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 Express1 | Mastercard | VISA | |
|---|---|---|---|
| Credit cards covered by purchase protection | Most American Express cards (check eligibility here) | Depends on the financial institution | Visa Signature and Infinite cards |
| How long does purchase protection last? | Up to 90 days from the date of purchase | Up to 90 days from the date of purchase (certain cards allow up to 120 days) | Up to 90 days from date of purchase |
| Maximum payout per claim | Up to $10,000 (depending on the card) | Up to $1,000 | Up to $10,000 (certain cards only) |
| Maximum payout per year | Up to $50,000 | Up to $50,000 (depending on the card) | Up to $50,000 |
| How long does it take to get reimbursed? | Within 30 days after claim is approved | Information not available | Within five days after claim is approved |
| How long do you have to file a claim? | 30 days or as soon as reasonably possible | Within 60 days | Within 90 days |
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.
| Credit card issuer | Do they offer purchase protection? | Card type | Cards with purchase protection include | Purchase protection limits |
|---|---|---|---|---|
| Bank of America | Yes, on select cards only | Visa Signature | ' | Covers stolen or damaged goods for 90 days up to $10,000 per claim |
| Barclays | No | N/A | N/A | N/A |
| Capital One | Yes, on select cards only | Visa Signature | ' | Covers stolen or damaged goods for 90 days up to $500 per claim |
| World Elite Mastercard | Covers stolen or damaged goods for 90 days up to $1,000 per claim | |||
| Chase | Yes, on all cards | Visa Infinite | Covers stolen or damaged goods for 120 days up to $10,000 per claim | |
| Visa Signature | Covers stolen or damaged goods for 120 days up to $500 per claim | |||
| World Elite Mastercard | Covers stolen or damaged goods for 120 days up to $500 per claim | |||
| Citi | No | N/A | N/A | N/A |
| Discover | No | N/A | N/A | N/A |
| Wells Fargo | Yes, on select cards only | Visa Signature |
| Covers stolen or damaged goods purchased within 90 days of purchase with reimbursement of up to $500 per claim |
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
| What's covered | What's not covered | |
|---|---|---|
| American Express1 |
|
|
| Mastercard | '
| '
|
| Visa | '
| '
|
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)
| American Express | Mastercard | VISA | |
|---|---|---|---|
| Phone number | 800-228-6855 (domestic), 303-273-6498 (international) | 800-627-8372 | 888-221-3289 |
| Make an online claim | File a claim | File a claim | File a claim |
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.
| Card | Annual fee | Purchase protection benefit |
|---|---|---|
| American Express® Gold Card | $250 |
|
| The Platinum Card® from American Express | $695 |
|
| Chase Sapphire Reserve® | $550 |
|
| Chase Sapphire Preferred® Card | $95 |
|
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.