Does Chase Ink Preferred offer purchase protection?

Chase credit card purchase protection covers you for up to $50,000 annually for lost, damaged or stolen items purchased with an eligible Chase card. Claims must be filed within 120 days of the incident in order to be eligible. Protection covers the cardholder and the recipient of items purchased as gifts on an eligible Chase credit card.... read full answer

When you file a claim, Chase will either repair or replace the item, at the Benefit Administrator’s discretion. In some cases, you will be reimbursed for the purchase price of your item as reflected on your Chase credit card statement.

Here is how Chase credit card purchase protection works:

1. Call the Benefit Administrator at the phone number on the back of your Chase credit card, or the number mentioned on your guide to benefits. You can also file a claim online. You must contact the Benefit Administrator within 90 days of any loss, damage, or theft, or you will risk having your claim denied.
2. You will receive a claim form when you file. Fill out the form completely and provide any requested documentation within 120 days of the occurrence.
3. Required documents include the signed claim form, a copy of your Chase credit card statement to verify the item was purchased on your card. If applicable, you will also need to provide a fire or police report within 48 hours of the occurrence. If the item can be repaired, send a copy of either a repair estimate or paid receipt for repairs.
4. Gift recipients must provide all requested documents in order to substantiate the claim.
5. If the claim is for a damaged item, you may be asked to send it to the Benefit Administrator, at your expense.
6. You will be notified of the decision to repair or replace your item within 15 days of receipt of the required documentation.
7. If you’re reimbursed, you’ll be compensated for no more than the purchase price on your credit card statement, or your card’s per item coverage limit, whichever is less. You should receive your reimbursement within five business days of receipt and approval of all required documents.

Keep in mind that Chase credit cards covered under purchase protection have varying coverage limits per item. With Chase Freedom Flex℠, Chase Freedom Unlimited®, and the Chase Sapphire Preferred® Card, you’re covered up to $500 per item, up to the $50,000 annual limit. Others such as Chase Sapphire Reserve® and the co-branded United Club Infinite Credit Card will cover you up to $10,000 per item. Refer to your Chase credit card’s Guide to Benefit for your specific per item coverage limit.

It is also worth noting that not all items are covered by Chase Purchase Protection. Those include, but are not limited to, unsubstantiated lost items, motorized vehicles, antiques and collectibles, used items, and computer software. Refer to your Chase credit card’s Guide to Benefit for a complete list of non-covered items.

The Chase Sapphire Reserve purchase protection covers you for up to $10,000 per item if something you buy with your Chase Sapphire Reserve card gets lost, stolen or damaged within 120 days of purchase. Chase will repair the item, order you a new one or give you a refund, whichever is cheaper. The annual coverage limit is $50,000.... read full answer

There are several restrictions on what kinds of items are covered. For example, antiques, motorized vehicles, and living plants and animals are not eligible. Plus, to get reimbursed, you need to mail in a completed claim form within 120 days of a loss. It’s always good to read the fine print, and Chase Sapphire Reserve purchase protection is no exception. I’ll walk you through the important details below.

Here’s what you get from Chase Sapphire Reserve purchase protection:

• You are covered for theft, damage, and accidental parting. Accidental parting means you know where the item is, but you can’t get it back.
• To be covered, an item must have been paid for, at least in part, with your Chase Sapphire Reserve card or Chase Ultimate Rewards points.
• Gifts you buy for others qualify for coverage, so long as you charge them to your Chase Sapphire Reserve card (or use points) and the item is otherwise eligible.
• Chase offers purchase protection in addition to any insurance you have. That means you’ll need to file an insurance claim if possible, and submit documentation of the claim and any compensation you received to the Benefit Administrator.
• Items that you buy to resell are not covered. Neither are purchases damaged or lost in delivery. Other items that don’t qualify for coverage include animals, living plants, antiques, collectibles, motorized vehicles, computer software, cosmetics, checks, medical equipment, used goods, and pre-paid cards.
• If you’re making a claim for a damaged purchase, you will usually need to keep the item to send it in.

Here’s how to file a Chase Sapphire Reserve purchase protection claim:

1. Contact the Benefit Administrator at (888) 675-1461 within 90 days of the loss.
2. The Administrator will send you a claim form, which you need to fill out and return within 120 days of the loss.
3. If Chase decides to repair your item, you will be notified of the decision within 15 business days of sending in documentation. You’ll then need to send the item to the Benefit Administrator, and pay for the shipping yourself.
4. If you’re getting reimbursed, the credit should show up in your account within 5 business days of getting all your paperwork in.

Chase Sapphire Reserve purchase protection gives you some extra peace of mind and, maybe, some extra cash. Just make sure you save your receipts, and pay attention to the claim deadlines.