According to a 2023 report by Security.org, 1.7 million packages are stolen or lost in the United States daily, and over 620 million packages disappear annually. A perk like credit card theft protection or purchase protection can prove valuable if you fall victim to package thieves. It covers stolen or damaged items, but you may sometimes be eligible for reimbursement in case the purchased item goes missing. 

Credit card theft protection insurance varies depending on the type of card you have, your card issuer, and your card network. If you’re wondering how to take full advantage of this coverage, this article will guide you.

What Is Credit Card Theft Protection (aka Purchase Protection)?

Credit card theft protection insures your purchased items against theft or accidental damage for a limited time. It covers every eligible item you purchase on your card, and there is no need for extra registration. 

Credit card theft protection is also known as purchase protection, purchase assurance, purchase security, or damage protection. It’s different from price protection, which helps you get the lowest prices for the items you buy. 

It’s also different from extended warranty protection, which adds up to one year to the original manufacturer’s warranty and offers more comprehensive damage protection.

How Does Credit Card Purchase Protection Work?

Credit card purchase protection helps you cover the repairs or replacement of eligible items bought with your credit card. To qualify for purchase protection, you must buy an item with the credit card under which you plan on filing a claim.

Most cards cover items for the first 60–90 days after purchase, but some card issuers like Chase Bank offer protection for up to 120 days with a cap of $500 per claim and $50,000 spent across the card’s lifetime. 

Major credit card networks like Mastercard and Visa have varying purchase protection policies. Understanding your card’s policy tells you how much you’re covered if an incident occurs. Typically, card issuers will not reimburse you for more than the original price you paid.

Some credit card issuers also have a cap on the amount you can get reimbursed per claim and year. In that case, if the amount you lost exceeds the coverage offered, you will not receive the full amount.

To file a claim for purchase protection, visit your card issuer’s website and fill out a claim form or call the claims hotline provided. We’ll discuss in detail how to file a credit card purchase protection claim in the later sections of this article. 

What Does Credit Card Purchase Protection Cover?

Credit card purchase protection covers most of everyday purchases, but it may also have many exclusions. You’ll need to read the terms and conditions and your card issuer’s specific policies to learn what’s eligible. Generally, here’s what you can expect credit card purchase protection to cover:

• Damages—This includes physical harm to an eligible item within a few months of purchase. For instance, if you buy a new iPad and the screen shatters within 60 days, you can file a claim under the purchase protection policy of your card’s network. Filing the claim as soon as possible is important to ensure you enjoy the full benefits of your insurance cover
• Theft of eligible items—You’ll have to prove theft or wrongdoing to use purchase protection coverage to cover stolen items. You’ll also need to file a police report if your item is stolen to provide supporting documentation with your claim form. For example, if you forget your new watch in an Uber, you’ll need to file a police report to get a shot at reimbursement 
• Gifts—Many cards cover gift items you purchase with your credit card, making it a handy perk for holiday shopping. Purchase protection also covers items you buy with points from your rewards credit card
• Lost items—Only a few cards cover items you consider lost. You may not qualify for purchase protection if you don’t recall what happened to the item, i.e., if there was no specific incident, such as theft

What Does Purchase Protection Not Cover?

Credit card purchase protection typically excludes the following items:

• Live animals or plants
• Antiques or collectibles
• Computer software 
• Motor vehicles and their parts 
• Medical equipment
• Perishable items or household items
• Items purchased for resale
• Gift cards, checks, or tickets

Some types of loss or damage could also fall under purchase protection exclusions. They include:

• Items left in plain sight before they were stolen—For instance, if you leave your laptop in a coffee shop and step out to take a call, and it gets stolen, it won’t be covered
• Items lost from a motor vehicle or common carrier—Some cards don’t cover items that go missing from a car, airplane, delivery, or postal service

A Comparison of Credit Card Purchase Theft Protection Across Networks

The major credit card networks—American Express, Mastercard, and VISA—have different policies and offers across their purchase protection programs. This table outlines their respective policies:

Purchase Protection Offer	American Express	Mastercard	VISA
Purchase insurance coverage	Most American Express cards	Depends on the card issuer	Visa Signature and Infinite cards
Length of coverage	90 days from purchase	90–120 days from purchase	90 days from purchase
Max payout per claim	Up to $10,000 depending on the card	Up to $10,000	Up to $10,000 (for specific cards)
Max payout per year	Up to $50,000	Up to $50,000 depending on the card	Up to $50,000
Reimbursement period	30 days after approval	No information	5 days after approval
Time window for filing claims	30 days or ASAP	60 days	90 days

Which Credit Cards Have Theft Protection?

Credit card issuers that offer cards with purchase protection include:

• American Express
• Bank of America
• Chase
• Capital One
• Credit One
• Citibank
• U.S. Bank
• Wells Fargo

Cards designed for people trying to build credit or have poor credit are less likely to have the purchase protection benefit.

How To File a Purchase Protection Claim

It’s important to note that filing a purchase protection claim doesn’t always guarantee approval. For the best chance of receiving your reimbursement, it’s recommended that you file your claim as soon as the item gets stolen or damaged. These are the documents you’ll need to file a claim:

• A copy of your credit card statement showing the purchase
• An itemized receipt from the retailer showing the purchase
• A police report (for theft cases)
• A repair estimate (if the item was damaged)
• A copy of the claim settlement from your primary insurance company
• A copy of the declaration page from your primary insurance
• Any other helpful document to substantiate your claim

Contact Details for Each Major Card Network

File a purchase protection claim using the contact details for your card network below:

Card Network	Phone Number	Website To Visit
VISA	888-221-3289	Card Benefit Services
American Express	800-228-6855	American Express US
Mastercard	636-722–8883	My Card Benefits

Taking action and contacting your card issuer using the numbers above is crucial in recovering your funds. 

Is There Credit Card Insurance for Fraud?

Even though credit card purchase protection offers valuable insurance coverage, such as zero-liability policies, there are other steps you can take to bolster your financial security.

Criminals have been known to also steal checks, financial documents, and credit card information, leaving your data compromised. With the data gathered, they may commit various types of credit card fraud, including identity theft and account takeover, or even drain your financial accounts. 

Exposure to your personal financial information during a fraud incident may have long-lasting effects on all your financial accounts, even those not linked to your credit card.