What You Need to Know About Chase Purchase Protection

Chase purchase protection is a super valuable cardholder benefit that you’ll want to know about.
5 minute read | 5/16/19May 16, 2019
calling to bank for purchase protection

Chase credit cards often make the list of best credit cards because they offer many cardholder perks. Purchase protection is one such benefit that comes with all Chase credit cards, but the level of protection varies depending on which card you select.

Purchase protection is great for consumers because it helps you to avoid losses on expensive products bought with your Chase card or Chase rewards points. But it’s helpful to understand how this program works and to know what level of protection your card provides. This guide can help.

How does Chase purchase protection work?

Chase’s purchase protection program offers coverage for eligible items purchased with your Chase card or Chase rewards points. The cardholder is entitled to this protection, and so are those who receive gifts bought with an eligible Chase card.

Property that is damaged, stolen, or parted with involuntarily or accidentally may be covered by this program. The item must have been stolen, damaged, or lost within 120 days from the time it was purchased. Additionally, the cardholder is required to provide notice to the Chase Benefit Administrator within 90 days of the time the loss, damage, or theft occurs.

The exact amount of coverage you’re entitled to will depend on which credit card you have. Some cards provide purchase protection for up to $500 per claim and others provide up to $10,000 worth of coverage per claim. There’s also an aggregate limit on how many claims you can make over the year.

Chase is not the only issuer that offers purchase protection, and you can likely find other credit cards that offer purchase protection in similar amounts. The Bank of America Premier Rewards card, for example, provides up to $10,000 in coverage for theft or damage of items within 90 days of purchase.

However, purchase protection is a valuable perk that may help justify paying an annual fee for a premium Chase card, since buying insurance for high-value products such as cell phones could run you upwards of $30 per month, even with hefty deductibles.

Which Chase cards offer purchase protection?

All Chase cards provide purchase protection, but the level of protection varies based on your card. For example, both the Chase Sapphire Preferred and Sapphire Reserve are among many Chase cards that have different claim limits.

Look at your card member agreement to check the specific limit on your claims. This table also shows coverage limits for different Chase cards.

$500 Per Claim Limit

$10,000 Per Claim Limit

What items are (and aren’t) eligible?

Chase purchase protection covers eligible personal property up to the claim limit. Personal property can include most of the items you buy for yourself or your home, such as:

  • Personal care items
  • Clothes
  • Electronics
  • Furniture

However, certain items are often not covered, including:

  • Computer software
  • Used items
  • Collectibles
  • Antiques
  • Motorized vehicles including boats, cars, and aircrafts
  • Items you buy to resell
  • Items purchased for professional or commercial use

This coverage is provided on an “excess” basis and doesn’t duplicate other insurance you may have, such as renter’s or homeowner’s coverage. You can’t receive more in compensation than the recorded purchase price, and when the item is part of a set, you receive only the proportionate part of the set’s aggregate purchase price.

How do I file a purchase protection claim?

To file a purchase protection claim, there are a few key steps you need to take:

  • File a police report within 48 hours of the theft of any item you plan to make a claim for.
  • Provide notice to the Benefit Administrator within 90 days of the loss, damage, or theft.
  • Your Benefit Administrator will ask for some preliminary details and will send the appropriate claim forms.
  • You must complete the forms sent by the Benefit Administrator within 120 days from the date of loss, theft, or damage.
  • Submit required documentation. You may be asked to provide proof of your claim, including things like your credit card receipt; an itemized store receipt; a copy of your police report; a copy of any applicable insurance declarations page; documentation of any other settlement funds received; and other documentation required by the Benefit Administrator.
  • A claim file will be opened and stay active for six months.

If you’re making a claim for a damaged item, you may also need to send the broken item, at your expense, to the Benefit Administrator reviewing your case.

If you have other insurance coverage that may apply, such as homeowner’s insurance, Chase will require you to submit a claim to your primary insurer first. You must provide a copy of your claim form sent to your insurer, along with a copy of any claims settlement. Chase will pay only uncovered or excess losses.

How will I be reimbursed?

Your Benefit Administrator will determine how to reimburse you. There are a few possible options:

  • The damaged item may be repaired, rebuilt, or replaced.
  • You may be reimbursed for the dollar amount of the item, up to purchase protection limits. The maximum you can be reimbursed is the purchase price minus any shipping and handling charges.

If you only charged part of the purchase to your Chase account, you will not be reimbursed for more than the amount you put on your card.

If your claim hasn’t been fully substantiated within six months of the date of the damage, your claim will be closed, and no payment will be made.

Chase purchase protection is a valuable cardholder benefit

As you can see, Chase Purchase Protection is a valuable benefit — but there are limitations on the compensation you can receive, especially if you have other insurance. Be sure you understand this perk fully so you can take advantage of the chance to make a claim if you buy something on your Chase card and the purchase goes wrong.

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