Purchase protection is a often overlooked benefit on select credit cards. It can be very convenient if you purchase items that are damaged or stolen later. Not every credit card offers purchase protection, and the details and limitations of coverage vary greatly.
Let’s dig into the basics of credit card protection and see which cards provide the best coverage.
What is purchase protection?
Purchase protection benefits through select credit cards cover qualified purchases to prevent accidental damage, theft and, in some cases, losses. Of course, this is only valid for a certain period of time between the purchase date and the event.
Reimbursement, as part of this benefit, may include repairing or replacing the affected item, as long as the item is paid with a card that provides purchase protection.
The terms of purchase protection are unique to each card, especially the claim process, maximum benefit amount, annual limits, and the time when the purchase date is provided for coverage.
Related: Best Reward Credit Cards for Each Bonus Category
The best protection card to buy
| card | Maximum coverage per claim | Maximum coverage per account | Coverage duration (days) | Famous earning purchase rate | Annual fee |
|---|---|---|---|---|---|
| American Express® Gold Card | $10,000 per item ($500 per activity)* | Maximum per card per calendar year $50,000* | Up to 90* | Buy at least 1 o’clock per dollar | $325 (see rates and fees) |
| Ink Business Cash® Credit Card (See rates and fees) | $10,000 per claim | $50,000 per account | 120 | Earn 5% cash back on office supplies stores and internet, cable TV and telephone services (up to $25,000 per account anniversary year purchase, followed by 1%)
At least 1% of other purchases |
$ 0 |
| BlueCashEveryday® Card for American Express | $1,000 per item (or $500 per game for natural disasters)* | Maximum per card per calendar year $50,000* | Up to 90* | Earn 3% cash back on US online retail purchases (up to $6,000 per category for purchase year, followed by 1%)
At least 1% cash back to other purchases |
$0 (see rates and fees) |
| Chase FreedomFlex® | $500 per claim | $50,000 per account | 120 (90 days for New York residents) | Cashback of 5% cashback for combined purchases (need to activation) of quarterly spin bonus categories (need to activation)
3% in the drugstore At least 1% of other purchases |
$ 0 |
| Capital One Venture X Reward Credit Card | $10,000 per claim | $50,000 per cardholder | 90 | Buy at least 2 miles per dollar | $395 |
*Qualifications and income levels vary from card to card. Terms, conditions and limitations apply. For more information, visit AmericaneXpress.com/benefitsguide. The policy is underwritten by AMEX Assurance Company.
Chase Freedom Flex information has been collected independently by Goint Guy. The card details on this page have not been reviewed or provided by the card issuer.
The best card to buy protection
Here is a close look at the top-level cards that offer purchase protection.
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American Express Gold Card
Maximum coverage required for protection per purchase: Maximum $10,000 per event ($500 per game is related to natural disasters)*
Maximum coverage per account to purchase protection: Up to $50,000 per calendar year*
Coverage duration: Buy up to 90 days*
*Qualifications and income levels vary from card to card. Terms, conditions and limitations apply. For more information, visit AmericaneXpress.com/benefitsguide. The policy is underwritten by AMEX Assurance Company.
this American Express Gold Card The annual fee is $325, but offers generous purchase protection, covering up to $10,000 per item (lower natural disasters).
Online data points show that American Express has one of the simpler claims procedures than other issuers. However, since your purchases usually fall into the card’s “Other Purchase” category, you can only earn 1 point per dollar.
For more details, see our full review of Amex Gold.
Apply here: American Express Gold Card
Ink business cash credit card
Maximum coverage required for protection per purchase: $10,000 per item
Maximum coverage per account to purchase protection: $50,000
Coverage duration: 120 days
For cards without annual fees, Ink business cash In qualified purchases, extraordinary coverage for each purchase protection is provided, with a limit of $50,000 per account.
This is especially useful for business owners who may purchase high-value items, including office supplies stores. They will earn 5% cash back when the acquisition reaches the anniversary limit. For example, an espresso machine in a coffee shop can easily cost more than $10,000, and if purchased with ink business cash, it will cover damage and theft by the business owner. Chase’s other Mercs offer similar coverage and limitations.
For more details, see our complete review of cash on the ink business.
Apply here: Ink business cash
Blue cash daily card for American Express
Maximum coverage required for protection per purchase: Maximum $1,000 per item ($500 per item if it is related to a natural disaster)*
Maximum coverage per account to purchase protection: Up to $50,000 per calendar year*
Coverage duration: Buy up to 90 days*
*Qualifications and income levels vary from card to card. Terms, conditions and limitations apply. For more information, visit AmericaneXpress.com/benefitsguide. The policy is underwritten by AMEX Assurance Company.
this Blue cash daily card for American Express Earn an impressive 3% cash on American online retail purchases, and most importantly, no annual fee.
Whether you are buying a new TV, sofa or washing machine, you can rest assured that your purchase will be covered up to $1,000 per item and up to $50,000 per calendar year.
For more details, see our full review of Amex Blue Cash every day.
Apply here: Blue cash daily card for American Express
Chasing for freedom and flexibility
Maximum coverage required for protection per purchase: $500
Maximum coverage per account to purchase protection: $50,000
Coverage duration: 120 days (90 days for New York residents)
Chase Freedom Flex and its spin bonus categories make this card a great choice for purchases that fall into these categories each quarter. Categories usually include Amazon and Paypal, which means that having free elasticity in your wallet is a great addition if you want to cover a wide variety of purchases. One drawback of this card is that its maximum coverage per item is only $500.
If you are a cardholder Chase for Freedom® (See Rates and Fees) and you will get the same purchase protection. The main difference is that the card earns 1.5% cashback on all non-Bonus category spending, so taking a large purchase and deducting cashback is still a good option.
If you have another qualified chase travel card, you can convert cash back to Chase Ultimate Rewards for Travel.
For more details, see our complete review of Chase Freedom Flex.
Capital One Venture X Reward Credit Card
Maximum coverage per claim: $10,000 per claim
Maximum coverage per account: $50,000 per cardholder
Coverage duration: 90 days of purchase
Capital One Venture X Rewards credit card is a great choice for anyone looking for an easy, easy way to win rewards for everyday spending.
Most purchases have a flat rate of 2 miles per dollar, which is ideal for fees that are not part of the traditional bonus category. Plus, you will enjoy peace of mind thanks to the card’s built-in purchase protection.
For more details, see our full review of Joint Venture X.
Learn more: Capital One Venture X
Other cards to consider purchasing protection benefits
The cards listed below are examples of advanced cards with similar purchase protection, while the cards listed above have lower annual revenue rates in key categories, or higher revenue rates in this protection.
These cards offer purchase protection, with a maximum limit of $10,000 per card account and a limit of $50,000 per year (the Amex card limit is $500 per event for natural disaster-related events*).
*Qualifications and income levels vary from card to card. Terms, conditions and limitations apply. For more information, visit AmericaneXpress.com/benefitsguide. The policy is underwritten by AMEX Assurance Company.
The list above is by no means exhaustive for all cards that provide purchase protection. Before applying for a new card, you will need to refer to the benefits guide for each card to see the type of coverage it provides.
Visit this website to see which AMEX cards offer purchase protection. Existing chasing cardholders can visit this website, enter their card number and receive their welfare guide. For other cards in your wallet, it is best to dial the number on the back of the card and ask a representative to tell you the card’s benefits or share a copy of the “benefit guide”.
How different the benefits of purchasing protection
Credit card purchase protection differs in the following three aspects:
- Underwriting amount: Prices per claim range from $500 to $10,000, and the annual limit is usually $50,000 per year (the coverage limit for natural disaster activities may be low).
- Coverage: This ranges from 90 to 120 days, and the exact date at the beginning of the coverage varies on the card (depending on the status, coverage may be lower).
- exclude: Certain types of purchases may be excluded due to the type of project or the method of loss or damage occurring.
Items not covered by purchase protection vary by card and issuer. Examples of excluded purchase types are animals, cars, and jewelry.
Related: How to Put $1,400 Back in My Wallet, the Frequently Neglected Credit Card Benefit
How to use Purchase Protection
If recently purchased items are lost, stolen, or damaged, first evaluate whether the card used provides purchase protection. Then, check the welfare guide for any exclusions and any monetary restrictions.
Make sure to have as much documentation as possible, including receipts and copies of your statements, and indicate them. Whenever I buy a new item, I attach the document with photos and videos of the item. So if the item is damaged, lost or stolen, I can prove its condition.
If a claim for stolen items is filed, other paperwork may be required, such as a police report. If you are seeking a repair or replacement, estimate the cost to confirm your claim.
Most importantly, I would emphasize the importance of retaining damaged items until the claim is completed and paid to avoid any complications.
Bottom line
Purchase protection is a useful benefit to your back pocket and hopefully you rarely use it. Not all credit cards offer purchase protection, so if you want to make a large purchase and want peace of mind, consider the cards covered above.
Ideally, you need a card that gives you the greatest purchase reward, but you can also purchase protection with a high limit. Personally, I weighed the value of the item and the card provided the strongest protection, not just the pursuit of extra rewards.
For Amex Gold Card rates and fees, click here.
For the rates and fees of blue cash per day, click here.
For Amex platinum rates and fees, please click here
For rates and fees for Delta reserves, click here
For Marriott Brilliant rates and fees, click here
For Marriott Hotel rates and fees, click here
For Capital One products listed on this page, some of the above benefits are provided by Visa® or MasterCard® and may vary by product. For more information, see the respective welfare guidelines to the applicable terms and exclusions.
