Traveling can be an exciting and enriching experience, but it also comes with its fair share of risks. One of the biggest concerns for travelers is the safety of their purchases, especially when using credit cards in unfamiliar places. That’s where purchase protection comes in.
Purchase protection is a type of credit card benefit that offers coverage for damaged, lost, or stolen items purchased with the card. This can provide peace of mind for travelers, knowing that their purchases are protected in case of any unforeseen circumstances.
In this article, we’ll explore the best credit cards with purchase protection for travelers, so you can make an informed decision when choosing the right card for your next trip.
Why Is Purchase Protection Important for Travelers?
Purchase protection
Travel credit cards and insurance policies offer purchase protection for travelers to keep them safe and secure during trips. This feature helps cover lost, stolen, or damaged items, as well as trip cancellations or interruptions. By using purchase protection, travelers can avoid financial stress and have a more enjoyable travel experience.
Lost or Stolen protection
One benefit of purchase protection is coverage for lost or stolen items like phones, cameras, or wallets. This gives travelers peace of mind knowing they won’t lose everything if something goes missing. It’s especially helpful in crowded or unfamiliar places where theft can happen. Purchase protection also helps travelers replace important items without paying the full cost.
Damage protection
Purchase protection also covers damaged items, such as luggage or electronic devices. Travelers can get reimbursed for repairs or replacements, saving them time and money. They won’t need to find repair services or buy new items on their own. With purchase protection, travelers can relax and enjoy their trip knowing their belongings are protected in case of accidents.
The Best Credit Cards with Purchase Protection for Travelers
Now that we understand the importance of purchase protection for travelers, let’s take a look at some of the best credit cards that offer this benefit.
1. Chase Sapphire Reserve
- Purchase Protection: Covers new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per year.
- Travel Benefits: Includes trip cancellation/interruption insurance, baggage delay insurance, and primary rental car insurance.
- Annual Fee: High, but offset by travel credits and rewards.
The Chase Sapphire Reserve is a premium travel credit card that caters to the needs of frequent travelers looking for extensive travel benefits and robust purchase protection. With its purchase protection feature, the card safeguards new purchases against damage or theft for 120 days, up to $10,000 per claim and $50,000 per year.
The card’s travel benefits include trip cancellation/interruption insurance, baggage delay insurance, primary rental car insurance, and Priority Pass Select membership, offering access to over 1,000 airport lounges worldwide. The annual fee is high, but the card offers an annual travel credit and generous rewards on travel and dining purchases that can offset the fee for active travelers.
2. American Express Platinum Card
- Purchase Protection: Offers protection for purchases against theft, accidental damage, or loss for up to 90 days, with limits up to $10,000 per claim and $50,000 per year.
- Travel Benefits: Provides extensive airport lounge access, hotel benefits, and a comprehensive travel insurance package.
- Annual Fee: High, suited for frequent travelers who can take advantage of the premium benefits.
The American Express Platinum Card is a luxury travel card offering a wide range of premium benefits to enhance travel experiences. Purchase protection on this card covers your new purchases for 90 days against theft, accidental damage, or loss, with limits up to $10,000 per claim and $50,000 per year.
Key travel benefits include access to the Global Lounge Collection, which encompasses various airport lounge networks, complimentary elite status with certain hotel chains, a comprehensive suite of travel insurances, and a generous annual travel credit. The card’s high annual fee is justified by its extensive benefits for those who travel frequently and value luxury travel perks.
3. Chase Sapphire Preferred Card
- Purchase Protection: Provides coverage for 120 days against theft or damage, up to $500 per claim and $50,000 per account.
- Travel Benefits: Includes trip cancellation/interruption insurance, baggage delay insurance, and secondary rental car insurance.
- Annual Fee: Moderate, with valuable rewards and benefits for travelers.
The Chase Sapphire Preferred Card is a popular travel rewards card that offers valuable benefits for a moderate annual fee. It provides purchase protection for 120 days against theft or damage up to $500 per claim and $50,000 per account.
The card also offers a suite of travel insurance benefits, including trip cancellation/interruption insurance, baggage delay insurance, and secondary rental car insurance. Cardholders earn points on travel and dining at restaurants worldwide, which can be redeemed through the Chase Ultimate Rewards program for travel, gift cards, cash back, and more, often with a redemption bonus.
4. The Platinum Card® from American Express
- Purchase Protection: Similar to the American Express Platinum Card, with up to 90 days of coverage for theft, accidental damage, or loss.
- Travel Benefits: Offers global airport lounge access, complimentary hotel status, and extensive travel insurance coverage.
- Annual Fee: High, targeting luxury travelers.
This card is synonymous with the American Express Platinum Card mentioned previously, offering the same purchase protection and premium travel benefits. It is designed for luxury travelers who seek exceptional travel perks such as extensive airport lounge access, complimentary upgrades, and benefits at hotels, and a broad travel insurance package.
The card also offers a statement credit for airline fees and other travel expenses, helping to mitigate the high annual fee for cardholders who make full use of the benefits.
5. Capital One Venture Rewards Credit Card
- Purchase Protection: Offers coverage for items purchased with the card that are lost or damaged within 90 days of purchase.
- Travel Benefits: Earns unlimited 2x miles per dollar on every purchase, with no blackout dates for travel redemption.
- Annual Fee: Reasonable, with a solid rewards program for travelers.
The Capital One Venture Rewards Credit Card is geared towards travelers looking for a straightforward rewards program with flexible redemption options. It offers purchase protection for items that are lost or damaged within 90 days of purchase.
The card earns unlimited 2x miles per dollar on every purchase, and miles can be redeemed for travel expenses, such as flights and hotel stays, without worrying about blackout dates. The annual fee is reasonable, and the card includes travel accident insurance and auto rental collision damage waiver.
6. Citi Prestige® Card
- Purchase Protection: Provides 90 days of protection from the date of purchase against theft and damage, with certain limits per claim.
- Travel Benefits: Includes complimentary 4th night free on hotel stays booked through Citi, along with other premium travel perks.
- Annual Fee: High, designed for frequent travelers seeking luxury benefits.
The Citi Prestige® Card is a premium travel credit card that offers a unique blend of benefits for frequent travelers. Its purchase protection provides 90 days of coverage from the date of purchase against theft and damage. One of the card’s standout features is the complimentary 4th night free on hotel stays booked through Citi, potentially offering significant savings on long stays.
The card also includes priority pass select membership for airport lounge access, a generous annual travel credit, and elevated rewards on dining purchases and travel. The high annual fee is geared towards travelers who can leverage the card’s benefits to their full extent.
How to Make a Claim for Purchase Protection
If you find yourself in a situation where you need to make a claim for purchase protection, here’s what you need to do:
- Contact your credit card issuer as soon as possible. Most issuers have a specific time frame for reporting a claim, so it’s important to act quickly.
- Gather all the necessary documents, such as the original receipt, a police report (if applicable), and any other supporting evidence.
- Fill out the claim form provided by your credit card issuer and submit it along with the required documents.
- Wait for the claim to be processed. This can take anywhere from a few days to a few weeks, depending on the issuer and the complexity of the claim.
- If your claim is approved, you will receive reimbursement for the covered amount.
Tips for Using Purchase Protection
To make the most out of your credit card’s purchase protection benefit, here are some tips to keep in mind:
- Keep all your receipts and documentation in a safe place. These will be crucial when making a claim.
- Familiarize yourself with the terms and conditions of your credit card’s purchase protection benefit. This will help you understand what is covered and what is not.
- Use your credit card for all purchases, especially when traveling. This will ensure that all your purchases are covered under the purchase protection benefit.
- Report any incidents as soon as possible. Most credit card issuers have a time limit for reporting a claim, so it’s important to act quickly.
Other Ways to Protect Your Purchases While Traveling
While purchase protection is a great benefit to have, there are other ways to protect your purchases while traveling. Here are some additional tips:
Keep your valuables safe when traveling by using a money belt or secure bag close to your body. This will help protect important items like your passport and money from theft. Using these items will give you peace of mind knowing your valuables are secure.
Use your travel credit card instead of carrying large amounts of cash while traveling. This lowers the risk of losing a lot of money if your wallet is stolen. Using a credit card also makes it easier to keep track of expenses and report any unauthorized charges to your bank.
Store your credit card in a safe place at all times, like a money belt or hidden pocket. Avoid leaving your card unattended, especially in crowded areas where pickpockets may be present. By being cautious, you can reduce the risk of your credit card being stolen and protect yourself from fraud.
Be aware of your surroundings and avoid crowded areas where pickpockets could target you. Thieves often blend in with the crowd to steal valuables without being seen. Stay alert and steer clear of busy places to decrease the chances of being a victim of pickpocketing and enjoy a stress-free trip.
In Conclusion
Having purchase protection on your credit card can provide peace of mind for travelers, knowing that their purchases are protected in case of any unforeseen circumstances. When choosing a credit card for your travels, be sure to consider the purchase protection benefit and choose a card that offers the best coverage for your needs.
Remember to always read the terms and conditions of your credit card’s purchase protection benefit and follow the necessary steps when making a claim. With these tips in mind, you can shop with confidence and enjoy your travels without worrying about the safety of your purchases.
References
- Furletti, M. J. (2005) discusses the protections available to users of electronic payment vehicles like credit and debit cards against fraud, errors on statements, or disputes with merchants. The paper provides a detailed examination of federal and state laws, as well as association, network, and bank policies that protect consumers in such scenarios (Furletti, 2005).
- In the context of the UK, Turner, M., & Callaghan, D. (2006) highlight the statutory protection extended to credit card purchases, affirming that such protection applies not only to domestic but also overseas purchases. This has significant implications for eCommerce and the security of online transactions with credit cards (Turner & Callaghan, 2006).
