Best Credit Cards That Offer Purchase Protection

Have you ever purchased something to have it break a few weeks later? To make matters worse, you realize you didn’t buy the warranty. This is why you should know about purchase protection. Purchase protection is a benefit many (but not all) credit cards offer. While it’s not the most exciting benefit, it does come in handy sometimes and can save you both money and frustration.

Learn more about this benefit below along with a list of some of the best credit cards that offer purchase protection.

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What Is Purchase Protection?

Purchase protection covers a purchase made with your credit card that is damaged or stolen usually within the first 90 days (sometimes 120 days). You can either get the item repaired or replaced or get a reimbursement, depending on the policy and the credit card issuer.

Not every credit card offers purchase protection, and for those that do, terms can vary. Some cards offer up to $10,000 per loss, $50,000 per cardholder, and some only $1,000 or even $500 per loss. Make sure you check your credit card agreement and benefits guide to see what your card offers and how to file a claim.

Best Credit Cards That Offer Purchase Protection

Many Chase cards offer purchase protection, as well as all American Express cards. With Capital One, it depends on the network. Visa Signature, Visa Business Signature, Mastercard World, and World Elite cards offer purchase protection.

Below is a list of our favorite credit cards with purchase protection. We chose these cards because they have the best rewards and benefits for either no or a low annual fee.

Chase Freedom Unlimited®

Chase Freedom Unlimited® offers a bonus, decent rewards, a 0% introductory APR offer, and purchase protection. For no annual fee, this card is a great choice.

Rewards:

1.5% cash back

On all other eligible purchases

Earn 1.5% cash back on all other purchases

3% cash back

Drugstores

Earn 3% on drugstore purchases

3% cash back

Dining

Earn 3% cash back on dining at restaurants, including takeout and eligible delivery services

5% cash back

Travel

5% cash back on all travel purchased through Chase Travel(SM)

Welcome Offer: Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.
0% Intro APR: Get 0% intro APR on purchases for 15 months and on balance transfers for 15 months, then a variable APR of 20.49% - 29.24%.
Annual Fee: $0
Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account. These benefits are available when you use your card. Restrictions, limitations, and exclusions apply. Most benefits are underwritten by unaffiliated insurance companies who are solely responsible for the administration and claims. There are specific time limits and documentation requirements. Once your account is opened you will receive a Guide to Benefits, which includes a full explanation of coverages.

Read our Chase Freedom Unlimited® Review

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card shows up on a lot of “Best credit card” lists for many reasons. You get a generous welcome bonus, terrific ongoing rewards, and some nice benefits including purchase protection. The purchase protection window lasts 120 days, which is longer than most.

Rewards:

1x points

On all other eligible purchases

1x points on all other purchases

2x points

Travel

2x points on all other travel purchases

3x points

U.S. supermarkets

Earn 3x points on online groceries (excluding Target, Walmart and wholesale clubs)

3x points

Streaming services

Earn 3x points on select streaming services

3x points

Dining

3x points on dining

5x points

Travel

5x points on travel purchased through Chase Travel(SM)

Welcome Offer: 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 Travel℠.
0% Intro APR: None
Annual Fee: $95
Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account. These benefits are available when you use your card. Restrictions, limitations, and exclusions apply. Most benefits are underwritten by unaffiliated insurance companies who are solely responsible for the administration and claims. There are specific time limits and documentation requirements. Once your account is opened you will receive a Guide to Benefits, which includes a full explanation of coverages.

Read our Chase Sapphire Preferred® Card Review

Prime Visa

The Prime Visa is a must-have if you shop often on Amazon and you’re already an Amazon Prime member. You do need a membership to qualify for this card. But you can get 5% cash back on your Amazon purchases and purchase protection.

Rewards:

1% cash back

On all other eligible purchases

Earn unlimited 1% back on all other purchases.

2% cash back

Dining

Earn unlimited 2% back at restaurants.

2% cash back

Gas

Earn unlimited 2% back at gas stations.

2% cash back

Transit

Earn unlimited 2% back on local transit and commuting (including rideshare).

5% cash back

Select Categories

Earn unlimited 5% back at Amazon.com, Amazon Fresh, Whole Foods Market with an eligible Prime membership.

5% cash back

Travel

Earn unlimited 5% back on Chase Travel purchases with an eligible Prime membership.

10% cash back

Select Categories

Eligible Prime cardmembers earn 10% back or more on a rotating selection of items and categories on Amazon.com.

Welcome Offer: Get a $100 Amazon Gift Card instantly upon approval exclusively for Prime members
0% Intro APR: None
Annual Fee: $0
Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account. These benefits are available when you use your card. Restrictions, limitations, and exclusions apply. Most benefits are underwritten by unaffiliated insurance companies who are solely responsible for the administration and claims. There are specific time limits and documentation requirements. Once your account is opened you will receive a Guide to Benefits, which includes a full explanation of coverages.

Read our Prime Visa Review

Blue Cash Preferred® Card from American Express

Blue Cash Preferred® Card from American Express is a great all-around card. It has a welcome offer, 6% cash back on groceries and streaming services, plus other elevated rewards. American Express has great customer service and great protection benefits, according to Reddit.

Rewards:

1% cash back

On all other eligible purchases

1% cash back on all other eligible purchases

3% cash back

Gas

3% cash back at U.S. gas stations

3% cash back

Transit

3% cash back on transit, such as taxis, rideshare, parking, tolls, trains and buses

6% cash back

U.S. supermarkets

6% cash back on groceries up to $6,000 per year in purchases at U.S. supermarkets, then 1%

6% cash back

Streaming services

6% cash back on select U.S. streaming subscriptions

Welcome Bonus: Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
0% Intro APR: Get 0% intro APR on purchases for 12 months and on balance transfers for 12 months, then a variable APR of 19.24% - 29.99%.
Annual Fee: $0 intro annual fee for the first year, then $95.
Purchase Protection: Up to 90 days from the date of the covered purchase, up to $1,000 per covered purchase, up to $50,000 per calendar year per eligible card. See policy.

Read our Blue Cash Preferred® Card from American Express Review

Chase Slate Edge

Chase Slate Edge has no annual fee and offers $500 in purchase protection per claim. You also get 0% introductory APR on purchases for the first 18 months, so you won’t pay any interest on that new purchase. And you can lower your APR by 2% a year.

Rewards: None

Welcome Offer: None
0% Intro APR: Get 0% intro APR on purchases for 18 months and on balance transfers for 18 months, then a variable APR of 20.49% - 29.24%.
Annual Fee: $0
Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account. These benefits are available when you use your card. Restrictions, limitations, and exclusions apply. Most benefits are underwritten by unaffiliated insurance companies who are solely responsible for the administration and claims. There are specific time limits and documentation requirements. Once your account is opened you will receive a Guide to Benefits, which includes a full explanation of coverages.

Read our Chase Slate Edge Review

American Express® Gold Card

The American Express® Gold Card is more expensive than some of the cards on this list. However, you get a slew of benefits and credits for that fee. You get a hearty welcome offer (which you get 6 months to earn: twice as long as most credit card companies), and the purchase protection covers you up to $10,000.

Rewards:

1x points

On all other eligible purchases

1x points on all other eligible purchases

3x points

Airfare

3x points on flights booked directly with airlines or on amextravel.com

4x points

U.S. supermarkets

4x points at U.S. supermarkets on up to $25,000 in purchases per year.

4x points

Dining

4x points at restaurants worldwide, plus takeout and delivery in the U.S.

Welcome Offer: Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
0% Intro APR: None
Annual Fee: $250
Purchase Protection: Up to 90 days from the date of the covered purchase, up to $10,000 per covered purchase, up to $50,000 a calendar year per eligible card. See policy.

Read our American Express® Gold Card Review

Best Business Cards with Purchase Protection

Ink Business Cash® Credit Card

Ink Business Cash® Credit Card offers a generous welcome bonus and up to 5% cash back on purchases. You can get employee cards at no added cost, and the purchase protection covers you for 120 days.

Rewards:

1% cash back

On all other eligible purchases

2% cash back

Dining

Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.

2% cash back

Gas

Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.

5% cash back

Select Categories

Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year

Welcome Offer: Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening.
0% Intro APR: Get 0% intro APR on purchases for 12 months, then a variable APR of 18.49% - 24.49%.
Annual Fee: $0
Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account. These benefits are available when you use your card. Restrictions, limitations, and exclusions apply. Most benefits are underwritten by unaffiliated insurance companies who are solely responsible for the administration and claims. There are specific time limits and documentation requirements. Once your account is opened you will receive a Guide to Benefits, which includes a full explanation of coverages.

Read our Ink Business Cash® Credit Card Review

Ink Business Unlimited® Credit Card

Ink Business Unlimited® Credit Card is another great no-annual fee option for small business owners seeking purchase protection. You get a great signup bonus, 0% intro APR on purchases for the first 12 months, and employee cards at no cost.

Rewards:

1.5% cash back

All eligible purchases

1.5% cash back on all eligible purchases with no limits to the amount you can earn

Welcome Offer: Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.
0% Intro APR: Get 0% intro APR on purchases for 12 months, then a variable APR of 18.49% - 24.49%.
Annual Fee: $0
Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account. These benefits are available when you use your card. Restrictions, limitations, and exclusions apply. Most benefits are underwritten by unaffiliated insurance companies who are solely responsible for the administration and claims. There are specific time limits and documentation requirements. Once your account is opened you will receive a Guide to Benefits, which includes a full explanation of coverages.

Read our Ink Business Unlimited® Credit Card Review

How Does Purchase Protection Work?

You don’t have to enroll in anything to get the benefits of purchase protection. However, purchase protection offered by credit card companies is secondary coverage. That means if the damaged or stolen item is covered by a warranty or you bought it at a store with a return policy that covers damage, you must pursue those avenues first. This includes things like renter’s insurance and homeowner’s insurance. If someone broke into your house and stole your new TV, your credit card company will only cover what your homeowner’s policy doesn’t.

You must purchase the item with the credit card that offers purchase protection. Credit card company’s policies vary, but you’ll need a receipt and the billing statement listing the purchase.

If you are claiming your item was stolen or vandalized, you may need to submit a police report as well.

Common Purchase Protection Exclusions

Not everything is covered by purchase protection. Some common exclusions include (but are not limited to):

Live animals and/or plants
Anything covered under a manufacturer’s warranty
Damaged through alteration or modification of any kind
Antiques
Artwork
Furs
Previously owned items
Land or buildings
Downloadable services, software, firmware, or computer programs
Traveler’s checks
Tickets
Rare coins

This is a partial list. Read your credit card agreement for the full list of what is covered and what is excluded.

Price Protection vs. Purchase Protection

Price protection is when you buy something with your credit card and then the item goes on sale or the price drops within the first few months. The credit card issuer can refund you the difference.

While price protection used to be a common benefit offered by many credit cards, it’s becoming extremely difficult to find. Many credit card companies dropped it altogether.

Price protection does not cover an item that is damaged or stolen, while purchase protection does.

FAQS

Does purchase protection cover lost items?

Some premium credit cards from American Express offer purchase protection for lost items when you use your Eligible Card for Covered Purchases. These credit cards include The Platinum Card® from American Express, Delta SkyMiles® Reserve American Express Card, Hilton Honors American Express Aspire Card, Marriott Bonvoy Brilliant® American Express® Card, Marriott Bonvoy Bevy™ American Express® Card, The Business Platinum Card® from American Express, and Delta SkyMiles® Reserve Business American Express Card. Coverage is up to $10,000 per occurrence, $50,000 per calendar year. You can find the Purchase Protection policy for each American Express Credit Card here.

How do you claim purchase protection on a credit card?

Read through your credit card benefits guide for a phone number to call or a web address to begin filing a claim online. You can usually find this easily online when you log into your account. Your benefits guide should explain what is covered and what is excluded. You’ll also see the terms including how long you have to file a claim, usually, it’s up to 90 days. You’ll likely need a receipt for the item you’re filing a claim for so have that ready. A printout of your credit card statement showing the purchase should also work.

Stolen items may require a police report filed within 48 hours of the theft. Lastly, don’t throw away damaged items since you might have to send them somewhere as part of the claim process.

Is purchase protection free?

If your credit card offers purchase protection, it is a free benefit for you. However, items are only covered up to a certain amount. Be sure to read through your benefits guide for terms and restrictions.

Also read: Best Credit Cards for Big Purchases

Bottom Line

Purchase protection is one of those benefits you might not realize you need until you do. Credit cards that offer this benefit can save you a lot of frustration and money if your brand-new PS5 stops working for no reason. You’ll be on your way to peace of mind before you know it.