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Credit card purchase protection

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

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Safeguard your credit card finances with complimentary purchase protection insurance.

Purchase 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.

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 6 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 account per year).

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 using your credit card within the eligible period of coverage.
  • Submit any supporting documentation. Apart 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 covers for your purchases:

  • Extended warranty cover. This extends the warranty cover for items purchased using your card, meaning that you can enjoy extended warranty protection beyond the manufacturer’s warranty period.
  • Price guarantee. This offers price protection so you 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.

Other factors to consider when comparing credit cards with purchase protection insurance. man-card-laptop

When considering purchase protection insurance, you should keep 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. This 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 card balance. You may find that cards with complimentary freebies often charge higher rates.
  • Rewards. If earning rewards with your card is important to you, you should consider factors such as the points and rewards program.
  • Cash advance rate and fee. If you withdraw money using your credit card or use your card for cash equivalent transactions, including gift or shopping vouchers, you may be charged extra fees.

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

Pictures: Shutterstock.

Compare credit cards

Rates last updated June 20th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Amex EveryDay® Credit Card
14.74% to 25.74% variable
0% Intro APR for 15 months
$0
Earn 15000 Membership Rewards® Points after you use your new Card to make $1,000 in purchases in your first 3 months.
Deserve® Classic Card
24.49% variable
$39
Designed to help build credit history with no deposit required and access to benefits.
Apply now Read review
Bank of America® Cash Rewards Credit Card
14.74% to 24.74% variable
0% Intro APR for 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
Earn more cash back for the things you buy most.
Blue Cash Everyday® Card from American Express
14.74% to 25.74% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
Earn $150 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $150 back in the form of a statement credit.
Luxury Card Mastercard® Black Card™
16.49% variable
0% Intro APR for first 15 billing cycles (with whichever is greater, $5 or 3% balance transfer fee)
$495
Mastercard Black Card members receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
Apply now Read review
Chase Sapphire Preferred® credit card
17.49% to 24.49% variable
$0 annual fee for the first year ($95 thereafter)
Earn 50000 points when you spend $4,000 on purchases within the first 3 months of your account opening, and an additional 30,000 points when you spend a total of $30,000 on purchases within the first year of your account opening.
Indigo® Platinum Mastercard® Credit Card
23.9% variable
$75 annual fee for the first year ($0 to $99 thereafter)
With this card you get a 23.9% variable APR.
Apply now Read review
The First Access VISA® Credit Card
29.99% variable
$75 annual fee for the first year ($48 thereafter)
Access credit even if you have poor or limited credit history.
Apply now Read review
Luxury Card Mastercard® Gold Card™
16.49% variable
0% Intro APR for 15 billing cycles (with the amount of each transfer, $5 or 3% balance transfer fee)
$995
Earn points every time you spend. Luxury Card enhances your purchasing power by providing you with one (1) point for every one dollar ($1) you spend. Every purchase gets you closer to the rewards you want.
Apply now Read review
Chase Sapphire Reserve®
17.49% to 24.49% variable
$450
Earn 50000 BONUS POINTS after spending $4,000 on purchases in the first 3 months from account opening* — that's $750 toward travel when you redeem through Chase Ultimate Rewards®.
Credit One Bank® Visa® with Free Credit Score Tracking
17.49% to 25.49% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get 1% cash back rewards on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV, terms apply.
Apply now Read review
Amex EveryDay® Preferred Credit Card
14.74% to 24.74% variable
0% Intro APR for 12 months (with whichever is greater, $5 or 3% balance transfer fee)
$95
Earn 15000 Membership Rewards Points after you use your new Card to make $1,000 in purchases in your first 3 months.
Chase Freedom Unlimited® credit card
16.49% to 25.24% variable
$0
Earn unlimited 1.5% cash back on every purchase – it's automatic. No minimum to redeem for cash back.
Bank of America® Premium Rewards® Credit Card
17.49% to 24.49% variable
$95
Earn unlimited 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
Quicksilver® from Capital One®
14.24%, 19.24% or 24.24% variable
0% Intro APR for 15 months (with 3% balance transfer fee)
$0
Earn unlimited 1.5% cash back on every purchase, every day
Chase Freedom® credit card
16.49% to 25.24% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 5% balance transfer fee)
$0
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate and unlimited 1% cash back on all other purchases.
Bank of America® Travel Rewards Credit Card
16.49% to 24.49% variable
$0
20,000 online bonus points offer. Ditch the restrictions of typical airline rewards cards. Any airline, any hotel, anytime. No blackout dates.
Chase Slate® Credit Card
16.49% to 25.24% variable
0% Intro APR for 15 months (with $0 for transfers in first 60 days. Then $5 or 5% balance transfer fee)
$0
Jumpstart your financial fitness! 60 day introductory balance transfer offer, save on interest, and get your free monthly credit score.
Venture® from Capital One®
14.49%, 20.49% or 24.49% variable
$0 annual fee for the first year ($95 thereafter)
Earn 50000 bonus miles once after spending $3,000 on purchases within the first 3 months from account opening.
HSBC Cash Rewards Mastercard® credit card
14.49%, 18.49%, or 24.49% variable
0% Intro APR for 15 months (with whichever is greater: $10 or 4% balance transfer fee)
$0
Earn unlimited 1.5% cash rewards on all purchases.

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Kyle Morgan

Kyle Morgan is a writer and editor for finder.com who has worked for the USA Today network and Relix magazine, among other publications. He can be found writing about everything from the latest car loan stats to tips on saving money when traveling overseas. He lives in Asbury Park, where he loves exploring new places and sipping on hoppy beer. Oh, and he doesn't discriminate against buffalo wings — grilled or fried are just fine.

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US Credit Card Offers

Important Information*
Deserve® Classic Card
Deserve® Classic Card

APR

24.49
variable

Annual fee

0 For the first year
More info
Luxury Card Mastercard® Gold Card™
Luxury Card Mastercard® Gold Card™

APR

16.49
variable

Annual fee

995 For the first year
More info
The First Access VISA® Credit Card
The First Access VISA® Credit Card

APR

29.99
variable

Annual fee

75 For the first year
More info
Indigo® Platinum Mastercard® Credit Card
Indigo® Platinum Mastercard® Credit Card

APR

23.9
variable

Annual fee

75 For the first year
More info
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