Purchase Assurance Coverage (MasterCard Benefits)

With an eligible MasterCard, purchase assurance grants coverage for shopping items against theft, damage, or loss within 90 days from the date of buying. Does your credit card offer you this privilege? Read on to learn more about the topic.

Purchase assurance provides coverage for products that were purchased in one single go with your credit card. The cut-throat competition within the credit card industry has pushed the companies to offer this benefit whether the card entails an annual fee or not.

Defining Purchase Assurance

Your new sweater just caught in your protruding nail and you want to exchange it. Did you inquire with your credit card issuer if the benefit of purchase assurance is available on your card?

Purchase assurance is an insurance program that guarantees a replacement of the shopping item that got stolen, damaged, or lost within 3 months of its purchase.

With more and more companies in the credit card sector, the tension is building up and companies are offering consumers more benefits than they did in the past. So if your phone got damaged, don't worry purchase assurance will certainly ease your ruffled feathers.

How to Claim It?

Check with your credit card agreement if you are liable for the purchase assurance benefit. If yes, then make your claim by submitting proof that you shopped for the item (i.e., a sales receipt), a police report in a case where the item got stolen, and the proof that denotes the shopping was conducted entirely via the credit card (i.e., purchase receipt).

Benefits of MasterCard Purchase Assurance

The purchase assurance benefit provided by Premium MasterCard is the safety and security of a new purchase against damage, loss, or theft. The loss is replaced by a brand new model or the total purchase cost refunded, if the claim is made within 90 days of purchase. Hence, with MasterCard you can shop globally for any item with complete confidence and peace of mind.

What kind of coverage do I receive? MasterCard purchase assurance will cover the entire payment made by the debit card unlike primary insurance which fails to pay.

Items Covered Under Purchase Assurance

Items that are exclusively purchased with the MasterCard are covered for 90 days from date of purchase. The coverage is limited up to $1000 excluding shipping charges per item, while leveraging $50,000 annually. The same holds true for gifted purchase.

For stolen or damaged purchased, the coverage is made for pairs. What it means is that cost price of the product would be reimbursed by MasterCard, if the product cannot be repaired or replaced individually. It is important to note that jewellery or precious art pieces will be replaced as single items and not pairs.

Items Not Covered Under The Program

Any dubious activity sensed while making a claim like no concrete proof of loss or theft of the purchase will be considered unlawful. Products that were carelessly displayed in public places will not be covered. The company will not be responsible for damages occurring upon delivery of the product. Normal wear and tear holds redundant under this policy.