Top Credit Cards for Purchase Insurance

by RateHub.ca August 7, 2015 / No Comments

You can earn rewards or cashback when using your credit card, but did you know that some cards offer purchase insurance that helps you save money?

If you’ve ever bought an item, used it, and then spotted it at another retailer for a cheaper price, you’ve probably felt annoyed paying extra for an item when you didn’t have to. Avoid experiencing that annoyance again with aid from your price protection coverage that helps cover the price difference of items for a certain period of time. Also, protect your investment into the item with the card’s extended warranty and don’t fret as much if it’s stolen or damaged since these cards also offer security coverage insurance that will cover the cost of repairs or buying a replacement.

* To compare the best purchase insurance credit cards, we ranked them according to the maximum coverage offered.

  1. Capital One Aspire Travel World Elite MasterCard
  • Price protection coverage for price differences of up to $100 per item for a maximum of $500 per calendar year within 60 days of purchase
  • Automatic purchase assurance coverage against theft, loss, or damage anywhere in the world for 120 days from the date of purchase
  • Extended warranty coverage automatically doubles the original manufacturer’s warranty of up to two years
  • Maximum lifetime liability of $60,000 per account for purchase assurance and extended warranty coverage

Say goodbye to the days of waiting for items to drop in price by $20 or more thanks to the price protection coverage that comes with a Capital One Aspire Travel World Elite MasterCard. When you buy an item in Canada with your Capital One credit card and its price drops within 60 days, price protection will cover the difference between $10 and $100 per item. The card’s extended warranty stands out since it doubles the warranty coverage for up to two years. The card’s purchase assurance will also replace or repair an item for a longer period of time of 120 days after the purchase date.

  1. Scotiabank Gold American Express
  • Price protection coverage for price differences of up to $100 per item for a maximum of $500 per account each year within 60 days of purchase
  • Automatic purchase assurance coverage of against theft, loss or damage for 90 days from the date of purchase
  • Extended warranty doubles the original manufacturer’s warranty for up to one year
  • Maximum lifetime liability of $60,000 per account for purchase assurance and extended warranty coverage

Don’t wait to buy the things you want; the Scotiabank Gold American Express card will cover the price difference of $10 to $100 per item if you bought the item using your credit card. Cardholders are the only people eligible for price protection and it will last for 60 days since you bought the item in Canada. You can also rest assured that if something you bought is lost, damaged, or stolen within 90 days since you paid for it, the card’s purchase security coverage will automatically cover the cost of either the repair or replacement cost. Thanks to your credit card, you will spend less—if the item breaks, you have extended warranty coverage of up to one year. If the warranty coverage on it is five years or more, just don’t forget to register it within the first year of buying it.

  1. American Express AeroplanPlus Reserve Card
  • Automatic purchase protection[1] coverage against theft or physical damage for 90 days from the date of purchase up to a limit of $1,000 per occurrence
  • Buyers assurance protection plan1 automatically doubles manufacturer’s original warranty up to one year

The American Express AeroplanPlus Reserve card doesn’t offer price protection coverage, but it offers purchase protection coverage up to $1,000 per occurrence when new item/items are stolen or damaged within 90 days of its purchase when the full purchase price of the item is charged to the card. You’ll also get up to one year of extended manufacturer’s warranty when the full purchase price of the item is charged to the card. If you enjoy travelling, this card offers many benefits to deal with unexpected costs while you’re away such as travel emergency medical, travel accident insurance, trip cancellation, trip interruption, flight delay, baggage delay, and lost or stolen baggage insurance.

Have you used your credit card’s purchase insurance and why?

 

[1] Underwritten by Royal & Sun Alliance Insurance Company of Canada. All insurance coverage is subject to the terms and conditions of the respective master policies. Certain limitations, exclusions and restrictions apply. Please read your Certificates of Insurance carefully.

Flickr: Jorge Quinteros

$1000 Down Payment Power-Up from RateHub.ca