Chase Purchase Protection: What it is and Why it's So Valuable

Chase purchase protection is a super useful cardholder benefit that you’ll want to know about.
12/5/19 | By Christy Rakoczy
calling to bank for purchase protection

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Chase 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.

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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.

FAQs about Chase purchase protection

What is Chase purchase protection?

This is a benefit provided to Chase customers. Purchase protection guarantees the repair, reimbursement, or replacement of an item purchased with an eligible Chase card that has been stolen or damaged. Items may also have been purchased with Chase rewards points and the theft or damage has to occur within 120 days of purchase.

What credit card has the best purchase protection?

This is really a personal preference as to how much purchase protection you want out of your credit card. Most purchase protection benefits have similar parameters about what’s covered and how to file claims. The amount covered is what varies most.

For example, the Chase Sapphire Preferred card has a $500 maximum payout per claim and a $50,000 limit for each account. The Chase Sapphire Reserve and Platinum Card from American Express both have a $10,000 limit per claim and $50,000 limit for claims per year.

Which Chase cards have purchase protection?

Chase offers 27 cards with purchase protection benefits, including:

  • Chase Freedom
  • Chase Freedom Unlimited
  • Chase Sapphire Preferred
  • Chase Sapphire Reserve
  • Chase Slate

Check out the full list in the article above.

What is Chase price protection?

This was a benefit offered to cardholders that was discontinued in August 2018. It enabled customers to file a claim with Chase for reimbursement of the difference in price should they find a product they purchased with their card advertised for less than they paid.

What’s the difference between price and purchase protection?

With price protection, you get reimbursed for the difference between the price you paid for something and a sale price that comes up after you’ve made the purchase. For example, say you bought a TV for $250 last Tuesday. A week later, you find the exact same TV on sale for $200 in an advertisement that came to your mailbox. You could file a claim with your credit card company to be reimbursed the $50 difference.

With purchase protection, you can file a claim to have the value of a product you purchased with your card reimbursed if the item was stolen or damaged. The reimbursement may come as actual money, a replacement product, or as a repair.

Do debit cards offer purchase protection?

Generally, purchase protection is offered by credit cards, not debit cards. Visa only offers identity theft protection with no liability for fraudulent purchases on debit cards it services. Mastercard has three levels of debit cards, and it’s only the highest one — the World Debit Mastercard — that provides purchase protection.

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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