The Ultimate Guide to Credit Cards
Monday, June 27, 2022

Best Credit Cards For Purchase Protection in 2022

Best Credit Cards For Purchase Protection

credit card advice

Eric Bank

Written by: Eric Bank

Eric Bank

Eric Bank has been covering business and financial topics since 1985, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. In addition to his work on CardRates.com, Eric has appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks, Chron and dozens of other outlets. A former software engineer, Eric holds an M.B.A. from New York University and an M.S. in finance from DePaul University.

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Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro

Lillian brings more than 30 years of editing and journalism experience. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct instructor at the University of Florida. Today, she edits all CardRates content for clarity, accuracy, and reader engagement.

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Advertiser Disclosure

If you find peace of mind in short supply, check out our rundown of the best credit cards for purchase protection. It, along with other consumer-oriented benefits like price protection and extended warranties, can save you money on items you purchase with your card.

While purchase protection doesn’t receive the same attention as flashier benefits, you’ll be exceedingly grateful to have it if you ever experience theft or damage to a recent purchase. Unfortunately, many credit cards no longer offer purchase protection, and those that still do vary in their coverage.

Usually, you need to have a good credit score and credit history from a credit bureau to get one of the reviewed credit cards, and you’ll seldom find a secured card that offers purchase protection. If the lack of purchase protection has you feeling a little exposed, read on to see how four major credit card issuers offer a modicum of confidence in this uncertain world.

Chase | Capital One | Amex | Citi | FAQs

Best Chase Cards With Purchase Protection

Chase’s purchase protection program replaces, repairs, or reimburses eligible purchases that are damaged, lost, or stolen during the 120 days following the date of purchase. The protection covers items purchased with a Chase card as well as those obtained by redeeming rewards. Protection covers both cardholders and those who receive gifts purchased by cardholders.

Chase’s coverage is limited to $500 per claim and $50,000 per account. You must notify the credit card issuer within 90 days of the item’s theft, damage, or loss, and then file your purchase protection claim within the 120 days following purchase. For stolen items, you must also file a police report within 48 hours of the incident.

  • 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 Ultimate Rewards®, 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 Chase travel purchased through Ultimate Rewards®, 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 15.74% - 24.49%.
  • No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
0% Intro APR on Balance Transfers 15 months
15.74% - 24.49% Variable
$0
Good/Excellent

The Chase Freedom Unlimited® card offers the standard purchase protection benefit in which you must notify Chase within 90 days and file a claim within 120 days of a covered loss. Coverage extends to items purchased outside the United States. If you have other applicable insurance, Chase’s purchase protection covers any deductible.

Chase Freedom Flex℠ Review

at the issuer'ssecure website

EXPERT'S RATING

★★★★★
4.8

OVERALL RATING

  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% 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!
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.74% - 24.49%.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
0% Intro APR on Balance Transfers 15 months
15.74% - 24.49% Variable
$0
Good/Excellent

You receive the standard purchase protection benefit with the Chase Freedom Flex℠ rewards credit card, featuring a maximum coverage of $500 per purchase and $50,000 per account. The purchase price of the item is the amount recorded on the receipt. It’s good to know that gifts you obtain with the Chase Freedom Flex card or with bonus point rewards are covered by the protection plan.

EXPERT'S RATING

★★★★★
4.8

OVERALL RATING

  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
  • Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
16.74% - 23.74% Variable
$95
Good/Excellent

As you would expect, the Chase Sapphire Preferred® Card travel credit card also comes with the standard Chase purchase protection benefit. To claim your benefit from this travel rewards card, you’ll need to provide a Chase purchase protection claim form, a monthly statement demonstrating the purchase, an itemized store receipt, documentation of any settlement of the loss, and if the item is reparable, a copy of the repair estimate or receipt. You can file your claim online at www.eclaimsline.com for faster service.

Best Capital One Cards With Purchase Protection

As a Visa Signature card, Capital One Venture Rewards Credit Card offers cardholders and gift recipients the standard purchase security benefits for Visa Signature cards issued in the United States. Visa purchase security covers the repair, replacement, or reimbursement of eligible purchases due to theft or specific types of damage within the first 90 days after purchase.

Coverage limits are $500 per claim and $50,000 per cardholder. Coverage kicks in only after that provided by insurance or indemnity and is based on the receipt price.

The Capital One Spark Cash for Business was a Visa card until the end of 2020, at which point it transitioned to Mastercard. As a World Elite Business Mastercard, the purchase assurance limit per lost or stolen item rose from $500 to $10,000. The lifetime lime remained at $50,000 for all combined purchases.

Otherwise, the Mastercard purchase assurance benefit is virtually the same as the Visa purchase security program.

EXPERT'S RATING

★★★★★
4.9

OVERALL RATING

4.8/5.0
  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
  • Earn unlimited 2X miles on every purchase, every day
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Enjoy two complimentary visits per year to Capital One Lounges or to 100+ Plaza Premium Lounges through our Partner Lounge Network
  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
16.24% - 24.24% (Variable)
$95
Excellent, Good

The Capital One Venture Rewards Credit Card provides standard Visa Signature purchase security, up to $500 per item and $50,000 per cardholder. Once you file a claim, you have six months from the date of loss or damage to prove your case and collect payment. You are not covered if your credit card account is suspended or canceled.

5. Capital One Spark Cash for Business

This card is currently not available.

Capital One® Rating

★★★★★
N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

The Capital One Spark Cash for Business became a World Elite Mastercard for Business in 2020, improving the purchase assurance limits to $10,000 per item and $50,000 per account. In other respects, the benefit matches that offered for Visa Signature cards. The many benefits provided by this Spark card make it a favorite among small business owners.

Best American Express Cards With Purchase Protection

American Express offers purchase protection on most of its cards. Eligible purchases made on a participating card by authorized users are covered for 90 days from the date of purchase.

Credit card protection for a purchased item covers incidents of theft or damage (due to accident or vandalism) for any eligible item purchased worldwide. The maximum benefit per covered purchase is $1,000 ($500 if the covered event was a natural disaster) and $50,000 per card.

You have 30 days from the incident to file a claim, either at americanexpress.com/onlineclaim or by calling 303-273-6498. Once the claim is filed, you have 60 days to submit proof of loss documents that may include copies of the sales receipt, relevant insurance, repair estimate or receipt, and a police report (filed before making a claim).

If your claim is approved, expect your payment (or replaced or repaired item) within 30 days. The benefit applies to the amount not covered by an existing agreement or credit card refund by the retailer. It includes any deductibles applicable to other coverage that does not result in an overpayment.

Blue Cash Preferred® Card Review

at the issuer'ssecure website

CATEGORY RATING

★★★★★
4.8

OVERALL RATING

  • Earn $350 back after you spend $3,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $350 back in the form of a statement credit.
  • Earn 6% cash back at U.S. supermarkets on up to $6,000 per year on purchases (then 1%). Also earn 6% cash back on select U.S. streaming subscriptions.
  • Earn 3% cash back on transit, including U.S. gas stations, taxis/rideshare, parking, tolls, trains, buses, and more. All other purchases earn 1% cash back.
  • $120 Equinox Credit - Use your Blue Cash Preferred Card to pay for Equinox+ at equinoxplus.com and receive $10 in monthly statement credits. Enrollment required.
  • 0% intro APR for 12 months from the date of account opening, then a variable APR applies
  • $0 intro annual fee, $95 annual fee thereafter
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
N/A
14.24% - 24.24% Variable
$0 intro; $95 thereafter
Excellent Credit

The Blue Cash Preferred® Card from American Express offers the issuer’s standard purchase protection coverage on eligible purchases. In addition, this cash rewards credit card comes with return protection of up to $300 per item that a seller refuses to take back within 90 days of purchase. It also provides extended warranty coverage on eligible purchases as well as other credit card protection features.

American Express® Gold Card Review

at the issuer'ssecure website

CATEGORY RATING

★★★★★
4.8

OVERALL RATING

  • Earn 90,000 Membership Rewards® points after you spend $4,000 on purchases on your new card in your first 6 months of card membership
  • Earn 4X Points at U.S. supermarkets on up to $25,000 per calendar year in purchases. Also earn 4X Points at restaurants, including takeout and delivery, and 3X points on flights when booked directly with airlines or on amextravel.com. All other eligible purchases earn 1X point.
  • Earn up to $10 in statement credits monthly when you pay with the Gold Card at Grubhub, Seamless, Boxed and other participating partners. This can be an annual savings of up to $120. Enrollment required.
  • Delight your senses when you book The Hotel Collection with American Express Travel. Get a $100 experience credit to use during your stay. A minimum 2-night stay is required.
  • $250 annual fee
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
16.24% - 23.24% Pay Over Time
$250
Excellent

You receive standard purchase protection coverage when you get the American Express® Gold Card. Coverage limits are the familiar $1,000 per item and $50,000 per card. Eligible purchases combined with Membership Rewards points or Pay with Points are covered by the benefit. Note that the benefit can be canceled due to alleged criminal activity, fraud, deceit, misrepresentation, and abusive or excessive claims.

The Platinum Card® Review

at the issuer'ssecure website

CATEGORY RATING

★★★★★
4.8

OVERALL RATING

  • Earn 100,000 Membership Rewards® points after you use your new card to make $6,000 in purchases in your first 6 months of Card Membership
  • Earn 5X Membership Rewards® points for flights booked directly with airlines or with American Express Travel, on up to $500,000 on these purchases per calendar year. Also earn 5X Membership Rewards® points on prepaid hotels on AmexTravel.com. Earn 1X points on all other purchases.
  • $200 annual hotel credit, $200 annual airline fee credit, $25 monthly Equinox credit, $15 monthly Uber cash credit, $100 annual Saks Fifth Avenue credit, and more.
  • Platinum Card Members have unlimited complimentary access to all locations of The Global Lounge Collection, including 1,400 airport lounges across 650 cities.
  • Automatic Marriott Bonvoy Gold Elite Status and Hilton Honors Gold Status. Enrollment required.
  • Choose among three card designs
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
16.24% - 23.24% Pay Over Time
$695
Excellent

It’s no surprise that The Platinum Card® offers the standard American Express purchase coverage. Your coverage will be terminated when your card is canceled or you otherwise are no longer a cardmember. However, you are still covered up to the date of benefit cancellation. The effective date for the latest version of this benefit is January 1, 2020 (October 1, 2020, for New York State cardmembers).

Best Citi Cards With Purchase Protection

Citi eliminated purchase protection (and several other retail benefits, like the infamous Price Rewind) from its cards in 2019. However, two Citi co-branded cards that we know of still offer the valuable benefit:

CITI® RATING

★★★★★
4.7

OVERALL RATING

  • Discover one of Citi's best cash back rewards cards designed exclusively for Costco members
  • 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter
  • 3% cash back on restaurants and eligible travel purchases
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases
  • No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
  • Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
  • The standard variable APR for Citi Flex Plan is 16.74%. Citi Flex Plan offers are made available at Citi's discretion.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
16.74% (Variable)
$0
Excellent

Additional Disclosure: Citi is a CardRates advertiser.

According to Citi’s website, “Damage & Theft Purchase Protection may cover you for repairs or a refund if purchases made with your Citi card are damaged or stolen within 120 days of purchase (90 days for New York residents).”

CITI® RATING

★★★★★
4.7

OVERALL RATING

  • Discover the only business credit card designed exclusively for Costco members
  • 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter
  • 3% cash back on restaurants and eligible travel purchases
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases
  • No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
  • Whether you're traveling for business or pleasure, enjoy no foreign transaction fees on purchases
  • Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
16.74% (Variable)
$0
Excellent

Additional Disclosure: Citi is a CardRates advertiser.

This card offers the same terms as its non-business offering above. Note that theft requires you to file a police report within 48 hours of the incident.

What is Purchase Protection?

Purchase protection is a credit card benefit that replaces, repairs, or reimburses cardholders for damaged or stolen items that were charged to their card or purchased with rewards.

Photo of a TV fallen off a stand

Purchase protection covers damaged, lost, or stolen goods purchased with your credit card for up to a certain period.

Not all credit cards offer purchase protection, and some credit cards that once offered it have stopped doing so. It’s sometimes hard to know whether your card offers purchase protection because the benefit may be tied to the payment network rather than the credit card provider. Your best bet is to call a customer service rep to get the skinny.

How Does Purchase Protection Work?

Purchase protection, when provided by your credit card, can be used to reimburse you for the loss or damage to an eligible item purchased with the card or with its rewards. Each card issuer decides whether to offer this benefit and the extent of the coverage.

If you buy something with your card that gets damaged or is stolen within a certain period after an eligible purchase, purchase protection will replace, repair, or reimburse your purchase. You must file a claim and submit documentation within specified time frames.

Coverage is limited to the price paid for the eligible item and subject to incident, annual, and/or lifetime caps. The cap per incident is frequently $500, but some credit cards set the limit at $10,000. Normally, the lifetime cap is $50,000.

Most purchased items are eligible for protection. However, there is a long list of items not covered by this benefit. The exclusion list from American Express is typical and includes:

  • Animals and living plants
  • Antiques and collectible items
  • Any motorized vehicles and their motors, equipment, or accessories
  • Broken items, unless damage is the result of a covered occurrence
  • Computer software
  • Items damaged as a result of weather other than lightning, wind, hail, rain, sleet, or snow
  • Items purchased for resale, professional, or commercial use
  • Items stolen from automobiles and other vehicles, or common carriers
  • Items that are lost or that mysteriously disappear
  • Items under the care and control of a common carrier
  • Items baggage unless hand-carried and under your personal supervision, or the supervision of a traveling companion whom you know
  • Theft or damage resulting from abuse, fraud, hostilities of any kind
  • Product defects
  • Theft or damage resulting from misdelivery or voluntarily parting with the property
  • Medical equipment
  • Perishables, consumables, and limited-life items
  • Real estate and related items
  • Rented or leased items
  • Traveler’s checks, cash, tickets, credit or debit cards, and any other negotiable instruments
  • Used or pre-owned items

The actual list of excluded items varies by issuer, so check the fine print and/or speak to a customer rep to see whether you are covered for a specific loss.

How Do I Claim Credit Card Purchase Protection?

The first step is to contact the credit card company. Here is a summary of the contact information for the four reviewed issuers:

Purchase Protection By Issuer

It’s a good habit to file away your purchase receipts because you’ll have to provide proof of purchase when documenting a claim. If you don’t have the receipt, use the appropriate credit card statement that shows the eligible purchase transaction.

You may also need to show a repair estimate/bill for damaged items or a police report for stolen items. Another piece of required documentation would be any insurance or indemnity policy that covers the same item.

Do Visa Debit Cards Offer Purchase Protection?

Here is the official word from Visa:

Purchase security will replace, repair or fully reimburse you up to a maximum of $500 per claim and $50,000 per cardholder for eligible items purchased entirely with your Visa Debit Card for the first 90 days from the date of purchase in the event of theft or damage due to fire, vandalism, accidentally discharged water, or certain weather conditions.”

This information applied to Visa debit cards as of April 1, 2017, and we’ve seen nothing to suggest that anything has changed since then.

Is Credit Card Purchase Protection Necessary?

For many consumers, purchase protection is more of a nice-to-have feature than a true necessity. The $500 cap per item on most credit card purchase protection programs means that the reimbursement or statement credit you may receive on a lost or stolen item will not make much of a difference in the long run.

Bear in mind that if you own an insurance or indemnity policy that covers the loss, a credit card purchase protection plan may not cover anything beyond the deductible. Most renter and homeowner policies provide purchase protection that is at least on par with the credit card offerings.

The FBI statistics for 2019, the latest year available, indicate that there were about 7 million property crimes nationwide that year. That number is down from the previous year. Still, the price tag on these crimes (excluding arson) amounted to $15.8 billion.

We’re sincerely sorry if you were part of these statistics and understand why you may value credit card purchase protection more than the average consumer does.

In truth, protection plans present no real downside for the several reviewed cards that charge no annual fee. Even on cards with the fee, the issuer’s cost to provide protection plan coverage is probably quite low, given the caps in place and the potential ignorance many cardholders have concerning this benefit.

In other words, purchase protection, as well as price protection and extended warranty coverage, is generally useful when you need it, especially after a large purchase.

Research the Best Credit Cards For Purchase Protection

Our review of the best credit cards for purchase protection reveals more uniformity than differences. All the cards are designed for consumers with good credit — there isn’t a secured credit card in the group. If you don’t have other insurance that provides this benefit, purchase protection from your credit card is a worthwhile perk that you’ll be glad to have should you ever need to use it.

Advertiser Disclosure

CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.