Credit Card Purchase Protection Explained

If your credit card offers purchase protection, you can receive replacement, repair or reimbursement if an eligible item you purchased using the card is stolen or damaged.

Major credit card networks, such as Mastercard and Visa, have different policies for purchase protection. So it’s important to understand your card’s policy to ensure you’re covered in the case of an incident. This is especially true when purchasing expensive items like electronics or furniture.

Generally, claims for purchase protection can be filed online or by phone for all major credit card networks.

Purchase protection comparison across major networks

While most major credit card networks offer purchase protection, the name of the feature may differ by company. For example, Mastercard calls it “purchase assurance,” while Visa refers to it as “purchase security.” Other differences can include:

• The length of time your purchase is covered
• The amount of coverage you can receive per claim

We outline the differences across purchase protection programs by each card network in the table below.

American Express purchase protection¹

American Express has one of the best purchase protection policies out of the major card networks, thanks to its comprehensive policy offered on all of its cards. The maximum payout for most American Express cards is $1,000 per claim, up to $50,000 per year. However, The Platinum Card^® from American Express and the Centurion® Card from American Express each offer up to $10,000 per claim, up to $50,000 per year.

While other networks limit purchase protection to damaged or stolen products, American Express includes lost items under coverage benefits for some of its cards. If you have a qualifying American Express credit card, your purchase protection will cover items purchased within 90 days. You have 30 days — or as soon as reasonably possible — to file a claim from the incident. You’ll need to check your card’s benefits guide to see if this benefit applies to you. Terms apply to American Express credit card offers. See americanexpress.com for more information.¹

Mastercard purchase protection

Whether you’ll receive purchase protection benefits with Mastercard will depend on your financial institution. To see if your card is eligible, be sure to check your benefits guide.

Mastercard’s purchase protection covers your items up to 90 days from the purchase date. You’ll receive up to $1,000 per claim, up to $50,000 per year. From the incident date, you have an additional 60 days to file your claim.

Visa purchase protection

Visa offers purchase security for Visa Signature and Infinite cards only. If your item is stolen or damaged within 90 days of purchase, this policy can replace, repair or reimburse you up to $10,000 per claim, up to $50,000 per year. There are limitations to this policy, so be sure to read your card’s benefits guide for a full explanation of what’s excluded under purchase security. For example, items that are lost are not eligible for purchase protection.

Visa makes it very clear that if your item is stolen, you must file a police report within 48 hours. You’ll then want to notify your benefits administrator through your financial institution within 60 days of the incident — regardless if it’s theft or damage. You must complete the claims form and supply any necessary documentation within 90 days of the incident.

Purchase protection by credit card issuers

Now that we’ve gone through the major card networks, let’s take a look at purchase protection by credit card issuers. Besides American Express, Chase is the only financial institution that offers purchase protection on all of their credit cards — regardless if it’s a Visa or Mastercard. Issuers like Capital One offer purchase protection on some cards, but not others. And Discover doesn’t offer purchase protection at all. The following table breaks down the credit card issuers that offer purchase protection — and if applicable, the cards that come with this benefit.

What’s covered under a credit card’s purchase protection?

A credit card’s purchase protection typically covers theft and damage to a tangible item within a specific time frame from when you purchased the item. For an item to qualify for purchase protection, you must buy it with the credit card that you plan on filing a claim under.

• Damage coverage includes physical harm to an eligible item. For example, if you shatter your phone screen within 90 days of purchasing, you can file a claim under your credit card network’s purchase protection policy. Just make sure to file your claim as soon as possible — most cards require that you submit your claim within 30 to 90 days.
• Purchase protection covers theft of any eligible items. Major credit card networks generally require you to file a police report in the instance of theft. You must provide this supporting documentation along with your claims form.
• Lost items typically aren’t covered under purchase protection. If you don’t remember what happened to your phone, but there was no specific incident — such as theft — then you aren’t typically covered under purchase protection. Some American Express cards do cover lost items.¹

While major credit card networks offer terms and conditions for purchase protection, credit card issuers, such as Citi and Bank of America, can offer their customers altered policies. Consumers should ask the card issuer directly about what’s covered under their credit card.

How to file a purchase protection claim

We recommend that you file a claim under your credit card network’s purchase protection policy as soon as an item has been stolen or damaged. If the item was damaged, you may be asked to return the eligible item as part of the claims process. We’ve listed common documents you will need to submit as part of a claim along with contact information to file a claim for purchase protection below:

• Claim form
• Credit card statement showing the record of purchase
• Insurance claim (if applicable)
• Insurance declaration page (if applicable)
• Original receipt from the place of purchase
• Police report (if filing a claim for a stolen item)

How is credit card purchase protection different from extended warranty coverage and price protection?

Purchase protection differs from other benefits offered by major credit card networks, such as price protection, extended warranty and return guarantee. While purchase protection offers coverage for theft and accidental damage within a limited time frame, these are other typical card benefits worth noting:

• Price protection is a benefit that allows the consumer to retroactively apply a lower price to an item that was purchased. If you bought a television today and in 30 days the price drops by $300, then the benefit would allow you to file a claim and receive the $300 difference.
• Extended warranty protection allows users to lengthen the time of coverage under an original manufacturer’s warranty. Extended warranty protection extends the length of coverage and covers defects from the manufacturer, whereas purchase protection covers user damage.
• Return protection extends the time consumers have to return an item. It also allows users to return an item even if purchased at a store with a no-return policy.

Best credit cards for purchase protection

Out of all the cards that offer purchase protection, here are our top picks. On top of excellent travel benefits, the following cards come with comprehensive purchase protection policies that competing cards lack.

¹American Express insurance footnote:

Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

To see rates & fees for American Express cards mentioned on this page, visit the links provided below:

• The Platinum Card^® from American Express

For Capital One products listed on this page, some of the above benefits are provided by third parties such as Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as certain terms, conditions, and exclusions apply.

The information related to the Centurion® Card from American Express, Chase Freedom Flex℠, Ritz-Carlton Rewards Credit Card and Wells Fargo Visa Signature® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.