What is Credit Card Purchase Protection?

Credit Card Purchase Protection: Every product comes with manufacturer’s warranty. You can further get insurance to protect that product for some period. But purchase protection is different than warranty and insurance. When you buy something, you have various payment options. We strongly recommend you to pay with your credit card only. It will make you eligible for credit card purchase protection in future.

Every credit card company provides purchase protection to its card holders. It means your purchase is covered under protection against some unlikely incidents. Your credit card keeps you protected against theft and damage that may happen in some weeks after purchase. If you wish to get the benefit of credit card purchase protection then go through complete information we are sharing here.

What is Credit Card Purchase Protection?

When you buy a product and pay with your credit card, you become eligible for credit card purchase protection. It means you can claim for loss caused by accidental damage or theft within 90 to 120 days of purchase. However, the credit card purchase protection is available on some eligible products only.

Company wise Credit Card Purchase Protection

There are three companies that offer variety of credit cards. You may have credit card(s) from any american bank, but it belongs to one of three brands. American Express, VISA or MasterCard. All the credit cards offer different levels of purchase protection. Let us understand card wise purchase protection details as under:

Particulars CREDIT CARD COMPANY NAME
American Express VISA MasterCard
Credit Card Type for Purchase Protection: All Credit Cards Signature and Infinite Credit Cards Depends on the Issuer of Credit Card
Duration of Credit Card Purchase Protection for New York Residents and Other Users: 90 Days from the Date of Purchase for everyone. 90 Days from the Date of Purchase for everyone. 90 Days from the Date of Purchase for New York Residents.
120 Days from the Date of Purchase for Out of New York Users.
Maximum Payout per Claim: $1000 $10,000 for Infinite Credit Card Users.

$500 for Signature Credit Card Users.

$1000
Maximum Payout in a Year: $50,000 $50,000 $50,000
Time Limit to File Purchase Protection Claim to Credit Card Network/Company: Within 30 Days from Accidental Damage or Theft of Item. Within 120 Days from Accidental Damage or Theft of Item.

Within 90 Days from the Alert of Incident.

Within 180 Days from Accidental Damage or Theft of Item.
Time Period to Get the Claim Amount Credited/Reimbursed: Within 30 Days from Receipt and Review of Purchase Protection Claim. Within 05 Business Days from Receipt and Approve of Purchase Protection Claim. Refer MasterCard Purchase Protection Terms and Conditions.

What is Covered under Credit Card Purchase Protection?

It is important to know what is and what is not covered in credit card purchase protection. Because you should file a claim to your credit card company only if the protection plan covers the incident happened to you. Your Credit Card Purchase Protection covers below incidents:

  • Accidental Damage: Damage happen to the purchased item within given time period.
  • Theft: The Item gets stolen within given time period.

If you face any of the above two incidents within 90 days of purchase, you are eligible to file claim under Credit Card Purchase Protection.

What is Not Covered under Credit Card Purchase Protection?

Any incident, other than accidental damage and theft, is not covered under Credit Card Purchase Protection. Still we will describe some common incidents which often happen with people, but they are definitely not covered.

  • Purchased item is lost by you or your family member.
  • You don’t have the item at present and you don’t remember what happened.
  • Item is intentionally damaged or crushed by somebody.
  • Normal wear and tear happened to item.
  • Item is damaged, but you don’t have it.

Items Not Covered under Credit Card Purchase Protection

Credit Card Purchase Protection is a coverage provided for limited number and type of products. You cannot claim for all that you have purchase using your credit card. Refer our list below to know what items are not included or not covered in credit card purchase protection.

  • Computer Software.
  • Motorized Vehicles.
  • Antique Items.
  • Collectibles.
  • Commercial Items Put on Resale.
  • Pets and Animals.
  • Plants and Perishables.
  • Jewelry and Watches in Checked Baggage.
  • Checks, Gift Cards and Debit Cards.
  • Rented Items.
  • Fire Arms and their Ammunition.

In addition to above, some items under the control of local carrier are also not covered in credit card purchase protection. So you cannot file a claim for any of these items even if they get stolen or damaged within 90 days of purchase.

How to File a Claim for Credit Card Purchase Protection

You need to file a claim to get the benefit of credit card purchase protection. This benefit is available within 90 days for specific items purchased through credit card. If the item gets damaged or stolen, only then you are eligible to file a claim to your credit card company. Here we provide all credit cards contact details to help you file a claim online under credit card purchase protection.

American Express

VISA

MasterCard

Required Documents to File a Claim for Purchase Protection:

You must provide several documents to your credit card company in order to file a claim for purchase protection.

  1. Credit Card Statement showing purchase record of that item.
  2. Original Purchase Receipt that you got from the Store/Seller.
  3. Police Report if the Item is Stolen.
  4. Insurance Claim and Declaration Page if applicable.
  5. Online or Offline Claim Form filled with your personal information.

With all the above documents, you can file a claim for credit card purchase protection to your credit card company.

Updated: April 6, 2019 — 6:24 am

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