The Chase purchase protection feature is a must-know for cardholders. There are a lot of incentives for cardholders with Chase credit cards, which is why they’re regularly included in the top credit cards list. All Chase credit cards offer some form of purchase protection, however, the degree of protection varies from card to card.
Customers who use Chase credit cards or Chase reward points might benefit from purchase protection since it protects them from losing money on purchases of high-priced goods. But it’s important to know how this program works and how much protection your credit card offers. This guide is here to help.
How does Chase purchase protection work?
Purchases made with Chase credit cards or reward points are protected under the company’s purchase protection program. The cardholder and individuals who receive gifts purchased with an approved Chase card are both entitled to this protection.
This program may provide coverage for lost, stolen, or damaged property that was given away inadvertently or unintentionally. Within 120 days after purchase, the item must have been stolen, damaged, or lost. If the cardholder notices a loss, damage, or theft, they must notify Chase Benefit Administrator within 90 days after the incident.
Depending on your credit card, you may be eligible for additional coverage. Some credit cards pay up to $500 per claim, while others cover up to $10,000 per claim, depending on the policy. The total number of claims you may make in a year is likewise capped.
A surprising number of the greatest reward credit cards have this perk as well. Other credit card issuers may provide purchase protection in the same or greater levels than those offered by Chase. As a case in point, the Bank of America Premier Rewards card gives up to $10,000 in coverage for things stolen or damaged within 90 days of purchase.
Chase credit cards come with purchase protection, which is a beneficial advantage that may justify the annual charge, because purchasing insurance for high-value purchases like mobile phones may cost up to $30 per month, even with big deductibles.
Which of your Chase credit cards offers purchase protection?
Purchase protection is available on all Chase cards, although the amount of protection varies depending on your card. All Chase cards include purchase protection. Some of the Chase credit cards have differing claim limitations, such as the Sapphire Preferred and Sapphire Reserve.
You may examine your credit card agreement to see how much you can claim in a given period of time. In addition, the coverage limitations for several Chase cards are shown in this table.
$500 Per Claim Limit
- AARP Credit
- Aer Lingus Visa Signature
- Amazon Rewards Visa Signature
- British Airways Visa Signature
- Chase Freedom
- Chase Freedom Unlimited
- Chase Sapphire Preferred
- Chase Slate
- Disney Premier Visa
- Disney Visa
- Iberia Visa Signature
- IHG Rewards Club Premier
- Marriott Bonvoy Boundless
- Southwest Rapid Rewards Plus
- Southwest Rapid Rewards Priority
- Southwest Rapid Rewards Premier
- Starbucks Rewards Visa
- The World of Hyatt Credit Card
- United TravelBank
$10,000 Per Claim Limit
- Chase Sapphire Reserve
- Ink Business Cash
- Ink Business Preferred
- Ink Business Unlimited
- Southwest Rapid Rewards Premier Business
- United Explorer
- United MileagePlus Club
- United Explorer Business
What is and isn’t allowed?
Personal property purchased with a Chase credit card is eligible for purchase protection. There are a number of objects that fall under the category of “personal property,” such as:
- Personal care items
The following elements, on the other hand, are frequently left out of insurance policies:
- Software for a computer
- Recycled things
- Boats, automobiles, and aircrafts are all examples of motorized vehicles.
- Purchases for resale
- Commercial and business-related purchases
If you already have other types of insurance, like renters or homeowners, this one is an “add-on.” If the item is part of a set, you will only be compensated for a fraction of the total purchase price of the set, not the whole purchase price.
How can I make a claim to purchase insurance?
There are a few procedures you must follow in order to make a purchase protection claim:
- Police reports must be filed in the first 48 hours after an item is stolen so that it may be claimed.
- Within 90 days following the incident, notify the Benefit Administrator.
- Your Benefit Administrator will contact you to gather some basic information before sending you the necessary claim paperwork.
- Within 120 days of the loss, theft, or damage, you must return the paperwork to the Benefit Administrator.
- Send in all necessary paperwork. It is possible that the Benefit Administrator may ask for proof of your claim, including items like your credit card receipt, an itemized store receipt, a copy of your police report and any applicable insurance declarations page.
- For six months, a claim file will be started and maintained.
As part of your claim, you may also be required to mail the damaged item to the Benefit Administrator who is examining your case at your own expense. First, if you have additional insurance coverage, such as homeowners, Chase will ask you to make a claim to your main insurer. Your insurance company will need a copy of your claim form and any settlements you’ve received. Expenses that are not covered by insurance will not be reimbursed by the bank.
How will I be reimbursed?
The method through which you’ll be reimbursed will be decided by your Benefits Administrator. One or more of the following are viable choices:
- It is possible to fix, rebuild, or replace the damaged object.
- Up to the purchase protection limitations, you may be paid for the item’s monetary value. The most you’ll get back is the cost of the item less any shipping and handling fees.
Only the amount you put on your card will be repaid if you only charged a portion of the purchase to your Chase account. An insurance company will deny any claim for damages that have not been completely established within six months of the incident.
Chase purchase protection is a valuable cardholder benefit
To put it another way, Chase Purchase Protection can be quite useful—but it has a number of limits, especially if you already have other insurance. If you use your Chase card to make a transaction and something goes wrong, you may be able to lodge a claim if you are aware of this benefit.