Best Credit Cards for Purchase Protection

The Chase Sapphire Preferred benefits include high rewards on travel, plus thousands of dollars in travel insurance and coverage for damaged or stolen purchases. Chase Sapphire Preferred also offers one of the best initial rewards bonuses on the market. That's a big reason why its among WalletHub's choices for the year's best rewards cards as well as the best credit card deals. The average person would earn more Preferred over the first two years of use than any other Chase credit card, according to WalletHub's latest Credit Card Rewards Report. And Chase Sapphire Preferred's secondary benefits are impressive as well.

Here are the Chase Sapphire Preferred's benefits:

• Initial Bonus: Chase Sapphire Preferred offers one of the best bonuses on the market.
• Travel Insurance: Chase Sapphire Preferred has the best overall travel insurance among credit cards, according to WalletHub's editors. Pay for travel with Chase Sapphire Preferred, and you'll get coverage for delayed, cancelled, or interrupted trips as well as for lost luggage.
• Rental Car Insurance: Paying for your vehicle rental with your Chase Sapphire Preferred card automatically gives you coverage for damage or theft. Chase's policy ranks second among major issuers.
• Extended Warranty: If you buy something that has a manufacturer's warranty, Chase may add a year to your coverage. Chase Sapphire Preferred and Chase Sapphire Reserve® are tied for 17th in this category.
• Purchase Protection: You may be eligible for at least a partial refund if certain items purchased with a Chase Sapphire card are damaged or stolen. WalletHub ranks Chase Sapphire Preferred 6th in this category. The Chase Sapphire Reserve card takes 1st place.
• International Travel Perks: WalletHub's editors analyzed major issuers' perks and policies for international travelers, including travel rewards, foreign transaction fees, emergency assistance and more. Chase Sapphire Preferred and Chase Sapphire Reserve tied for 7th best.

Another Chase Sapphire Preferred benefit is worldwide acceptance. Since Chase Sapphire Preferred is a Visa, you can use it pretty much everywhere in the world credit cards are accepted. Using a Visa or a Mastercard is the best way to convert currency when traveling internationally, too, thanks to low exchange rates that could save you as much as 9%. Plus, Chase is one of the few major credit card companies that will send you a free replacement if you lose your card while out of the country.

In short, Chase Sapphire Preferred is an excellent rewards credit card for people with excellent credit. You can learn more about the offer from WalletHub's complete Chase Sapphire Preferred Card review.

You can use Chase Sapphire purchase protection to repair or replace items paid for with a Chase Sapphire Preferred® Card or Chase Sapphire Reserve® credit card. But not all purchases are covered. And you have to submit a claim within 120 days of buying something to benefit.  

Both Chase Sapphire Preferred and the Chase Sapphire Reserve cover you for up to $500 or $10,000 per item, respectively, if something you buy with your credit card gets lost, stolen or damaged. The annual coverage limit for both cards is $50,000.  

Where Chase Sapphire purchase protection applies:

Generally, Chase Sapphire's purchase protection policy applies to lost or stolen items as well as items that were damaged by fire/smoke, vandalism, or accidental water/steam leaks. But there are some notable exclusions, including perishable items (e.g. food, plants and pets), collectibles, motor vehicles and computer software. You can't make a claim on things you bought used, either.

You can check out WalletHub's 2020 Purchase Protection Report to learn more about what Chase Sapphire covers and how much value you can recoup through the program.

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

1. File a police report, if necessary. This applies only to stolen items, but it is very important. You are required to file a police report within 48 hours of the theft for your claim to be valid.
2. Contact the Chase Benefit Administrator. You must let Chase know that you intend to file a claim within 90 days of an item being lost, damaged, or stolen. You can do this by calling (888) 320-9961 if you're a Chase Sapphire Preferred cardholder or (888) 675-1461 if you are using a Chase Sapphire Reserve. You will need to give the Benefit Administrator basic information about the situation.
3. Wait to receive a claim form. The Benefit Administrator will mail you a claim form following your phone call. You must fill out this form with information about what happened and return it within 120 days of the date of the incident. You'll also need to send other relevant materials like receipts, police reports, and any settlements you already received.
4. Wait for the Benefit Administrator's response. If Chase deems your claim to be valid, they will mail you a check for the amount needed to repair or replace your item, up to applicable coverage limits.

Of the two available Chase Sapphire cards, Chase Sapphire Reserve offers better purchase protection. It surpasses Chase Sapphire Preferred in terms of both the amount of coverage you're eligible to receive and the number of claims you can make. So, while both Sapphire cards are among the best credit cards for purchase protection, according to WalletHub's editors, only Chase Sapphire Reserve is tied for 1^st overall. Chase Sapphire Preferred is tied for 13th.

You should also note that purchase protection is not meant to replace regular insurance. If your house burns down, for example, Chase Sapphire purchase protection may cover some of the items that were inside but not the house itself. So, you'd still need homeowners insurance in that instance. That's important because if an item is already covered by another policy, you need to make a claim there first, plus tell Chase about any money you're awarded.  

Bank of America purchase protection covers the damage or theft of new retail purchases made with an eligible Bank of America credit card for 90 days after the purchase. The benefit, also called “Purchase Security,” will pay to repair or replace the item, or reimburse the cardholder, for up to the total purchase price or $10,000, whichever is less.

Currently, the only Bank of America credit card with purchase protection is the Bank of America® Premium Rewards® credit card.

Here's how to file a claim:

To make a Bank of America purchase protection claim, call (888) 221-3289 or visit the Card Benefit Services website within 60 days of the theft or damaging incident. To file a claim for stolen items, you must file a police report within 48 hours of becoming aware of the theft.

You can find a breakdown of Bank of America's purchase protection rules on the Visa benefits website or in the benefits guide that came with your card. That's important because some purchases aren't eligible for Bank of America purchase protection coverage. These include plants, animals, antiques, motor vehicles (including boats), trailers, software, used items, lost items, real estate, medical equipment, perishables, consumables, rented items, and more.

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.

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.

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. 

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

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.

The American Express Business Gold card purchase protection provides reimbursement for items bought with the card that get damaged or stolen. The benefit is active for 90 days after the date of purchase, and the cardholder can get up to $1,000 per item and $50,000 per calendar year. The coverage pays for the lesser of the cost to repair the item, the cost to replace the item, or reimbursement for the original purchase price of the item.

American Express Business Gold card purchase protection exceptions:

There are a few exceptions to the American Express Business Gold card purchase protection coverage. To start, items damaged due to a natural disaster will only be reimbursed up to $500 each. And some situations are not covered at all, such as normal wear and tear, and purchases that are lost (but not stolen). Certain types of items also do not qualify, such as perishables, tickets, animals, plants and motorized vehicles. You can find the full fine print in the card's purchase protection guide.

Here's how to file a claim:

You can file an American Express Business Gold card purchase protection claim either online, or by calling (800) 228-6855. You must first report the incident and ask for a claim form within 30 days of the incident. Then, you must return the signed claim form and any requested supporting documents within 60 days after you receive the claim form.

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.

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.