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
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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 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.
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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.
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
The Platinum Card® from American Express
On the American Express secure site
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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
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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.
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit Needed
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
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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.
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Welcome bonus
Get up to $1,050 in Chase TravelSM value. Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. That’s worth $750 when redeemed through Chase Travel. Plus, get up to $300 in statement credits on Chase Travel purchases within your first year.
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Annual fee
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Intro APR
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Regular APR
20.99% – 27.99% variable on purchases and balance transfers
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Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
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Foreign transaction fee
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Credit needed
Ink Business Preferred® Credit Card
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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
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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℠
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
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Foreign transaction fee
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Credit needed
Chase Sapphire Reserve®
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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
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Welcome bonus
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
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.
Best for no annual fee
Blue Cash Everyday® Card from American Express
On the American Express secure site
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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.
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Welcome bonus
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
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Annual fee
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Intro APR
Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 18.74% to 29.74% variable APR.
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Regular APR
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Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
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Credit needed
Ink Business Unlimited® Credit Card
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Rewards
Earn 1.5% cash back on every purchase made for your business
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Welcome bonus
Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
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Annual fee
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Intro APR
0% for the first 12 months from account opening on purchases; N/A for balance transfers
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Regular APR
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Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
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Foreign transaction fee
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Credit needed
Ink Business Cash® Credit Card
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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
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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
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Annual fee
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Intro APR
0% for the first 12 months from account opening on purchases; N/A for balance transfers
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Regular APR
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Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
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Foreign transaction fee
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Credit needed
Chase Freedom Flex®
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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
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Welcome bonus
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
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Annual fee
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Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
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Regular APR
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Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
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Credit needed
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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.
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.
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 reimbursement 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.
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
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?
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.
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.
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.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards for purchase protection.
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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.
