How does Citibank purchase protection work?

Visa purchase protection covers stolen or damaged items bought with an eligible Visa credit card. You are covered for 90 days following the purchase date. This benefit repairs, replaces, or reimburses eligible products up to $10,000 in coverage per claim and $50,000 per account.

It’s possible to get purchase protection (also called purchase security) on Visa consumer or ... read full answerbusiness cards. But keep in mind that it’s up to the issuer to include purchase protection as part of the card’s benefits. No matter which Visa card you have, you can call the number on the back of your card to speak with a representative about your card benefits. You should also keep in mind that not all Visa cards that offer purchase protection will follow Visa’s standard policy.

Here's how Visa purchase protection works:

• Overview: Visa purchase protection reimburses items purchased with an eligible Visa credit card in case they get damage or stolen within 90 days of purchase.
• How much is covered: The typical coverage amount for Visa purchase protection is $10,000 per claim and $50,000 per account, though it can vary by card.
• What is covered: The policy will cover purchases made with an eligible Visa credit card.
• What is not covered: Some items will not be eligible for purchase protection coverage. For example, things like animals and plants, motorized vehicles, computer software, perishables, and collectible items are typically not eligible.

How to Use the Visa Purchase Protection Benefit

1. File a police report, if necessary. If the item was stolen, you’re required to file a police report within 48 hours of becoming aware of the theft. You don’t need to file a police report for damaged items that aren’t stolen.
2. File a claim with any other insurance provider. If your other forms of insurance might cover the purchase, you must file a claim with them first.
3. Contact the Benefit Administrator within 60 days of the incident. You can reach the Benefit Administrator at (888) 221-3289.
4. Submit the required claim forms within 90 days. Submit all the claim forms required by the Benefit Administrator, including any records of settlement with other insurance companies, within 90 days of the theft or damage.
5. Collect compensation. If your claim is valid, Visa purchase protection will compensate you, up to your policy maximum.

Keep in mind that exclusions and coverage limits apply to this benefit. So, make sure to check the benefits guide that came with your Visa credit card for further information.

Yes, Mastercard does offer purchase protection. Mastercard purchase protection reimburses items purchased with an eligible World Mastercard or World Elite Mastercard credit card that get damaged or stolen within 90 - 120 days of purchase, depending on the card.

Here’s more info about the Mastercard purchase protection:

• Overview: Mastercard purchase protection reimburses items purchased with an eligible Mastercard in case they get damage or stolen within 90-120 days of purchase, depending on the card. ... read full answer
• How much is covered: The typical coverage amount provided by Mastercard purchase protection is $1,000 per purchase and $50,000 per year, though it can vary by card.
• What is covered: The policy will cover purchases made with an eligible Mastercard.
• What is not covered: Some items will not be eligible for Mastercard purchase protection coverage. For example, things like animals and plants, motorized vehicles, computer software, perishables and collectible items are typically not eligible.
• How to file a claim: To file a claim, call the Mastercard Assistance Center at (800) 627-8372. In addition, when you file a claim, you will need to provide supplemental documents for proof, such as store receipts, credit card statements, police reports and damage estimates (if applicable).

However, you should note that not all World or World Elite Mastercard credit cards have purchase protection (or “purchase assurance,” as Mastercard calls it). Each credit card issuer can choose whether or not to include the coverage on its cards.

The best way to find out if your existing Mastercard has purchase protection is to read the benefits guide you were sent after approval, which will also include instructions on how to file a claim. If you’re interested in a new card and want to know if it has purchase protection, you should look at the card’s description on the issuer’s website or call customer service.

To dispute a Citibank charge, log in to your Citibank account online and search for the transaction to dispute, or call Citibank customer service at 1 (800) 950-5114. Alternatively, the address to dispute a charge by mail is:

Citibank Customer Service
PO Box 6500
Sioux Falls, SD 57117.

Citibank disputes are typically resolved within 30 days, though more complex issues may take a little longer.... read full answer

How to Dispute a Charge on a Citibank Card Online

1. Log in to your online account.
2. Click the "Account Details" tab.
3. Search for the transaction in question.
4. Select the transaction for more details.
5. Click "Dispute Charge" to open an inquiry.
6. Check for a confirmation e-mail from Citibank verifying receipt of the inquiry.

Before you dispute a charge through Citibank, you should first contact the merchant associated with the charge on your Citibank card. Merchants have easier access to your purchase information and should be better able to quickly remedy the issue. If for some reason, the merchant is unable or unwilling to work with you on a disputed charge, you can then file a dispute with Citibank.

Once you've initiated the dispute, Citibank will then contact the merchant and review any information provided by both parties. You won't be charged for the disputed transaction, nor any associated fees or interest, while the dispute is under investigation. And you can still use your Citibank card as you normally would while a dispute is ongoing.

Citibank will notify you of the outcome of the dispute after they've completed their investigation. They will either issue a chargeback to your account for the contested amount, or allow the charge to stand. If the disputed charge is ruled to be valid, you would then have to pay that amount, including any applicable fees and interest charges that accrued during the dispute, starting from the original purchase date.