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Purchase protection is a benefit provided by credit cards to reimburse you if a transaction goes wrong. This can include repairing or replacing a damaged or missing item or even one that doesn’t work as promised. It’s especially valuable today, as so many purchases take place online. It’s hard to know the quality and reputation of a merchant that may be operating in another country. Purchase protection can provide that extra buffer to enable you to go forward with greater confidence.
Most of the best credit cards offer purchase protection. But there are wide differences in the amount provided by each card, and a few cards have none at all.
How to use purchase protection
To get the benefit of purchase protection from a credit card, you must make your purchase using that card. If you did, and something goes wrong, you’ll need to report it within the given time limit. This can be anywhere from 30 to 120 days after purchase.
Purchase protection generally applies when you order an item that is never delivered or arrives damaged, defective, or not complete. To take advantage of it, you’ll need to open a claim with the credit card issuer or its designated coverage provider. This can usually be done online, by phone, or through a mobile app. Once your claim has been filed and successfully resolved, you’ll generally receive reimbursement within 30 to 60 days.
How to claim purchase protection
Filing a claim requires competing and submitting a claim form. You’ll also need to include certain supporting documents. These include the original receipt for the purchase, as well as the credit card statement confirming the purchase was made through that card. If the item was stolen or destroyed by vandalism, you may also be required to submit a police report.
Purchase protection is often considered secondary coverage. For example, if a purchase is lost or damaged due to a car accident or disaster at home, you’ll first be required to file a claim with your car insurance provider or homeowner’s insurance plan. Any unpaid balance can then be submitted under a credit card purchase protection plan claim.
How Visa, Mastercard and American Express purchase protection compare
| Features / Cards | Visa | Mastercard | American Express |
|---|---|---|---|
Coverage | Any items purchased entirely with an eligible Visa card | Any items purchased entirely with an eligible Mastercard | Any items purchased entirely with an eligible American Express card |
Cards | Classic, Gold, Platinum, Signature, Infinite | As offered by the card issuer | Nearly all American Express cards |
Duration | 180 days from date of purchase; must be reported within 90 days of the loss | 90 days from date of purchase; must be reported within 60 days of the loss | 90 days from date of purchase; must be reported within 30 days of the loss |
Maximum payout claim | $500 to $10,000 | $1,000 | $1,000 to $10,000 |
Maximum payout per year | $1,000 to $20,000 | $25,000 | $10,000 to $50,000 |
How long until you get reimbursed | Typically within five business days of approval | N/A | N/A |
Visa purchase protection
Visa’s purchase protection plan automatically covers items purchased using the card. Registration of each individual purchase is not required. The plan is available only on Visa cards for which the issuer participates in the plan.
There are five different coverage levels, depending on the type of card you have:
- Classic. $500 to $5,000 per year, as provided by the card issuer.
- Gold. Up to $1,000 per item per 12-month period.
- Platinum. Up to $5,000 per event; up to $10,000 per 12-month period.
- Signature. Up to $5,000 per event; up to $10,000 per 12-month period.
- Infinite. Up to $10,000 per event; up to $20,000 per 12-month period.
You can file a claim through the Visa Benefits Portal. You’ll need to include the purchase invoice, as well as the Visa card account statement that shows the item was purchased using the card. Only the cardholder is allowed to open a claim, and it must be reported within 90 days of the incident occurrence.
Mastercard purchase protection
Mastercard’s purchase protection plan is referred to as “Mastercard Assurance.” Eligibility for the plan is decided entirely by the credit card issuer and not by any certain type of Mastercard issued. The program has limits of $1,000 per individual item and up to $25,000 per 12-month period.
You can file a claim by calling 800-627-8372 (800-MASTERC) to request a claim form. The claim must be reported within 60 days of the loss. Along with the completed claim form, you must provide a repair estimate for damaged items, as well as photographs showing the damage. You must also furnish the purchase receipt of the item and a police report, if the item in question was stolen.
American Express purchase protection
American Express offers the most generous purchase protection plan, at least on an annual basis. You can be covered for up to $50,000.
Most American Express cards provide coverage of up to $1,000 per incident, though some premium cards pay up to $10,000 per incident. Examples of premium cards are the Platinum Card®, Gold Card, Delta SkyMiles® Reserve Card, Hilton Aspire Card, and Marriott Bonvoy Brilliant ™.
You can file a claim online or by calling 800-322-1277. The claim must be filed within 30 days of the loss experience. You’ll need to provide the original store receipt or an online receipt printout. If an item was stolen, you must include a police report. If it was damaged, you may need to send the item in for review.
Which are the best credit cards offering purchase protection?
| Card | Late payment fees | Regular APR | Annual fees | Credit score needed | |
|---|---|---|---|---|---|
Up to $500 for up to 90 days | reg_apr,reg_apr_type | annual_fees | credit_score_needed | ||
Not offered | reg_apr,reg_apr_type | annual_fees | credit_score_needed | ||
Up to $500 per item, $50,000 per account, for up to 120 days | reg_apr,reg_apr_type | annual_fees | credit_score_needed | ||
Up to $500 per item, $50,000 per account, for up to 120 days | reg_apr,reg_apr_type | annual_fees | credit_score_needed | ||
Up to $500 per item, $50,000 per account, for up to 120 days | reg_apr,reg_apr_type | annual_fees | credit_score_needed | ||
Up to $1,000 per covered purchase, $50,000 per eligible account, for up to 90 days | reg_apr,reg_apr_type | annual_fees | credit_score_needed | ||
Up to $500 per item, $50,000 per account, for up to 120 days | reg_apr,reg_apr_type | annual_fees | credit_score_needed |
*According to Experian, the largest credit bureau, the credit score ranges are as follows: “exceptional” (800 to 850), “very good” (740 to 799), “good” (670 to 739), “fair” (580 to 699), and “poor” (300 to 579). However, the descriptive terms may apply to different credit score ranges as determined by the card-issuing bank.
card_name
Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card
Full bonus details:
With the card_name you can accumulate miles in a hurry, with 75,000 bonus miles up front and unlimited miles for travel and all other purchases. This card is designed for frequent travelers.
The card packs plenty of other benefits, including no foreign transaction fees, a credit of up to $100 for Global Entry or TSA PreCheck, auto rental collision damage waiver, travel accident insurance, and the ability to transfer your miles to more than 15 travel loyalty programs.
card_name
Capital One® SavorOne® Cash Rewards Credit Card
Capital One® SavorOne® Cash Rewards Credit Card
Full bonus details:
The card_name is Capital One’s credit card for spending on entertainment and dining. The card also has plenty of other benefits for travel, such as 5% cash back on car rentals and hotels booked through Capital One Travel, no foreign transaction fees, and travel accident insurance.
card_name
Chase Sapphire Reserve® Card
Chase Sapphire Reserve® Card
Why we like it:
This card's generous benefits and flexible Chase Ultimate Rewards points make it an excellent deal for those who can use them. Users get a Priority Pass Select airport lounge membership (retail value $469), a $300 annual travel credit that applies to travel purchases each year, 50% more value when redeeming their rewards for travel through Chase, a fee credit toward Global Entry or TSA PreCheck membership, and a generous suite of travel insurance benefits.
Product details:
• Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel(SM). • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. • Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel(SM) immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases • Get 50% more value when you redeem your points for travel through Chase Travel(SM). For example, 75,000 points are worth $1125 toward travel. • 1:1 point transfer to leading airline and hotel loyalty programs • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass(TM) Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck(R) • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more. • Member FDIC
Another top travel card, the card_name offers the greatest points rewards when you book travel through Chase Ultimate Rewards. Other travel benefits include up to $100 every four years for Global Entry or TSA PreCheck, travel protection benefits, no foreign transaction fees, no blackout dates or travel restrictions, and 1:1 points transfers to popular airline and hotel loyalty programs.
card_name
United Club℠ Infinite Card
United Club℠ Infinite Card
Why we like it:
If you’re a frequent flier with United Airlines, the card_name is an excellent credit card to have. Not only will you get the sign-up bonus and all the rewards described above; you’ll also enjoy United Club membership, your first and second bags checked free for you and a companion, up to $100 every four years for Global Entry or TSA PreCheck, no foreign transaction fees, and much more.
card_name
Chase Freedom Unlimited®
Chase Freedom Unlimited®
Why we like it:
The Chase Freedom Unlimited® is a solid flat-rate earnings card with annual_fee_disclaimer annual fee. Although the 1.5% cash back doesn’t seem impressive at first glance, it becomes more valuable when combined with other rewards cards from Chase that can be redeemed for a far greater value.
This card is recommended for everyday use, whether for doctor copays or big box store purchases. It can be a large earner for cardmembers who want to get the most out of their everyday spending.
Product details:
- INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
- Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
- After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
- No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
card_name is a solid choice if you have good credit and want a rewards card with plenty of benefits. The $200 sign-up bonus is easy to qualify for, requiring just $500 in purchases within the first three months of opening your account. There are also plenty of opportunities to earn high cash back, and there is no annual fee to reduce those benefits.
This card also comes with a intro_apr_rate,intro_apr_duration when the account is open, after which it will revert to the standard APR of reg_apr,reg_apr_type. The card does have a foreign transaction fee of foreign_transaction_fee.
card_name
Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
Full bonus details:
card_name offers generous cash back rewards on everyday purchases, such as groceries, streaming subscriptions, gasoline, and transit. This can make it the perfect general-purpose rewards credit card.
The card has a intro_apr_rate,intro_apr_duration (but not balance transfers) before the regular APR will apply. There’s a foreign transaction fee of foreign_transaction_fee (Rates & Fees). The card’s Plan It® benefit allows you to split purchases of $100 or more into monthly installments with a fixed fee.
card_name
Ink Business Cash® Card
Ink Business Cash® Card
Why we like it:
The card_name is among the most powerful earners in the rewards credit card market. Its spending bonuses are generous, and its massive welcome bonus after meeting minimum spending requirements should be reason enough to at least try the card out for a year or two.
card_name is designed specifically for business customers. In addition to the generous bonus cash back and rewards, you can also include employee cards at no additional cost. When your employees use the card to make purchases, you’ll earn additional rewards. You can also take advantage of the account management feature to track expenses and stay up to date with tax reporting. The system even integrates with popular bookkeeping software.
Alternatives to credit cards for purchase protection
If you don’t have a credit card offering purchase protection or prefer to avoid using a credit card that does, there are viable alternatives.
PayPal
PayPal is a popular online payment service that has been operating for over 20 years. It can be used to make purchases, receive payments, send payments, and pay bills. One of the major advantages is that you can conduct international transactions in a matter of minutes, as if national borders didn’t exist.
Not only can you send money securely in the U.S. and internationally; you can also use the service to make payments almost anywhere you shop. It even provides a debit card with 1% cash back rewards. In addition, the company now offers the new PayPal Cashback MasterCard®, which you can use to earn unlimited 3% cash back on PayPal purchases, and unlimited 2% on all other eligible purchases.
PayPal provides multiple layers of consumer security. For example, when you transact business using your PayPal account, the company does not share your full financial information with the other party. This prevents unintended third parties from using your account information for fraudulent purchases. You can conduct transactions through your PayPal account or a linked bank account or credit card.
Meanwhile, PayPal purchase protection covers items bought through PayPal. You’ll be covered if an item isn’t received, is damaged or missing parts, is in any way deficient, or if the wrong item arrives. You’ll need to report any of these events within 60 days to receive the protection.
Venmo
Venmo is yet another popular online payment app, one increasingly connected to popular banks. Much like PayPal and Cash App, it gives you the ability to send or receive money and make purchases without disclosing information from your bank account or credit cards. It even offers the Venmo Credit Card, with which you can earn up to 3% cash back.
As Venmo is a part of PayPal, it offers a similar capability. You can transact business more anonymously through your bank account or credit card. While you’re making purchases, you won’t even need to enter a bank account or credit card number. You can pay with Venmo and no information will be shared.
Venmo does offer purchase protection. It will cover you if merchandise is not delivered, arrives damaged, or is the wrong item. You’ll be reimbursed for qualifying purchases made through the app, plus original shipping costs. Like other purchase protection plans, your purchases are protected only if they are made through Venmo.
Cash App
Cash App is another online payment app. It doesn’t provide purchase protection, but does offer the ability to make purchases and spend and receive cash without providing access to account information for your bank or credit cards. Cash App supports Visa, Mastercard, American Express, and Discover credit cards, as well as debit cards.
With Cash App, you can send or receive money, stocks, or even bitcoin free of charge. You can also get exclusive discounts using either Cash App Pay or the Cash App Cash Card. In addition, you can take advantage of banking services through Cash App’s bank partner, Sutton Bank. Cash App even enables you to invest in stocks and cryptocurrencies. When tax time comes around, you can file your return for free through the app.
TIME Stamp: These days purchase protection matters
It may be easy to dismiss purchase protection as just another benefit with a credit card or payment app. However, in today’s world, where so many transactions take place online with people you’ll never meet, the potential for loss may be greater than at any other time in history.
You certainly shouldn’t choose a credit card or payment app based on the quality of its purchase protection plan. Still, if there’s a choice between two good credit cards (or payment apps), and one has purchase protection while the other doesn’t, choose the card or app that includes it.
If you make a lot of online purchases—especially big-ticket ones—purchase protection may be one of the most important features with a card or app. If nothing else, a good purchase protection plan will give you the confidence to transact business while knowing the card issuer has your back.
For rates and fees of the card_name, please visit this URL.
Frequently asked questions (FAQs)
What is credit card purchase protection?
Purchase protection from a credit card is intended to protect you if something goes awry with a purchase you make on the card. This can include receiving a damaged item, an incorrect or incomplete item, and not getting the item at all. It may even cover an item that does not perform as advertised.
Do all credit cards offer purchase protection?
No, but the majority of cards do. How much, however, varies widely from card to card. It’s always wise to read the fine print before deciding on a credit card.
How much will I pay for credit card purchase protection?
Usually, you will pay nothing for purchase protection. It comes included in the terms and conditions of your credit card and is intended to incentivize card use.
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