You work hard for your money. Then, naturally, you work hard for your purchases.
And that is just enough reason to want to protect your purchases if something happens to them.
An easy way to make sure your investments are safe is to buy them through a credit card that offers purchase insurance.
If you didn’t know the purchase insurance, you could leave great value on the table.
We will review what is available and what credit cards offer what.
Of the 12 different types of credit card insurance, there are 5 that are exclusively for your purchases.
Extended warranty credit card insurance is quite similar to the typical extended warranty that you can get at most retailers for your larger purchases.
It will extend the manufacturer’s warranty for a certain period of time, usually between 1 and 2 years if the original warranty still does not. Generally, they will not extend the warranty of a product that already has at least 2 years.
Almost all American Express, Bank of America and Citi credit cards offer this type of insurance for up to 2 years.
In this way, if you wish to extend your warranty, you can omit the optional protections that the retailer will charge and, instead, return that money to your pocket.
Purchase of protection
This coverage protects almost any purchase you make against accidental damage or loss in a short period of time after making the purchase on your card, usually 90 or 120 days.
Of course, there are limitations: it is better to read the insurance certificate of your credit card in advance to avoid unwanted surprises.
This type of insurance is offered by some, if not all, American Express, Bank of America and Chase credit cards for a maximum of 120 days.
Price protection can be really useful coverage.
The insurance company will reimburse you for the difference in the price of an item you bought on your card if you see that same item advertised elsewhere at a lower price within a set period of time, depending on the credit card.
Usually, this can vary from 60 to 120 days.
For a maximum of 120 days, Barclays and USAA issue credit cards that offer this, with some select Bank of America and Capital One credit cards that also offer it.
Today, our cell phones have become an extension of our bodies, offering much, much more than a means to make phone calls.
They have become portable photo albums, high resolution cameras, address books, phone books, notebooks and more, all in one.
And with Google and the Internet available almost everywhere, these mini computers contain enough information so you never have to open a book again.
Then, of course, these small delicate pieces of machinery are not cheap, and all that is needed is a drop at the perfect angle or a * plop * in your glass of water and everything becomes almost insurmountable.
That’s where mobile device insurance comes in.
To take advantage of this coverage, all you have to do is charge the purchase of your device to your credit card. Or if it was included as part of a plan, you must charge the full monthly payment to your credit card.
If something happens to your cell phone, you know it will be covered.
However, it is important to keep in mind that coverage is generally prorated for a certain period of time, usually 2 years.
The amount of coverage offered is up to $ 600, which is provided by the Barclays and Wells Fargo credit cards.
Return protection provides coverage if a retailer does not accept the return of a product within a certain period of days; Your credit card issuer provides you with a credit on your statement.
American Express, Barclays and Citi issue credit cards that offer this type of coverage.
Similar to purchase protection, there are limitations on what is covered. Check your insurance certificate to see what types of products are covered.
The best credit cards with purchase insurance.
Now that you know what is offered, let’s take a look at some of the best credit cards to buy insurance.
Barclays credit card purchase insurance
The only credit card issuer that offers the 5 types of purchase insurance is Barclays, especially:
American Express credit card purchase insurance
American Express, while excellent for rewards and benefits, offers a little less when it comes to buying insurance.
All your credit cards offer 2 years of extended warranty, 120 days of purchase protection and return protection.
Bank of America credit card purchase insurance
The best Bank of America credit cards to buy insurance are the and the .
- 2 years extended warranty,
- 90 days of purchase protection, and
- 120 days of price protection.
the , On the other hand, it offers:
- 1 year extended warranty,
- 90 days of purchase protection, and
- Return protection
Protect your purchases
Free credit card insurance can be very useful, especially when it comes to expensive purchases, in case something happens.
Accidents always find a way to occur when it is less convenient, and it is always reassuring to know that your items can be protected.
Have you ever had to file an insurance claim through your credit card before?
What type of purchase insurance would be most useful?
Let us know in the comments below.