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Best Credit Cards for Purchase Protection – Unless you’ve had a recently purchased item lost, damaged, or stolen, chances are you’ve rarely (if ever) thought about purchase protection coverage on your credit card.

Even if you accidentally dropped that new flat-screen TV while trying to mount it on the wall, you’d probably think about making a claim on your homeowner’s insurance policy before using coverage from your credit card.

You’re not alone. Many consumers don’t understand the protection available for eligible items purchased with their credit cards, let alone utilize these benefits.

But there’s no need to go searching for your credit card benefits guide just yet as we’re going to dig into the value of a key protection benefit for eligible items purchased with your card. We’re going to explore purchase protection benefits, including how coverage works, and some of the best credit cards that offer purchase protection.

We’ll review how long your item is covered for and how much you can expect to receive, which items are covered or excluded, and tips for filing a purchase protection claim.

Here’s everything you need to know about the benefits of purchase protection on your credit card.

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How Does Purchase Protection Work?

Purchase protection is coverage that protects qualifying items you’ve purchased with your credit card from theft, damage, or accidental loss. Other terms for this coverage include “purchase security” and “purchase assurance.”

To be eligible for coverage, the item must be purchased in part, in full, or with points earned on your credit card, depending on the card’s specific terms and conditions.

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Coverage is usually in effect for a few months from the date of purchase, and this coverage is normally in excess of any other insurance you might have (including homeowner’s, rental, or automobile insurance).

Protection can include repairing, replacing, or reimbursing you for your loss, depending on how the credit card insurance company decides to settle your claim.

The 7 Best Credit Cards for Purchase Protection — Summary

The Platinum Card® from American Express

The Platinum Card® from American Express Earn 80,000 points after spending $6,000 on purchases in the first 6 months.Annual fee $695 (rates and fees) $10,000 per claim, $50,000 per accountCoverage for 90 days from purchase, pay in full or part and/or with Membership Rewards Points. Terms Apply.

Chase Sapphire Reserve® – Best Credit Cards for Purchase Protection

Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months.Annual fee $550 $10,000 per claim, $50,000 per accountCoverage for 120 days from date of purchase

Chase Sapphire Preferred® Card

Earn 60,000 points after you spend $4,000 on purchases in the first 3 months.Annual fee $95 $500 per claim, $50,000 per accountCoverage for 120 days from date of purchase

The Business Platinum Card® from American Express

Earn 120,000 points after you spend $15,000 on purchases in the first 3 months.Annual fee $695 (rates and fees) $10,000 per claim, $50,000 per accountCoverage for 90 days from purchase, pay in full or part and/or with Membership Rewards Points. Terms Apply.

Ink Business Unlimited® Credit Card – Best Credit Cards for Purchase Protection

BEST OFFER EVER: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months.Annual fee $0 $10,000 per claim, $50,000 per accountCoverage for 120 days from date of purchase

Blue Cash Everyday® Card from American Express – Best Credit Cards for Purchase Protection

Earn up to $150 back when you shop with PayPal. Earn 20% back as a statement credit on purchases when you use your new Card to check out with PayPal at merchants in the first 6 months, up to $150 back. Plus, earn $100 back as a statement credit after you spend $2,000 in purchases on your new Card in the first 6 months.

Annual fee $0 (rates and fees) $1,000 per claim, $50,000 per accountCoverage for 120 days from date of purchase (90 days for New York). Terms Apply.

Chase Freedom Unlimited® – Best Credit Cards for Purchase Protection

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! Annual fee $0 $500 per claim, $50,000 per account Coverage for 120 days from date of purchase.

Final Thoughts – Best Credit Cards for Purchase Protection

For short-term no-cost coverage on a qualifying item, you can’t beat the extra credit card benefit of purchase protection. And the good news is that so many credit cards offer coverage.

Earning rewards for a purchase made on your credit card is great. But if you plan to buy a big-ticket item, check the purchase protection coverage on your card for potential coverage if the item is lost, damaged, or stolen within the first few months of ownership.

By jonathan

I've never been someone who's afraid of taking risks. I'm always willing to try new things and meet new people, so I started a blog as a way to experiment with my writing skills. It started out small, but it was enough to get me interested in blogging professionally, which led me here.