Are you tired of purchasing items only to find them damaged or stolen soon after? You might be wondering if there's a way to better protect the products you buy, without having to do all the work yourself. Well, you're in luck – that's where the best credit cards for purchase protection come in! In this article, we will take a deep dive into this fantastic perk and explore the top credit cards that offer you the protection you need. So, get ready to shop with confidence and secure your purchases like a pro!
Best Credit Cards For Purchase Protection Table of Contents
Why You Should Care About Purchase Protection
What is Purchase Protection?
Purchase protection is a feature offered by many credit card companies that cover the items you buy using their card. This benefit can include reimbursement or replacement of damaged, lost, or stolen goods, and the coverage period typically ranges from 90 to 120 days after the purchase date. However, there are some limitations and exclusions you should be aware of, such as a maximum claim amount per item and per year, and restrictions on specific categories of goods.
Why You Should Care About Purchase Protection
1. Peace of mind: Not having to worry about your new purchase getting damaged or stolen can make the whole shopping experience much more enjoyable.
2. Save money: If something unfortunate does happen to your item, you're not left on the hook to replace it yourself.
3. Maximize benefits: When you're choosing a credit card, it's essential to consider all the additional perks that may come with it. Purchase protection can be invaluable if you ever need it.
The Best Credit Cards for Purchase Protection in 2021
1. Chase Sapphire Preferred Card
- Coverage up to 120 days & $500 per claim
- Offers protection for theft, damage, or involuntary and accidental parting of the purchased item
- Annual fee: $95
2. Goldman Sachs Apple Card
- Coverage up to 120 days & $1,000 per claim
- Covers damage or theft to eligible items purchased with the card
- No annual fee
3. American Express Gold Card
- Coverage up to 90 days & $10,000 per claim (max $50,000 per calendar year)
- Offers protection for theft, damage, or involuntary and accidental parting of the purchased item
- Annual fee: $250
How to Make the Most Out of Your Purchase Protection
1. Keep all documentation: Make sure you retain your receipts and any other relevant paperwork so you can effectively submit a claim.
2. Know your limits: Be aware of the maximum coverage amount and exclusions to avoid potential disappointment.
3. File your claim promptly: You may be required to submit your claim within a set period, so don't delay.
Best Credit Cards For Purchase Protection Example:
Let's imagine you bought a brand-new smartphone using your Chase Sapphire Preferred Card. Unfortunately, after a night out with friends, your phone was stolen! Panic sets in, but then you remember the purchase protection offered by your credit card. You quickly get in touch with Chase, file a claim, and provide the required documentation. After their review, Chase reimburses you up to $500, which helps you replace your stolen smartphone.
Now that you know the ins and outs of purchase protection and the best credit cards offering this benefit, you can shop confidently knowing that your hard-earned money is better protected. Remember to always keep documentation and familiarize yourself with the specific terms and conditions offered by your card. So, go forth and conquer your shopping adventures, armed with the knowledge that Flik Eco is here to guide you every step of the way. If you found this guide helpful, don't forget to share it with your friends and explore our other personal finance content!
