Updated on July 18, 2023
Purchase Protection is a valuable benefit that provides insurance coverage for eligible purchases made using a specific card. This coverage extends to protect the cardholder against various unfortunate incidents, including damage, loss, or theft caused by fire or theft up to a predetermined monetary limit. If a covered item is damaged, such as through accidental drops or mishaps, the Purchase Protection policy will provide financial reimbursement or a replacement item. Similarly, if a purchased item is lost due to fire or theft, the policy will also cover the associated expenses, allowing the cardholder to recover the value of the item.
Understanding Purchase Protection
The coverage provided by Purchase Protection is typically applicable for a specified period, usually ranging from 90 to 120 days from the date of purchase. This duration may vary depending on the card issuer and the specific terms and conditions of the Purchase Protection policy.
To make use of this benefit, the cardholder will need to gather the necessary documentation, including the original purchase receipt, to support their claim. In the case of theft, a police report may also be required as evidence of the incident.