The 9+ Best Credit Cards for Purchase Protection [2024]

Unless you’ve had a recently purchased item lost, damaged, or stolen, chances are you’ve rarely (if ever) thought about purchase protection coverage on your credit card.

Even if you accidentally dropped that new flat-screen TV while trying to mount it on the wall, you’d probably think about making a claim on your homeowner’s insurance policy before using coverage from your credit card.

You’re not alone. Many consumers don’t understand the protection available for eligible items purchased with their credit cards, let alone utilize these benefits.

But there’s no need to go searching for your credit card benefits guide just yet as we’re going to dig into the value of a key protection benefit for eligible items purchased with your card. We’re going to explore purchase protection benefits, including how coverage works, and some of the best credit cards that offer purchase protection. We’ll review how long your item is covered for and how much you can expect to receive, which items are covered or excluded, and tips for filing a purchase protection claim.

Here’s everything you need to know about the benefits of purchase protection on your credit card.

How Does Purchase Protection Work?

Purchase protection is coverage that protects qualifying items you’ve purchased with your credit card from theft, damage, or accidental loss. Other terms for this coverage include “purchase security” and “purchase assurance.”

To be eligible for coverage, the item must be purchased in part, in full, or with points earned on your credit card, depending on the card’s specific terms and conditions.

Coverage is usually in effect for a few months from the date of purchase, and this coverage is normally in excess of any other insurance you might have (including homeowner’s, rental, or automobile insurance).

Protection can include repairing, replacing, or reimbursing you for your loss, depending on how the credit card insurance company decides to settle your claim.

The 9 Best Credit Cards for Purchase Protection — Overview

Best Personal Cards

If you’re purchasing an expensive item, you’ll certainly want to earn points or miles for the purchase — but purchase protection might be a high-priority consideration as well.

To begin our review of the top cards for purchase protection, we’ve selected 2 premium credit cards as the best in this category because they have high coverage limits and come with other shopping protections (such as extended warranty coverage) that partner well with purchase protection.

We’ve also included 1 of our favorite travel rewards cards that offers a stellar list of additional benefits, including purchase protection.

These cards also allow you to purchase the item in full with your card, pay for just a portion of your purchase, or even purchase with points earned on your eligible credit card.

Bottom Line: Regardless of the specific payment method you choose — in full, just a portion, or with points — you’ll still have premium purchase protection coverage when using one of these top cards.

The Platinum Card^® from American Express

BEST LOUNGE ACCESS

Terms Apply / Rates & Fees

The Platinum Card^® from American Express

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Learn More(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

The Platinum Card^® from American Express

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Welcome Offer

Earn 80,000 Membership Rewards^® Points after you spend $8,000 on eligible purchases on the Card in your first 6 months of Card Membership.

80,000 points

UP's Bonus Valuation*:

$1,760

Annual Fee

$695

APR

See Pay Over Time APR

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent (670-850)

Why We Like This Card

When it comes to cards that offer top-notch benefits, you’d be hard-pressed to find a better card out there than The Platinum Card^® from American Express.

Make no mistake — the Amex Platinum card is a premium card with a premium price tag. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous value in annual statement credits, it can easily prove to be one of the most lucrative cards in your wallet year after year.

Pros & Cons

Pros

• The best airport lounge access out of any card (by far) — enjoy access to over 1,400 worldwide lounges, including the luxurious Amex Centurion Lounges, Priority Pass lounges, Plaza Premium Lounges, and many more!
• 5x points per dollar spent on flights purchased directly with the airline or with AmexTravel.com (up to $500,000 per year)
• 5x points per dollar spent on prepaid hotels booked with AmexTravel.com

Cons

• $695 annual fee (rates and fees)
• Airline credit does not cover airfare (only incidentals like checked bags)

Read Full Review

Card Highlights

• Earn 80,000 Membership Rewards^® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
• Earn 5X Membership Rewards^® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards^® Points on prepaid hotels booked with American Express Travel.
• $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts^® or The Hotel Collection bookings through American Express Travel using your Platinum Card^®. The Hotel Collection requires a minimum two-night stay.
• $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card^® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
• The American Express Global Lounge Collection^® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
• $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card^® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card^®.
• $200 Uber Cash: Platinum Card^® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card^® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
• $199 CLEAR^® Plus Credit: CLEAR^® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
• Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck^® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card^®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card^®. That's up to $50 in statement credits semi-annually. Enrollment required.
• Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card^® to your Resy profile.
• $695 annual fee.¤
• Terms Apply.

Financial Snapshot

• APR: See Pay Over Time APR
• Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

One of our top choices for the best credit card for purchase protection is the Amex Platinum card. The card comes with coverage of up to $10,000 per claim and $50,000 per account. Coverage for loss, theft, or damage is provided for up to 90 days from the date of purchase.

This makes the card an excellent choice for large purchases you want to make sure are covered for Amex Platinum purchase protection.

You’ll also be earning valuable Membership Rewards points on your purchases and have no preset spending limit, which is different than typical credit cards with a credit limit. It means the amount you can spend adapts based on factors such as your purchase, payment, and credit history.

Chase Sapphire Reserve^®

Chase Sapphire Reserve^®

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.

Learn More(at Chase's secure site)

Chase Sapphire Reserve^®

A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.

Welcome Offer

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

60,000 points

UP's Bonus Valuation*:

$1,200

Annual Fee

$550

APR

21.99% - 28.99% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Excellent (740-850)

Why We Like This Card

If you’re looking for an all-around excellent travel rewards card, the Chase Sapphire Reserve^® is one of the best options out there.

The card combines elite travel benefits and perks like airport lounge access, with excellent point earning and redemption options.  Plus it offers top-notch travel insurance protections to keep you covered whether you’re at home or on the road.

Don’t forget the $300 annual travel credit which really helps to reduce the annual fee!

Pros & Cons

Pros

• 10x total points on hotels and car rentals when you purchase travel through Chase TravelSM immediately after the first $300 is spent on travel purchases annually
• 10x points on Lyft purchases through March 31, 2025
• 10x points on Peloton equipment and accessory purchases over $250 through March 31, 2025

Cons

• $550 annual fee
• Does not offer any sort of hotel elite status

Read Full Review

Card Highlights

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
• $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
• Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
• Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
• 1:1 point transfer to leading airline and hotel loyalty programs
• Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck^®
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Member FDIC

Financial Snapshot

• APR: 21.99% - 28.99% Variable
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

Another premium credit card that offers purchase protection with a limit of $10,000 per claim and $50,000 per year is the Chase Sapphire Reserve card. Coverage is offered for up to 120 days from the date of purchase for theft, damage, or “involuntary and accidental parting.”

This card earns Ultimate Rewards at the rate of 3 points per $1 spent on travel and dining. All other purchases earn 1 point per $1, but you can easily earn more points using the Ultimate Rewards Shopping portal — as many as 20 points per $1!

The Chase Sapphire Reserve card comes with benefits like Priority Pass lounge access to more than 1,400 lounge properties globally, a $300 travel credit each card anniversary year, and a redemption bonus of 50% more value when redeeming points via the Chase travel portal.

Chase Sapphire Preferred^® Card

Chase Sapphire Preferred^® Card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Learn More(at Chase's secure site)

Chase Sapphire Preferred^® Card

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Welcome Offer

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

60,000 bonus points

UP's Bonus Valuation*:

$1,200

Annual Fee

$95

APR

20.99% - 27.99% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent (670-850)

Why We Like This Card

The Chase Sapphire Preferred^® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.

Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.

Pros & Cons

Pros

• 5x points on all travel booked via the Chase Travel portal
• 5x points on select Peloton purchases over $150 (through March 31, 2025)
• 5x points on Lyft purchases (through March 31, 2025)

Cons

• $95 annual fee
• No elite benefits like airport lounge access or hotel elite status

Read Full Review

Card Highlights

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
• Member FDIC

Financial Snapshot

• APR: 20.99% - 27.99% Variable
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

The Chase Sapphire Preferred card is one of our favorite rewards cards due to the fact it earns Chase Ultimate Rewards points which are one of the most valuable travel rewards currencies available.

In addition to purchase protection coverage, the card offers a long list of additional benefits including travel insurance benefits and shopping protections.

While the card does not come with benefit limits as high as our first 2 featured premium cards, the card does have purchase protection limits of $500 per claim and $50,000 per account. Coverage extends for theft, damage, or “involuntary and accidental parting” for 120 days of protection from the purchase date.

Bottom Line: Premium credit cards tend to have higher limits for purchase protection, making these cards a wise choice when purchasing an expensive item.

Best Business Cards

When running a business, selecting a card that has adequate purchase protection is important for securing those large business purchases.

Hot Tip: The best business credit cards for purchase protection carry limits of $10,000 per claim and $50,000 per account. They also allow a purchase to be made partially with your eligible credit card or with associated points. 

Best $0 Annual Fee Cards

You don’t have to carry a premium credit card and pay a high annual fee to have purchase protection coverage.

Here are some examples of cards that offer coverage and have a $0 annual fee.

Bottom Line:

Securing a specific credit card just to get purchase protection may not be wise — but if you have one of these $0 annual fee cards, know that you have protection for your items whether you pay in full, partially with your eligible credit card, or with rewards points earned on the card. 

Best Cards for Cell Phone Purchase Protection Coverage

If you have to purchase a new cell phone, it’s prudent to use a credit card that offers purchase protection, since you’ll receive 90 to 120 days of protection when using an eligible card.

But did you know you can receive additional ongoing coverage by charging your monthly wireless bill to a credit card that offers ongoing protection?!

Here are some examples of cards that provide ongoing monthly cell phone protection against theft/damage when you charge your monthly wireless bill to the card.

• AAdvantage^® Aviator^® Red World Elite Mastercard^®
• Amex Platinum card
• Amex Business Platinum card
• Delta SkyMiles^® Reserve American Express Card
• Delta SkyMiles^® Platinum American Express Card
• Capital One Venture X Rewards Credit Card*×Information collected independently. Not reviewed by Capital One.
• Freedom Flex Card
• IHG One Rewards Traveler Credit Card
• Ink Business Preferred^® Credit Card

Some credit cards also offer elevated earnings for paying your wireless bill, such as the Ink Business Cash^® Credit Card that earns 5% cash-back for each dollar spent on phone service purchases. Some credit cards earn just 1x or 1% earnings on wireless services. For these cards, you’ll need to determine which delivers more value for you over the long term: having ongoing cell phone protection or earning rewards.

To learn more specifics about the best credit cards for cell phone protection, we’ve summarized more information in this article.

Bottom Line: While purchase protection can provide initial coverage for cell phones (90 to 120 days), charging your monthly wireless bill to a card that offers ongoing protection, such as the Ink Business Preferred card, for example, may provide more value to you over the long term. Note that rented or leased phones are generally excluded from coverage.

Which Purchases Are Covered?

To receive purchase protection coverage, you must meet the terms and conditions of the purchase requirement for your specific credit card. Requirements differ, however.

Some cards require that you pay for the entire purchase with your eligible card, while others cover purchases made partially with an eligible card or made with rewards points that were earned on the card.

Both American Express and Chase credit cards allow you to use your card to either pay for the item in full, partially, use rewards points earned on the card, or pay with a combination of the card and points in order to be eligible for coverage.

Check your specific credit card benefits guide before purchasing an item to determine the eligible purchase requirements.

Hot Tip: Even items you buy as gifts can be covered under purchase protection insurance if they are purchased with an eligible card. 

How Long Are My Purchases Covered?

The length of purchase protection coverage varies, but you can expect to receive at least 90 to 120 days of coverage from the date of purchase, depending on the credit card issuer, type of credit card, and where you live.

How Much Coverage Can I Expect To Receive?

Purchase protection coverage limits vary by credit card, from as little as $500 per claim to as much as $10,000. You’ll also have a lifetime or yearly limit on claims, commonly $50,000 per account.

Limits also differ by the card issuer (American Express/Chase) and by card network (Visa/Mastercard/American Express).

Keep in mind that purchase protection is generally secondary to any other insurance that covers the same loss.

Which Items Are Excluded?

Not every item you purchase is covered under purchase protection coverage.

Here are examples of items that may be excluded from coverage:

• Animals, plants, perishables
• Antiques/collectibles
• Cash alternatives (traveler’s checks, gift cards, debit cards)
• Commercial items being resold
• Computer software
• Firearms/ammunition
• Items under the control of a common carrier (such as the post office, an airplane, or delivery service)
• Jewelry/watches in checked baggage
• Motorized vehicles, trailers
• Rented items

Hot Tip: Access the benefits guide of your specific credit card for the terms of its purchase protection coverage and which items are excluded.

Tips for Filing a Purchase Protection Claim

Here are some important items to be aware of if you need to submit a purchase protection claim.

• Original Receipts — When purchasing an item with your eligible credit card, be sure to keep the receipts; you will need them if you have to file a purchase protection claim.
• Insurance Documents — You will need to submit a claim to your insurance company if the eligible item is of a value higher than your deductible. Proof of the claim denial or payment from your insurance company is required when submitting a purchase protection claim. If the item damaged, lost, or stolen is under the value of your insurance deductible, a copy of your declaration page showing the deductible may be acceptable for filing the purchase protection claim.
• Police Report — In the case of theft, you will need to submit a copy of a police report.
• Time Limit for Filing a Claim — Credit card purchase protection claims must be reported within a specific time period, usually no more than 30 to 90 days after the incident. You will then typically have additional time to file the required paperwork.
• Keep Damaged Property — If the item is damaged, hold on to it until your claim is settled as the credit card insurance company may ask for the item.

Bottom Line: Keep your receipts for purchased items, check other credit card insurance policies for coverage first, get a police report if theft is involved, report any incident in a timely fashion, and hold onto any damaged item until your claim is settled.

How To Find the Terms/Conditions of Your Purchase Protection Coverage

To find out if you have purchase protection, you’ll want to check the benefits guide that came with your credit card. The terms and conditions for using the coverage will also be listed.

You can find the benefits guide for a current credit card by:

• Accessing the benefits guide online once you’re signed in to your credit card account
• If not available online, you may be able to request a benefits guide via your credit card account website
• Call the number on the back of your credit card and ask for one to be sent to you

Related Shopping Coverages

In addition to purchase protection, credit cards can offer other shopping coverages you might find beneficial and that pair nicely with purchase protection.

Here is a sampling of other protections you may find on various credit cards:

• Extended Warranty — Coverage extends the manufacturer’s warranty by a year or 2, depending on the credit card
• Return Protection — If the merchant does not take back an item, return protection may reimburse you
• Price Protection — If the price of an item goes down after you purchase it, coverage reimburses you the difference

Check your benefits guide for these shopping protections and the associated terms/conditions.

Hot Tip: Purchase protection and price protection are not the same. You can read up on price protection here. 

Everything Else You Need To Know

Purchase protection is generally secondary coverage that comes into play once you’ve exhausted other insurance you might have to cover the loss.

Since homeowner’s, auto, rental, and other insurances usually have a deductible that applies when such a loss occurs, purchase protection coverage can be a real benefit you can use to fill in that coverage gap.

You can expect purchase protection to replace, repair, or reimburse you for your loss. The decision about which method will be used will be made by the insurance benefits administrator for the credit card company.

Purchase protection losses caused by natural disasters have lower coverage limits, typically $500 per claim.

Final Thoughts

For short-term no-cost coverage on a qualifying item, you can’t beat the extra credit card benefit of purchase protection. And the good news is that so many credit cards offer coverage.

Earning rewards for a purchase made on your credit card is great. But if you plan to buy a big-ticket item, check the purchase protection coverage on your card for potential coverage if the item is lost, damaged, or stolen within the first few months of ownership.