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Have you ever been in a situation where you bought something you've been dying to have and then the item was somehow accidentally damaged or stolen from you shortly after your purchase? Stores don't usually offer any kind of warranty for this type of incident. You could use a separate insurance plan for help, but sometimes high deductibles keep you from filing the claim.
American Express offers Purchase Protection on many of their credit cards. This protection would help you in just such a situation as this. It seems surprising that a credit card company would go so far to see to the needs of its customers, but they know keeping happy customers means return business.
What Is Covered?
The protection plan that covers your stolen or accidentally damaged items is called Purchase Protection. This benefit allows customers to have peace of mind in knowing their purchases are protected for a time after they've left the store. Any eligible purchase can be covered with this protection as long as the underwriting team at American Express approves it. You also have to make the purchase using your AMEX credit card to be eligible. Every one of their credit cards comes with this protection and the platinum card even comes with an additional feature that covers lost items for 90 days after purchase.
How Much Is Covered?
All eligible purchases that have been either damaged accidentally or stolen (or in the case of the platinum card, lost) can be covered by Purchase Protection for up to a certain amount for each incident. This will cover most purchases of average amount. There is also a maximum benefit per year and per account. This means that each American Express account you have is eligible for the same type of coverage on purchased items, so you don't have to worry about cashing in on your personal card and not having the benefit available for business purchases made with your business card, as an example.
How Does It Work?
If you are in a position to make a claim for stolen or damaged purchases, you should simply contact American Express and let them know. They will request some information from you and then their underwriters will review your claim before giving you a refund. You can contact them about making a claim on any item as long as it has not been more than a set amount of days since you purchased it. This coverage is also considered to be in excess to any other insurance coverage you may have for this type of incident. Making purchases hassle free is every customer's dream. Having a new credit card that goes the extra mile to protect you after the purchases are made is a very nice feature.
In conclusion, with Purchase Protection: Coverage for Damage or Theft from American Express, you can make purchases confidently. If the items become stolen, accidentally damaged, or even in some cases lost within the set amount of days of your purchase, you can contact American Express to begin the claim process of having the money you spent, up to a certain amount, refunded to you.
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express®.