your new purchases for 120 days against damage/theft up to $500 per claim and $50,000 per account.
Cardholders also enjoy a generous sign-up bonus of Earn a good $200 Sign-up Bonus after spending $500 in the first three months of getting this card and 0% Intro. APR for the first 15 months on purchases and balance transfers, then 20.49% – 29.24% variable. You enjoy lucrative rewards and flexible redemption.
With a remarkable rewards structure, providing 5% cash back on rotating categories like grocery stores & gas stations, 5% on travel purchased through Chase, and 3% on dining and drugstores, it ensures value and security for cardholders’ everyday and significant purchases.
| Credit card | Uthrive rating | Intro offer | Rewards rate | Annual fee | Learn more |
|---|---|---|---|---|---|
Terms Apply | Rating
4.8/5 | Intro Offer bonus_miles_full | Reward Rates Up to 5x Points | Annual Fees annual_fees | |
Terms Apply | Rating
4.8/5 | Intro Offer bonus_miles_full | Reward Rates Up to 5X Membership Rewards® Points | Annual Fees annual_fees | |
Terms Apply | Rating
4.2/5 | Intro Offer bonus_miles_full | Reward Rates Up to 10x Points | Annual Fees annual_fees | |
Terms Apply | Rating
4.2/5 | Intro Offer bonus_miles_full | Reward Rates 1x - 2x Miles | Annual Fees annual_fees | |
Terms Apply | Rating
4.6/5 | Intro Offer bonus_miles_full | Reward Rates Up to 3% Cashback | Annual Fees annual_fees* | |
Terms Apply | Rating
4.7/5 | Intro Offer Earn a good $200 Welcome Bonus after spending $500 in the first three months of getting this card. | Reward Rates Up to 5% Cashback | Annual Fees $0 |
How does credit card purchase protection work?
Credit card purchase protection is a valuable benefit offered by many credit cards, providing coverage for eligible items purchased with the card against theft, damage, or loss.
Typically, this coverage extends for a certain period, often ranging from 60 to 120 days from the date of purchase.
Suppose you buy a high-end camera using your credit card, and unfortunately, it gets stolen from your hotel room during a trip.
In this scenario, if your credit card offers purchase protection, you can file a claim with your card issuer with the required documentation, such as the original receipt, a police report for theft, and other supporting evidence.
Once your claim is approved, you may receive reimbursement for the stolen camera or a replacement up to the coverage limit specified by your credit card’s terms and conditions.
You must review your card’s policy to understand its coverage limits, exclusions, and claim procedures.
The Bottom Line
As you delve into the world of retail therapy, whether splurging on furniture, electronics, or other substantial buys, these credit cards with purchase protection become your armor.
Embark on worry-free shopping adventures with credit card purchase protection – the guardians of your purchases.
Major credit card networks, including Mastercard and Visa, present distinct policies for purchase protection, so you must know your card’s terms to ensure comprehensive coverage.
Typically, claims for purchase protection can be initiated conveniently through online channels or by phone across major credit card networks.
Nevertheless, not all purchase protection benefits are identical, so it’s crucial to understand how purchase protection operates for your specific card.
FAQs
What credit card offers the best protection?
The card_name is renowned for offering the best purchase protection, shielding your new purchases against damage, theft, or loss.
It has a solid rewards structure and additional perks, combining financial security with valuable benefits.
Do credit cards offer purchase protection?
Yes, many credit cards offer purchase protection, safeguarding eligible purchases against theft, damage, or loss.
It’s a valuable feature that adds an extra layer of security to your transactions.
Which credit card has the best chargeback protection?
Among Chase credit cards, the Chase Sapphire Reserve® is known for its robust chargeback protection.
With a focus on travel rewards and premium benefits, it offers comprehensive protection against unauthorized transactions and disputes.
Which Amex card has best purchase protection?
card_name stands out for offering top-tier purchase protection.
This credit card purchase protection offers a premium rewards program, luxury travel benefits, and elite services, ensuring your eligible purchases are protected against covered incidents.
You may also consider no annual fee card_name with solid purchase protection coverage
What kind of incidents are covered by purchase protection?
Purchase protection typically covers incidents, such as accidental damage, theft, or loss of eligible items purchased with a credit card. Specific coverage details may vary, so it’s important to review your card’s terms and conditions.
Is there a limit to the amount of protection I can receive from my credit card's purchase protection?
Yes, credit card purchase protection often comes with coverage limits. These limits can vary among cards, so it’s essential to check your card’s terms and conditions to understand the extent of protection for each incident.
Which Chase credit cards offer purchase protection insurance?
Chase credit cards, including the card_name, Chase Sapphire Reserve®, and Chase Freedom Flex℠ offer purchase protection insurance. This feature enhances the security of your eligible purchases, ensuring you’re covered against specified incidents.
Does purchase protection cover my cell phone?
Yes, purchase protection can cover your cell phone against damage, theft, or loss, depending on your credit card’s terms. It’s a valuable perk that adds an extra layer of security to your electronic devices.
Do I need to register my purchased items to be covered?
Generally, most credit cards offer purchase protection automatically when used to pay for the item, and there’s no need to register your purchases to be covered. However, it’s advisable to check your specific card’s terms to confirm the details of coverage.
