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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.
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.
This perk is automatically activated when you use your card. Here’s how it works:
If you don’t find the Bank of America® Premium Rewards® Credit Card appealing, there are other cards that provide this perk.
This feature is available to the main cardholder of the Bank of America® Premium Rewards® Credit Card every time they make a purchase.
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.
A safety net for interrupted or canceled trips.
Select Chase cards allow you to return an item within 90 days of purchase, even if the merchant won’t accept it.
Return eligible items within 90 days of purchase even when the retailer won’t take them back.
You’ll find an auto rental CDW with the Bank of America® Premium Rewards® Credit Card.
Get coverage against damage or theft when you purchase items with your eligible Mastercard.
Eligible purchases that are stolen or damaged will be covered.
Capital One purchase protection offers coverage against damage or theft on eligible items.
Get coverage if an eligible item you purchased with your card gets damaged or stolen.
Use your Visa card for eligible purchases and get coverage against theft and damage.
Purchase protection is a useful credit card perk, but not all card providers offer it.
