Adam McCann, Financial Writer
@adam_mccann
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.
- 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.
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