Purchase protection can be found on more than a few credit cards, so here’s our list of the best choices currently available, and which one might be right for you.
Some items are excluded from the coverage, such as pre-owned items, antiques, boats and a few others. You’ll find that most protection plans cover you for up to either 90 or 120 days from the date of purchase, and between $500 to $10,000 per item. The coverage varies drastically between credit cards and not every card has it, so it’s important to understand the exact terms of your card prior to making an expensive purchase.
But how does it work?Ĭredit card purchase protection will reimburse you if an item you buy with your card is stolen or accidentally damaged shortly after purchase by either repairing or replacing the item. This little-known benefit of many credit cards can cover you in the event an item that you buy - whether you made the purchase for yourself or someone else - has a little misadventure soon after you purchase it. A travesty, yes, but fortunately if you used the right credit card, your purchase may be protected. You purchase a brand new camera for an upcoming trip and within just a few days, it falls to the ground and breaks.
Enrollment may be required for select American Express benefits and offers. Terms apply to American Express benefits and offers. We may receive a commission through our affiliate partners if you apply and are approved for a product, but our reporting is always independent and objective. CNN Underscored reviews financial products based on their overall value.
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