With Mastercard Purchase Protection, eligible items bought with your credit card may be reimbursed or repaired if they are stolen or damaged. You can get up to $1,000 per claim if your item is stolen. While this feature doesn’t cost anything extra to use, not every Mastercard credit card offers it.
Does Mastercard have purchase protection?
Mastercard offers purchase protection under the name Mastercard Purchase Assurance. This perk is typically only offered with their World and World Elite Mastercard credit cards. However, it also depends on the card provider and if their Mastercard offers this perk.
You can get coverage against theft and damage for 90 days from the date an eligible item is purchased. The amount of coverage is usually $1,000 per claim and $50,000 in total per lifetime of the account.
How to use Mastercard Purchase Assurance
This perk is automatically activated when you use your eligible Mastercard. Here’s how to use it:
Purchase an eligible item with your World or World Elite Mastercard credit card.
In case the item is stolen or damaged contact your card issuer (the number on the back of your card) to file a claim. A representative will provide you with the claim form.
Submit the completed claim form and any additional documents within 90 days of the occurrence.
Wait for claim approval or denial.
Compare Mastercard credit cards with Mastercard Purchase Assurance
In most cases, eligible purchases made with your Mastercard World or World Elite credit cards get purchase protection by default. This could vary between providers, so make sure to read your card’s guide to benefits to avoid any surprises.
Bottom line
Mastercard purchase protection, called Mastercard Purchase Assurance is a useful tool to protect expensive items, such as a new phone, laptop or designer bag, from theft and damage. Considering it doesn’t cost anything to use this perk, it makes it even more appealing.
But if you don’t find any Mastercard with this perk attractive, compare other cards with purchase protection until you find the right fit for your wallet.
Frequently asked questions about Mastercard Purchase Protection
No. In most cases, the following items aren’t eligible for purchase protection:
Used or antique items
Collectibles of any kind
Recycled, previously owned, refurbished, rebuilt or remanufactured items
Motorized vehicles, including, automobiles, boats, aircraft and motorcycles or their motors, equipment, or accessories
Snowblowers, lawnmowers and hedge trimmers
Land, buildings, permanently installed items, fixtures, or structures
Traveler’s cheques, tickets of any kind, negotiable instruments, bullion, rare or precious metals, stamps, coins, currency or its equivalent
Plants, shrubs, animals
Consumables
Items purchased for resale, rental, professional or commercial use
Professional services, such as labor or maintenance
Repair or installation of products, goods, or property
Professional advice of any kind, including information/services or advice secured from any help or support line. Also, technical support for software, hardware or any other peripherals
Application programs, computer programs, operating software other software
Game animals, pets or specimens preserved for display, such as fish, birds, reptiles or mammals
Rented, leased or borrowed items
Trip, service or diagnostic charges in the absence of any covered repairs or verified failure
Shipping charges, transportation and delivery charges
In most cases, eligible purchases made with points are covered with purchase protection, but just in case, check with your card’s guide to benefits.
Kliment Dukovski is a personal finance writer at Finder, specializing in investments and cryptocurrency. He's written more than 700 articles to help readers compare the best trading platforms, understand complex investment terms and find the best credit cards for their needs. His expert commentary has been featured in such digital publications as Fox Business, MSN Money and MediaFeed. He’s also well-versed in money transfers, home loans and more — breaking down these topics into simple concepts anyone can understand. In another life, Kliment ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
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