How does the Mastercard price protection work?

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.

Visa and Mastercard are the most widely accepted credit card networks. Visa credit cards can be used at 44 million merchant locations in more than 200 countries and territories. Mastercard credit cards are accepted at 37 million merchant locations in more than 210 countries and territories.

Mastercard is accepted in more countries than Visa, yet roughly 7 million more merchants worldwide take Visa. Both have a claim to the title of most widely accepted credit card as a result. Visa is also the most widely used type of credit card. There isn’t a single credit card that’s most widely accepted, though. That’s because there are hundreds of Mastercard and Visa credit card offers available.... read full answer

Most Widely Accepted Credit Cards:

• Most Widely Accepted Internationally: Mastercard (210+ countries and territories); Visa (200+).
• Most Widely Accepted in the U.S.: Visa and Mastercard are both accepted at almost 11 million U.S. merchant locations.
• Least Widely Accepted Internationally: American Express (160+ countries and territories); Discover (200+).
• Least Widely Accepted in the U.S.: American Express and Discover (10.6 million locations).
• Most Widely Used: Visa has the most credit cards in circulation (about 838 million). American Express has the highest purchase volume, at $15,904 per cardholder annually.
• Best Worldwide Credit Cards: Visa or Mastercard credit cards with no foreign transaction fee.

The difference between Visa and Mastercard acceptance is slight. Either network should suit your needs almost anywhere in the world. But if you plan on traveling internationally, be sure your Mastercard or Visa credit card doesn’t charge a foreign transaction fee. That will save you up to 3% on every purchase you make abroad.

Finally, it’s worth pointing out that store cards are the least widely accepted credit cards. They don’t belong to any of the four major card networks. So, they can only be used at their affiliated retailers.

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.