Edited by: Keri Stooksbury
& Kellie Jez
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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.
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.
|Card||Welcome Bonus and Annual Fee||Purchase Protection Coverage|
|The Platinum Card® from American Express||
|Chase Sapphire Reserve®||
|Chase Sapphire Preferred® Card||
|The Business Platinum Card® from American Express||
|Ink Business Unlimited® Credit Card||
|Blue Cash Everyday® Card from American Express||
|Chase Freedom Unlimited®||
|Chase Freedom Flex℠||
|Chase Slate Edge℠ Credit Card||
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.
The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.
If you're approved and accept this Card, your credit score may be impacted.
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.
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 purchase protection.
You’ll also be earning valuable Membership Rewards points on your purchases.
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.
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!
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 1,300 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.
A fantastic travel card with a huge welcome offer, good benefits, and perks for a moderate annual fee.
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.
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.
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.
When running a business, selecting a credit card that has adequate purchase protection is important for securing those large business purchases.
|Best Business Credit Card for Purchase Protection||Coverage Limits/Details|
|The Business Platinum Card® from American Express|
|Ink Business Unlimited® Credit Card|
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.
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.
|Best $0 Annual Fee Credit Card for Purchase Protection||Coverage Limits/Details||Purchase Details|
|Blue Cash Everyday® Card from American Express||$1,000 per claim, $50,000 per account|
|Chase Freedom Unlimited®||$500 per claim, $50,000 per account|
|Chase Freedom Flex℠||$500 per claim, $50,000 per account|
|Chase Slate Edge℠||$500 per claim, $50,000 per account|
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.
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.
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.
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.
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.
Not every item you purchase is covered under purchase protection coverage.
Here are examples of items that may be excluded from coverage:
Hot Tip: Access the benefits guide of your specific credit card for the terms of its purchase protection coverage and which items are excluded.
Here are some important items to be aware of if you need to submit a purchase protection claim.
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:
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:
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.
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.
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.
The information regarding the Capital One Venture X Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Chase Freedom Flex℠ was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Chase Slate Edge℠ Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the AAdvantage® Aviator® Red World Elite Mastercard® was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
For rates and fees of The Platinum Card® from American Express, click here.
For rates and fees of the Blue Cash Everyday® from American Express, click here.
For rates and fees of The Business Platinum Card® from American Express, click here.
For rates and fees of Delta SkyMiles® Reserve American Express Card, click here.
For rates and fees of the Delta SkyMiles® Platinum American Express Card, click here.
Purchase protection is a type of insurance benefit offered on your credit card at no additional cost.
When you purchase an eligible new item with your credit card, you receive protection for theft, loss, and damage for a specific period of time from the date of purchase (usually 90 to 120 days).
The purchase must be a qualifying item and made with a card that has purchase protection coverage. Purchase protection will cover repair, replacement, or reimbursement of the covered item.
The best credit card for purchase protection benefits will depend on your purchasing habits.
If you normally make purchases less than $500, any credit card that has purchase protection will be adequate for these items.
If you have a business or purchase expensive items, you’ll want a credit card with purchase protection that has higher limits. Credit cards that offer a $10,000 limit per claim would be especially appropriate for these large purchases.
Credit cards that include purchase protection will normally grant coverage for cell phones for a specific period after your purchase date, usually 90 to 120 days.
To receive ongoing coverage, a few credit cards (such as the Ink Business Preferred card) offer protection when you pay your monthly wireless bill with your eligible card.
Since coverage is included on your credit card automatically, you do not need to register for purchase protection, nor do you need to register any items you purchase.
You should, however, keep any receipts for items you purchase — you’ll need to submit these if you need to make a purchase protection claim.
No, none of the Discover credit cards have purchase protection; it was discontinued in early 2018.
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