Purchase Protection

Purchase Protection Comparison Across Major Networks

While most major credit card networks offer purchase protection, the name of the feature may differ by company. The differences can impact the time credit card users have to submit claims, the length of time their purchase is covered and claim limits. For example, Mastercard calls it “purchase assurance,” while Visa refers to it as “purchase security.” We outline the differences across purchase protection programs by each card network in the table below. It’s worth noting that purchase protection serves as secondary coverage, meaning you must first file a claim with your primary insurance. For example, if you have renter’s insurance, your credit card’s purchase protection will serve as secondary coverage. If someone breaks into your apartment and steals your laptop, then purchase protection will only cover the remaining difference.

 

 

	American Express	Mastercard	VISA
Credit cards covered by purchase protection	Most American Express cards	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 (certain cards allow up to 120 days)
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 15 days after claim is approved
How long do you have to file a claim?	30 days or as soon as reasonably possible	Within 90 days	Within 90 days

 

American Express Purchase Protection

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 personal cards. The maximum payouts will depend on the card, but the top cards offer up to $10,000 per claim and 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. 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. Terms apply to American Express credit card offers. See americanexpress.com for more information.

 

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 to see if purchase protection is available.

Similar to American Express, Mastercard’s purchase protection will cover your item up to 90 days from the purchase date. However, the individual claim limit is lower — you’ll receive up to $1,000 per claim or $50,000 per year. From the incident date, you have an additional 90 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 or $50,000 maximum 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. 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, we 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. Meanwhile, some card issuers don’t offer purchase protection at all. The following table breaks down the credit card issuers that offer purchase protection — and if applicable, the cards come with this benefit.