It’s becoming more common for Gold and Platinum credit cards to offer purchase protection as an included benefit. Some standard credit cards offer the option to purchase credit card purchase protection. So what is purchase protection?
Credit card purchase protection is a guarantee that will protect the purchases made with your card. All credit card purchase protection plans are different, so be sure to read the fine print about this plan as presented by your card issuer. Usually the purchase protection will cover losses incurred by theft, damage or breakage within 90 days of the purchase date. Some cards will have a minimum cost of the purchase in order to qualify for the coverage. There may also be a maximum amount the insurance will cover. There are even some credit card purchase protection programs that will pay for refunds that the retailer will not allow.
Many people have this valuable protection already on their credit cards and are never aware of the fact. This is because they never bother reading the fine print on the terms of their card, nor do they notice it on the computer screen when making an application in that way. These people, in some cases, lose money by not reading the terms of use on the card and suffering losses that they themselves absorb when they could actually be reimbursed. If this type of protection matters to you, be sure to read all fine print having to do with credit card purchase protection.
If the credit card purchase protection plan is going to be a deciding factor as to which card you will choose, be sure exactly what the provisions of the plan are. Again, all credit card purchase protection plans will not be the same. For instance, some cards do not cover laptops or any purchases made on a consumer card for business purposes. Some require a minimum amount to be spent on the item before they will offer the purchase protection. You may want to choose a card that covers a specific area of your concern.
Purchase protection plans may not be perfect and may not protect all situations, but they are a benefit that most people have without realising it. Become aware of your privileges and save yourself some money. Unknowingly by not using your protection plan you may already have thrown money away. If you have a gold or platinum credit card have a look through your terms, conditions, features and benefits and see if you have purchase protection with your credit card.
