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Find out which credit cards have purchase protection and what it covers

Safeguard your credit card finances with complimentary purchase protection insurance.

Purchase protection – sometimes referred to as purchase security or price protection – provides you with extra value and greater peace of mind when you choose to pay with plastic. It is a common complimentary credit card perk, especially when it comes to black, platinum and gold cards.

Inclusions will vary from card to card, but purchase protection usually offers insurance for up to three months when products bought with your card are lost, stolen or accidentally damaged.

Compare credit cards with purchase protection

Are you looking for a great card to put in your wallet that will give you peace of mind with every swipe? Check out these cards to find the one that best suits your needs.

Name Product Purchase Protection Cover Maximum Limit per Claim Annual Fee Reward
HSBC +Rewards™ Mastercard®
90 days
The lesser of the repair cost or the purchase price of the insured item
$0 annual fee for the first year ($25 thereafter)
Earn 2 Points for every $1 spent on eligible dining or entertainment purchases.
Get 30,000 Points (up to $150 in value) when you spend $2,000 in the first 6 months. Plus, get the 1st year annual fee waived for the primary cardholder ($25 value). Apply by January 31, 2022.
Tangerine World Mastercard
90 days
The lesser of the repair cost or the purchase price of the insured item
$0
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
Earn an extra 15% cash back (up to $150) on up to $1,000 of everyday purchases in the first 2 months Until November 30, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
Neo Financial Credit Card
The lesser of the repair cost or the purchase price of the insured item
$0
Earn an average cash back of 4% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 1% cash back on all spend at non-partners.
BMO Preferred Rate Mastercard
90 days
The lesser of the repair cost or the purchase price of the insured item
$20
Take advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
American Express Cobalt Card
90 days
$1,000
$155.88
Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery, 3x the points on eligible streaming subscriptions in Canada, 2x points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases, and earn 1 point for every $1 in Card purchases everywhere else.
Earn up to 50,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). Plus, earn a Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership.
Brim Mastercard
90 days
$1,000
$0
Earn 1 point for every $1 spent on everyday purchases, and up to 30 points per $1 spent when you shop with Brim partners.
Earn up to $200 worth of bonus points when you shop with Brim retailers for the first time through the Brim mobile app.
Tangerine Money-Back Credit Card
90 days
The lesser of the repair cost or the purchase price of the insured item
$0
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
Earn an extra 15% cash back (up to $150) on up to $1,000 of everyday purchases in the first 2 months Until November 30, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
SimplyCash Card from American Express
90 days
$1,000
$0
Earn 1.25% cash back on all eligible purchases.
Earn 4% cash back on purchases (up to $200 cash back) for the first 6 months of Cardmembership.
American Express Green Card
The lesser of the repair cost or the purchase price of the insured item
$0
Earn 1 American Express Membership Point for every $1 you spend on purchases. Charge an eligible purchase to your card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit).
Earn a Welcome Bonus of 10,000 Membership Rewards points when you charge $1,000 in purchases to your card in the first 3 months as a new Cardmember.
BMO Rewards Mastercard
90 days
The lesser of the repair cost or the purchase price of the insured item
$0
Get 1 BMO Reward point for every $1 spent on eligible purchases, and get 2 BMO Rewards points for every $1 spent at participating National Car Rental and Alamo Rent A Car locations.
Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
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What is purchase protection and how does it work?

Purchase protection is a service provided by a credit card company that safeguards any eligible purchase made with a credit card against theft, loss or accidental damage. The terms and conditions for purchase protection will vary between cards and this will directly affect what purchases are eligible, how long the insurance period is and what the claim limits are.

  • Eligible purchases. Most retail purchases will generally be covered, but you should carefully read the specific terms and conditions to find out exactly what applies. Perishables or consumables are typically excluded. Motor vehicles and vehicle parts could also be excluded.
  • Insurance period. Purchase protection usually covers items for up to 90 days from the purchase date, but can extend up to six months with some insurers.
  • Claim limits. This also varies among insurers and cards, but it is typically limited per claim (e.g., $10,000 per claim) and per year (e.g., up to $50,000 per credit card account per year).

Some card providers will require you to “register” your products as you purchase them. If your card provider requires this and you haven’t registered your item, it will likely not be eligible for coverage.

How do I make a claim for credit card purchase protection insurance?

The claims process differs depending on your credit card provider and the insurance company, but generally involves the following steps:

  • Contact the insurance company. Depending on your insurer and policy, you may have to file your claim within a certain time frame — so don’t wait long.
  • Provide details of the claim. You have to show that the item was purchased in full using your credit card within the eligible time frame of coverage.
  • Submit any supporting documentation. Aside from original receipts, you may also need to provide other relevant documents such as police or incident reports.
  • Wait for a response. Your claim will usually take up to 14 business days to be assessed, after which you will be notified of the result and reimbursed if successful.

Other types of complimentary credit card purchase insurance

Some credit cards may also provide the following complimentary insurance coverage for your purchases:

  • Extended warranty coverage. This extends the warranty coverage for items purchased using your card, meaning that you can enjoy extended warranty protection beyond the manufacturer’s warranty period – usually up to one year more.
  • Price guarantee. You can claim the price difference for an item purchased on your card if you find it in another store nearby at a lower price within a certain period of time.
  • Refund protection insurance. Refund protection ensures that you can still get a refund on items purchased using your card even if the merchant refuses to process a refund.

Factors to consider when comparing credit cards with purchase protection insurance

When considering purchase protection insurance, you should keep the following factors in mind:

  • Claim limits. Most policies have an annual cap on purchase protection claims, as well as a cap on each individual claim. You may wish to look into protection for international purchases if you travel or shop online a lot.
  • Annual fee. Complimentary extras such as purchase protection are likely to come with a higher annual fee than a no-frills card with no annual fee. An annual fee may outweigh the benefits of complimentary extras – if you rarely or never use them.
  • Purchase rate. When considering any credit card, interest rates are very important, especially if you are someone who carries a balance from month to month.
  • Rewards. If earning rewards with your card is important to you, you should consider whether the card offers cash back, points or miles.
  • Cash advance rate and fee. If you withdraw money using your credit card or use your card for cash equivalent transactions – such as gambling or purchasing gift cards – you will likely be charged the cash advance fee, and face the cash advance interest rate.

Bottom line

Compared to travel-specific perks like airport lounge access and complimentary travel insurance, purchase protection insurance is something that most people can enjoy on a day-to-day basis – without applying for a prestigious travel card.

When deciding if it’s something that you actually need, it’s important to consider the costs of the credit card and whether this feature will be worth it in the long term.

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Frequently asked questions

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