Purchase Protection: How I Got A Refund On The Air Pods I Lost

- Aug 27, 2020 Credit Cards0 comments

I Lost My New Air Pods

 

May it be the most devastating news but I was pretty upset. I had bought myself a pair of Air Pods just two weeks before and now they were lost. It must’ve been the frequent in-and-out-of-the-car trips that might have gotten the pair of pods out of my pocket and into somewhere unknown. Anyways, it had vanished for good.

 

My Amex Platinum Business Card Saved The Day

 

Lucky for me, I have the Amex Platinum Business card. I always make sure to buy these types of easy- break-easy-lost items with my Amex Platinum Business card so I’m protected if the item is lost, stolen, or damaged within 90 days of purchase. Many cards offer purchase protection but the great thing about the Amex Platinum cards is that it covers you if the item is lost as well, not only if the item is stolen or damaged.

I was sure glad I’d used my Amex Platinum Business card to buy the pods. I was therefore able to call up Amex and tell them I’d lost the Air Pods, and get my money back. They asked me some questions, asked for my receipt, had me sign a paper confirming that the item is lost and a few days later I got a full refund on the amount paid for the AirPods.

 

Purchase Protection

 

Not all credit cards offer purchase protection, but many do. A credit card with purchase protection allows you to get your money back on a purchase made with the card if that item gets stolen or damaged after you buy it (as perversely mentioned higher-end Amex card will cover if the item is lost as well). The purchase can be anything, from a kitchen appliance to a super expensive item, but always read through the card benefits to make sure you know what’s protected and what’s not. It varies per card and company.

Here are some examples of coverage for some of the popular banks

Chase offers purchase protection on their credit cards if your purchase is damaged, or stolen for up to 120 days from the date of purchase. The amount of coverage depends on each card. The lower-end cards like the Freedom have a max of $500 per claim ($50,000 per account). The higher-end cards like the Chase Sapphire will cover up to  $10,000 per claim ($50,000 per account).

Capital One has purchase protection on most of their credit cards. You will be covered if your item is stolen or damaged in up to 90 days from the date of purchase max $500 per claim and $50,000 per account.

Citi offers coverage on only their annual fee cards (the Costco cards are the only cards that have purchase protection with no annual fee). Citi protection would cover if your item is damaged or stolen within up to 120 days from the date of purchase (90 days for NY residents). Max $10,000 per claim $50,000 per year.

Amex: The best coverage comes with some high-end Amex cards, like the Platinum cards, which offer coverage in an event that the item is lost, stolen, or damaged, within 90 days of purchase up to $10,000 per claim and $50,000 per year. All Amex cards come with some form of purchase protection, but it highly varies between each card. You can check out the details of coverage on each of our credit card pages.

We only listed here some examples, there are many more cards that include purchase protection. Check out a full list here

 

Stay Protected

 

Purchase protection is another great reason why to only use a credit card. Had I used cash, there would’ve been no way for me to get a refund on a lost item. True I had that extra bonus of purchase protection on a lost item, but even if you don’t have a premium Amex card. Purchase protection on damaged and stolen items is better than nothing. Use a credit card with purchase protection on your next shopping spree and thank me later when your kid knocks the new vase off the table.

 

Was this article helpful?

Sam Sam Billo is the CEO of HelpMeBuildCredit.com. He has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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