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 business 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
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.
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.
Contact the Benefit Administrator within 60 days of the incident. You can reach the Benefit Administrator at (888) 221-3289.
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.
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.
Visa return protection covers cardholders who want to return eligible purchases worth $300 or less, provided the original merchant won’t accept a return. To receive coverage, you must pay for the eligible purchase with a qualifying Visa credit card and notify the Benefit Administrator of the issue within 90 days of the purchase. Then, cardholders must submit a completed claim form along with supporting documentation within 30 days of notifying the Benefit Administrator.… read full answer
There are many eligibility restrictions and other guidelines for filing a claim, so refer to the benefits guide that came with your card to determine whether return protection covers your purchase.
How to Use The Visa Return Protection Benefit
File a claim with any other insurance policy that might cover the product. Visa’s return protection benefit is secondary insurance, covering only what other applicable insurance won’t. If an alternate insurance plan reimburses you for the full price of the product, the Visa return protection benefit will not apply.
You can file a claim with Visa online or by calling (888) 221-3289. You’ll likely need the merchant’s return policy, an itemized receipt, and the Visa card’s billing statement from the month of the purchase.
Follow the Benefit Administrator’s instructions for shipping the item. Card Benefit Services must receive the item in good working condition before a claim can be approved. The item must also be in its original packaging with any owner’s manuals and warranty information included. You are responsible for all shipping costs.
Return protection is a standard benefit for Visa Infinite credit cards, Visa’s highest consumer card tier. That said, each bank and credit union that issues credit cards on the Visa network decides whether to include this network benefit on its cards. It is therefore possible to find return protection on traditional Visa, Visa Signature, and Visa business cards. It’s also possible that a particular Visa Infinite card won’t have it. You can always call a card’s issuer to ask whether the benefit is provided, though.
The best Visa credit card for return protection is the Chase Sapphire Reserve® card because it offers $500 worth of protection per item rather than the standard $300. The Chase Sapphire Reserve® card also comes with a $550 annual fee, but if you take advantage of all its perks, the benefits still outweigh the costs.
American Express purchase protection works by covering the damage or theft of eligible purchases for up to 90 days after the purchase date. Eligible American Express cardholders can get reimbursed up to $1,000 or $10,000 per item (depending on the card) and up to $50,000 per cardholder. Keep in mind that not all purchases or items are covered under American Express purchase protection.… read full answer
Coverage: Covers the damage or theft of eligible purchases for up to 90 days after the purchase date. Coverage is for the costs of repairs or replacements of eligible items.
Covered amount: Up to $1,000 or $10,000 per purchase and $50,000 per cardholder, every calendar year.
Excluded purchases/items: Excluded items include antiques, artwork, consumables, rented, leased, or borrowed items, motorized devices, land or buildings, software, medical devices or equipment and more. Damages or theft resulting from war or acts of war, military service, confiscation by any government authority, and others, are also not covered.
How to file a claim: Call the Benefit Administrator within 30 days of the incident at (800) 228-6855 or the number in your guide to benefits. If the item was stolen, file a police report within 48 hours of the incident. Submit your completed claim form within 60 days after having received it. Amex will notify you of a decision after they've processed your claim, which could take up to 30 days.
To see which American Express cards offer purchase protection and view specific coverage amounts for individual cards, check out Amex's dedicated purchase protection web page.
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.
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