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Mastercard purchase protection

Use your World or World Elite credit card to cover eligible items against damage or theft with Mastercard Purchase Assurance.

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:

  1. Purchase an eligible item with your World or World Elite Mastercard credit card.
  2. 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.
  3. Submit the completed claim form and any additional documents within 90 days of the occurrence.
  4. Wait for claim approval or denial.

Compare Mastercard credit cards with Mastercard Purchase Assurance

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
Tangerine World Mastercard
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Earn an extra 10% cash back (up to $100) when you spend $1,000 on everyday purchases within the first 2 months. Until October 4, 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).
BMO World Elite Mastercard
30,000 points
Up to 3 points per $1 spent
20.99%
$0 annual fee for the first year ($150 thereafter)
Min. recommended credit score: 760
Get up to 30,000 points and the $150 annual fee waived in the first year. Apply by October 31, 2021
Brim World Mastercard
Up to $300 worth of bonuses
1.5 points for every $1 spent
19.99%
$99
Min. recommended credit score: 700
Earn up to $300 worth of bonus points when you shop with Brim retailers for the first time through the Brim mobile app. 
HSBC World Elite® Mastercard®
70,000 Points
Up to 6 points per $1 spent
19.9%
$0 annual fee for the first year ($149 thereafter)
Min. recommended credit score: 650
Get a Welcome Bonus of 20,000 Points ($100 travel rewards). Plus, earn an additional 50,000 Points and get a 1st year annual fee waiver. Apply by October 3, 2021.
Shell AIR MILES World Mastercard from BMO
Up to 1.25x Air Miles
1 Mile for every $15 spent
19.99%
$99
Min. recommended credit score: 760
Get 1.25x Miles on card purchases at Shell locations in Canada.
BMO CashBack World Elite Mastercard
Up to 10% cash back
1% cash back
20.99%
$0 annual fee for the first year ($120 thereafter)
Min. recommended credit score: 760
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
BMO AIR MILES World Elite Mastercard
2,000 Miles
1 Mile for every $12 spent
20.99%
$0 annual fee for the first year ($120 thereafter)
Min. recommended credit score: 760
Earn a bonus of up to 2,000 AIR MILES. Terms apply. Plus, get the annual fee of $120 waived in the first year.
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Compare up to 4 providers

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

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