Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
It's a worst-case scenario, you dropped your shiny new laptop and the damage isn't covered by the manufacturer's warranty.
However, depending on what credit card you used to make the purchase, you may not be out of luck. Many of the best credit cards come with built-in insurance coverages, including purchase protection.
If your card has purchase protection, you can be reimbursed for damage, loss or theft of items you've recently purchased. But, not all purchase protection benefits are the same — there are different coverage limits and lengths of coverage. It's important to understand how the purchase protection works for the card or cards you have.
Below, CNBC Select details how purchase protection works and the best credit cards with purchase protection, broken down by cards with the highest coverage limits, the longest coverage periods and even cards with purchase protection and no annual fee.
Best credit cards for purchase protection
Best for high coverage limits
Best for long coverage period
Best for no annual fee
Best for high coverage limits
American Express® Gold Card
On the American Express secure site
Rewards
Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year, 3X Membership Rewards® points on per dollar spent on flights booked directly with airlines or on amextravel.com, 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. 1X Membership Rewards® point per dollar spent on all other eligible purchases.
Welcome bonus
Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.
Annual fee
$325
Intro APR
Not applicable
Regular APR
See Pay Over Time APR
Balance transfer fee
N/A
Foreign transaction fee
None
Credit needed
Excellent/Good
See rates and fees, terms apply.
Read our American Express® Gold Card review.
The Platinum Card® from American Express
On the American Express secure site
Rewards
Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases
Welcome bonus
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
Annual fee
$695*
Intro APR
None
Regular APR
See Pay Over Time APR
Balance transfer fee
N/A
Foreign transaction fee
None
Credit Needed
Excellent/Good
See rates and fees, terms apply.
Read our The Platinum Card® from American Express review.
The credit cards with the highest purchase protection coverage limits cover eligible items for up to $10,000 per claim and $50,000 per account. You can be reimbursed for loss or damages up to the original purchase price. Keep in mind, if you need to get something repaired, purchase protection may only cover reasonable repairs at an authorized repair facility, so be sure to contact your card's benefits administrator before getting anything fixed.
- American Express® Gold Card: *Covered 90 days from the purchase date; Up to $10,000 per purchase (up to $500 per purchase for natural disasters) and $50,000 per account. Terms apply.
- The Platinum Card® from American Express: *Covered 90 days from the purchase date; Up to $10,000 per purchase (up to $500 per purchase for natural disasters) and $50,000 per account. Terms apply.
Best for long coverage period
Chase Sapphire Preferred® Card
On Chase's secure site
Rewards
Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, and $50 annual Chase Travel Hotel Credit, plus more.
Welcome bonus
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℠.
Annual fee
$95
Intro APR
None
Regular APR
21.49% - 28.49% variable on purchases and balance transfers
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
None
Credit needed
Excellent/Good
Terms apply.
Read our Chase Sapphire Preferred® Card review.
Ink Business Preferred® Credit Card
On Chase's secure site
Rewards
Earn 3X points per $1 on the first $150,000 spent in combined purchases in select categories each account anniversary year (travel; shipping purchases; internet, cable and phone services; and advertising purchases with social media sites and search engines), 1X point per $1 on all other purchases
Welcome bonus
Earn 90k bonus points after you spend $8,000 on purchases in the first 3 months from account opening. That's $900 cash back or $1,125 toward travel when redeemed through Chase Travel℠
Annual fee
$95
Intro APR
None
Regular APR
21.24% - 26.24% variable
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
None
Credit needed
Good/Excellent
Terms apply.
Read our Ink Business Preferred® Credit Card review.
Chase Sapphire Reserve®
On Chase’s secure site
Rewards
Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025
Welcome bonus
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.
Annual fee
$550
Intro APR
None
Regular APR
22.49% - 29.49% variable
Balance transfer fee
5%, minimum $5
Foreign transaction fee
None
Credit needed
Excellent
Terms apply.
Read our Chase Sapphire Reserve® review.
Credit card purchase protection typically only covers purchases for the first 60 to 90 days. However, the cards with the best coverage period offer protection for 120 days from the purchase date. Most items you buy with an eligible card qualify for purchase protection, including gifts and items bought outside of the U.S. But certain things typically aren't covered, such as perishables, collectibles/antiques, computer software and used/pre-owned items.
- Chase Sapphire Preferred® Card: Covered up to 120 days from the purchase date; Up to $500 per claim and $50,000 per account
- Ink Business Preferred: Covered up to 120 days from the purchase date; Up to $10,000 per claim and $50,000 per account
- Chase Sapphire Reserve: Covered up to 120 days from the purchase date; Up to $10,000 per claim and $50,000 per account
Best for no annual fee
Blue Cash Everyday® Card from American Express
On the American Express secure site
Rewards
3% cash back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%, 3% cash back at U.S. gas stations, up to $6,000 per year, then 1%, 3% cash back on U.S. online retail purchases, on up to $6,000 per year, then 1%. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
Welcome bonus
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
Annual fee
$0
Intro APR
0% intro APR for 15 months on purchases and balance transfers, from the date of account opening
Regular APR
19.24% - 29.99% variable
Balance transfer fee
Either$5or3%of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7%
Credit needed
Excellent/Good
See rates and fees, terms apply.
Ink Business Unlimited® Credit Card
On Chase's secure site
Rewards
Earn 1.5% cash back on every purchase made for your business
Welcome bonus
Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
Annual fee
$0
Intro APR
0% for the first 12 months from account opening on purchases; N/A for balance transfers
Regular APR
18.49% - 24.49% variable
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
3%
Credit needed
Good/Excellent
Terms apply.
Ink Business Cash® Credit Card
On Chase's secure site
Rewards
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 (then 1%);2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year (then 1%);1% cash back on all other purchases
Welcome bonus
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
Annual fee
$0
Intro APR
0% for the first 12 months from account opening on purchases; N/A for balance transfers
Regular APR
18.49% - 24.49% variable
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
3%
Credit needed
Good/Excellent
Terms apply.
Chase Freedom Flex®
Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through Chase Travel℠,3% on drugstore purchases and on dining (including takeout and eligible delivery services),1% cash back on all other purchases
Welcome bonus
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either$5or3%of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either$5or5%of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. Terms apply. Information about the Chase Freedom Flex® has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Read our Chase Freedom Flex® review.
The best credit card perks usually come attached to cards with the highest annual fees. But you can get top-notch purchase protection with a no-annual-fee card.
- Blue Cash Everyday® Card from American Express: Covered 90 days on new purchases from the purchase date; Up to $1,000 per purchase (up to $500 per purchase for natural disasters) and $50,000 per account. Terms apply.
- Ink Business Unlimited® Credit Card: Covered up to 120 days on new purchases from the purchase date; Up to $10,000 per claim and $50,000 per account
- Ink Business Cash® Credit Card: Covered up to 120 days on new purchases from the purchase date; Up to $10,000 per claim and $50,000 per account
- Chase Freedom Flex: Covered up to 120 days on new purchases from the purchase date; Up to $500 per claim and $50,000 per account
How credit card purchase protection works
Credit card purchase protection coverage typically applies to purchases you make with an eligible card. Depending on the card's terms, purchases made using points may also be covered.
Purchase protection covers theft, damage or loss and is secondary coverage, which means it kicks in after other insurance such as homeowners or renters insurance. It's also separate from benefits like extended warranty, which adds time to an original manufacturer's warranty, and return protection, which allows you to extend an eligible item's return policy.
What purchases are covered, how long the coverage lasts and the amount you can be reimbursed all vary depending on the card and/or card issuer. Purchase protection usually only applies for 60 to 120 days after you purchase an item and there are reimbursem*nt limits per claim and account. Some items may not be covered, like perishables, cars, antiques or anything you buy to sell.
To file a purchase protection claim you'll need to contact the card issuer and submit the necessary documentation. Typically, you'll need an itemized receipt, credit statement and police report (if the item was stolen). Once your claim is approved, you'll be reimbursed up to the value of the item or up to your coverage limit, whichever is lower.
Comparing purchase protection benefits
We've outlined the key purchase protection benefit details for the cards included in our list.
Credit card purchase protection benefits
| Credit card | Coverage period | Coverage limit per claim | Coverage limit per account |
|---|---|---|---|
| The Platinum Card® from American Express | 90 days | Up to $10,000 (up to $500 per purchase for natural disasters) | Up to $50,000 |
| American Express® Gold Card | 90 days | Up to $10,000 (up to $500 per purchase for natural disasters) | Up to $50,000 |
| Chase Sapphire Reserve card | 120 days | Up to $10,000 | Up to $50,000 |
| Chase Sapphire Preferred card | 120 days | Up to $500 | Up to $50,000 |
| Ink Business Preferred® Credit Card | 120 days | Up to $10,000 | Up to $50,000 |
| Chase Freedom Flex card | 120 days | Up to $500 | Up to $50,000 |
| Amex Blue Cash Everyday card | 90 days | Up to $1,000 (up to $500 per purchase for natural disasters) | Up to $50,000 |
| Ink Business Cash® Credit Card | 120 days | Up to $10,000 | Up to $50,000 |
| Ink Business Unlimited® Credit Card | 120 days | Up to $10,000 | Up to $50,000 |
FAQs
- How do I get credit card purchase protection?
- Who's covered by credit card purchase protection?
- What items are covered by credit card purchase protection?
- Is there an out-of-pocket cost for purchase protection coverage?
How do I get credit card purchase protection?
To take advantage of purchase protection, you'll need a credit card that has a purchase protection benefit. Any eligible purchase you make with a card that has purchase protection coverage automatically is covered. This can even include gifts and purchases you make outside of the U.S. Typically, cards with higher annual fees have more robust coverage with higher limits or longer coverage periods.
Who's covered by credit card purchase protection?
The primary cardholder and authorized users can typically both take advantage of purchase protection benefits for eligible purchases. This is an especially useful benefit if your card allows you to add authorized users for free.
What items are covered by credit card purchase protection?
The exact inclusions and restrictions vary slightly by card. Generally, most personal property and gifts are covered, which includes items bought outside of the U.S. and items purchased with points associated with the card's rewards program.
Depending on your coverage, there are specific categories of items or situations where your purchase protection won't apply, including:
- Animals
- Living plants
- perishables
- Items bought for resale
- Computer software
- Boats
- Cars
- Medical equipment
- Damage or theft from fraud, abuse or war
- Damage or loss while the item is being shipped
- Damage from normal wear and tear
Is there an out-of-pocket cost for purchase protection coverage?
Purchase protection doesn't have a deductible, but the insurance is secondary. Since it goes into effect after any primary insurance, purchase protection can cover the deductible portion you pay for other insurance coverage.
Read more
Here are the best credit cards for cell phone protection
How does credit card cell phone protection work?
How does credit card travel insurance work?
The best credit cards to use for large purchases
Bottom line
You may open a credit card because of its rewards program, welcome bonus or bonus spending categories, but those aren't usually the only benefits you'll have access to.
Many of the best credit cards have built-in insurance that automatically applies to eligible purchases, including travel insurance, cell phone protection and purchase protection. The top purchase protection plans will reimburse you for damage, loss or theft for 120 days and up to $10,000 per claim.
Understanding all of your credit card's benefits allows you to make sure you're not only earning the most rewards for every purchase but that you're also taking advantage of the best insurance protections.
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*Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they're accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
For rates and fees of the American Express® Gold Card, click here.
For rates and fees of the Platinum Card® from American Express, click here.
For rates and fees of the Blue Cash Everyday® Card from American Express, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
