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Does Bank of America have purchase protection?

Get peace of mind with purchase protection.

Purchase protection is a perk that comes with some Bank of America cards. The perk means eligible items bought with your card will be reimbursed if they are stolen. Your card provider can also cover the costs of repairs if the items are damaged. Unfortunately, not all credit cards offer this perk.

Does Bank of America have purchase protection?

At the moment of writing only the Bank of America® Premium Rewards® Credit Card offers the Visa version of purchase protection known as purchase security. This perk provides 90 days of coverage from the day you make your purchase for up to $10,000 per claim and up to $50,000 per account.

The purchase security feature is similar to purchase protection, except it provides limited coverage. So if you accidentally drop your iPhone, for example, purchase security won’t cover the damage. Purchase security only covers items in certain instances:

  • Theft
  • Damage due to fire
  • Vandalism
  • Accidentally discharged water
  • Damage from certain weather conditions

How to use Bank of America purchase protection

This perk is automatically activated when you use your card. Here’s how it works:

  1. Make an eligible purchase with your Bank of America® Premium Rewards® Credit Card.
  2. Call your card benefit administrator in the event of theft or damage.
  3. The benefit administrator will send you a claim form.
  4. Submit the completed form along with any additional documents within 90 days of the occurrence.
  5. Wait for your claim to be either approved or denied.

Compare credit cards with purchase protection

If you don’t find the Bank of America® Premium Rewards® Credit Card appealing, there are other cards that provide this perk.

1 - 2 of 2
Name Product Filter values Cash advance rate Cash advance fee Minimum Credit Score
Chase Freedom Flex℠
27.24% variable
$10 or 5% of the cash advance amount, whichever is greater
Get up to 5% cashback in rotating and newly added everyday categories. The refreshed Freedom Flex card has lots of earning potential.
Chase Sapphire Reserve®
27.24% variable
$10 or 5% of the cash advance amount, whichever is greater
Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example 60,000 points are worth $900 toward travel

Compare up to 4 providers

Who gets to use Bank of America purchase protection?

This feature is available to the main cardholder of the Bank of America® Premium Rewards® Credit Card every time they make a purchase.

Bottom line

Having purchase protection on your card is a useful feature, especially since you don’t have to pay extra to use it. Unfortunately, only one Bank of America credit card offers this perk. On the positive side — you get up to $10,000 coverage per claim.

But if you don’t find this card appealing, or if you don’t want to pay an annual fee to get this perk, compare other cards with purchase protection.

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