Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Does Bank of America have purchase protection?

Get peace of mind with purchase protection.

Updated

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.

Name Product Filter values Cash advance rate Cash advance fee Recommended minimum credit score
Blue Cash Everyday® Card from American Express
25.24% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Get 3% cash back on groceries on up to $6,000 annually (then 1%) with no annual fee. This is a simple and effective rewards card. Rates & fees
Chase Freedom Flex℠
24.99% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Get up to 5% cashback in rotating and newly added everyday categories. The refreshed Freedom Flex card has lots of earning potential.
Blue Cash Preferred® Card from American Express
25.24% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Perfect for families: Get up to 6% on everyday purchases and a welcome offer worth $250. This heavy-hitter rewards card has uncontested value. Rates & fees
American Express® Gold Card
25.24% variable
$10 or 5% of the cash advance amount, whichever is greater
680
Earn up to 4x points on select purchases, a bevy of travel perks, and a welcome offer worth up to $350 with this upper-mid tier travel card. Rates & fees
American Express Cash Magnet® Card
25.24% variable
$10 or 5% of the cash advance amount, whichever is greater
680
With 1.5% back on everything and a 15 months intro APR on purchases, this no-annual-fee rewards card makes it simple to earn more rewards. Rates & fees
loading

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.

Frequently asked questions

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site