You work hard for your money. So, naturally, you work hard for your purchases.

And that alone is reason enough to want to protect your purchases should anything happen to them.

An easy way to make sure your investments are safe is by purchasing them through a credit card that offers purchase insurance.

If you didn’t know about purchase insurance, you could potentially be leaving some great value on the table.

We’re going over what’s available, and which credit cards offer what.

Related: Get Yourself One Of The Best Credit Cards For 2019

Purchase insurance

Out of the 12 different kinds of credit card insurance, there’s 5 that’s solely for your purchases.

Extended warranty

Extended warranty credit card insurance is quite similar to the typical extended warranty that you can get at most retailers for your larger purchases.

It’ll extend the manufacturer’s warranty by up to a certain amount of time, usually between 1-2 years if the original warranty doesn’t already. They generally won’t extend the warranty of a product that already has at least 2 years already provided.

Nearly all American Express, Bank of America, and Citi credit cards offer this type of insurance for up to 2 years.

This way, if you do want to extend your warranty, you can bypass the optional protections the retailer will charge, and put that money back in your pocket instead.

Related: 5 Genius Ways To Use Your Credit Card Like A Pro

Purchase protection

This coverage protects almost any purchase you make from accidental damage or loss within a short period of time after you make the purchase on your card, usually either 90 or 120 days.

Of course, there are limitations – it’s best to read through your credit card insurance certificate beforehand to avoid any unwanted surprises.

This type of insurance is offered by some, if not all, American Express, Bank of America, and Chase credit cards for the maximum 120 days.

Price protection

Price protection can be a truly handy coverage to have.

The insurance company will reimburse you for the difference in the price of an item you purchased on your card if you see that same item advertised elsewhere at a lower price within a set period of time, depending on the credit card.

Typically, this can range from 60 to 120 days.

For the maximum 120 days, Barclays and USAA both issue credit cards that offer this, with a select few Bank of America and Capital One credit cards offering it as well.

Mobile device

Nowadays, our cell phones have become like an extension of our bodies, offering much, much more than just a means to make phone calls.

They’ve evolved into handheld photo albums, high-res cameras, address books, phone books, notepads, and more all wrapped into one.

And with Google and the internet available nearly everywhere, these mini-computers hold enough information to make you never have to open a book ever again.

So of course, these little delicate pieces of machinery don’t come cheap – and all it takes is one drop at the perfect angle or one *plop* into your glass of water and the whole thing is rendered close to unsalvageable.

That’s where mobile device insurance comes in.

To take advantage of this coverage, all you have to do is charge the purchase of your device to your credit card. Or if it was included as part of a plan, you have to charge the whole monthly payment to your credit card.

Should anything happen to your cell phone, you know you’ll be covered.

It’s important to keep in mind though that the coverage is usually prorated for up to a certain amount of time, usually 2 years.

The amount of coverage offered is up to $600, which is provided by both Barclays and Wells Fargo credit cards.

Related: Best Credit Card Offers, Sign-up Bonuses, and Deals For July 2019

Return protection

Return protection provides coverage if a retailer doesn’t accept a product return within a set amount of days – your credit card issuer then provides a statement credit.

American Express, Barclays, and Citi all issue credit cards that offer this type of coverage.

Similar to purchase protection, there are limitations on what is covered. Check your insurance certificate to see what kinds of products are covered.

Best credit cards with purchase insurance

Now that you know what’s offered, let’s take a look at some of the best credit cards for purchase insurance.

Barclays credit card purchase insurance

The only credit card issuer to offer all 5 types of purchase insurance is Barclays, most notably the:

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American Express credit card purchase insurance

American Express, although great for rewards and perks, offers a little less when it comes to purchase insurance.

Their credit cards all offer 2 years of extended warranty, 120 days of purchase protection, and return protection.

Bank of America credit card purchase insurance

The best Bank of America credit cards for purchase insurance is the and the .

The offers:

  • 2 years of extended warranty,
  • 90 days of purchase protection, and
  • 120 days of price protection.

The , on the other hand, offers:

  • 1 year extended warranty,
  • 90 days of purchase protection, and
  • return protection.

Protect your purchases

Complimentary credit card insurance can go a long way – especially when it comes to your expensive purchases, should something happen.

Accidents always find a way of happening when it’s least convenient, and it’s always reassuring to know that your items can be protected.

Have you ever had to file an insurance claim through your credit card before?

What type of purchase insurance would you find most useful?

Let us know in the comments below.