Credit Cards with Purchase Protection

When you’ve bought something using your card it will be protected against loss, theft or accidental damage.

14 reviews
0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
Annual fee refunded – a potential saving of $129 a year (conditions apply)
Earn 2 pts per $1 spent on overseas purchases.
Comes with Apple Pay.

Credit card Purchase Protection is a feature that many Australian credit card holders now enjoy. It is a complimentary extra on many cards, often accompanied by other “shopper’s insurance” policies such as extended warranty and guaranteed pricing schemes.

If you have purchase protection you can enjoy peace of mind when making purchases with your credit card. However, you need to read and fully understand the terms and conditions so that you know what is included and what is not, and any other attached conditions.

What does purchase protection entail?

Purchase protection offers you 90 days (or occasionally 120 days) of insurance on most new personal products purchased with your credit card. The insurance normally covers you against loss, theft and accidental damage. There are qualifying circumstances and certain goods are exempt from protection.

The provider may either provide a replacement or repair for the product in question, or refund the purchase price.

Are there different types of purchase protection?

The various providers have different terms and conditions for their cards, stating which purchases qualify for cover and under what circumstances the benefits will be provided. Some providers also have specific eligibility criteria that must be met, such as the minimum price paid for the product. Others may include restrictions on purchase location. Read the fine print to fully understand the purchase protection offered by your provider.

Retain proof of purchase

When making purchases with credit cards that are eligible, it is important to keep your receipt. You will need it in most cases to make a claim. This is only one of the documents you may be required to provide to support your claim.

Where to make your claim

Keep in mind that the credit card provider is not itself the insurer, merely offering the complimentary policy in conjunction with a partner insurance company. Therefore, in the case of a claim, you will need to contact the insurer linked to the card directly instead of contacting your credit card provider.

Compare the cover

To compare the purchase protection offered by competing cards, keep the following details in mind:

  • How comprehensive is the cover (time period, exclusions, claim limits &c)?
  • How easy is it to make a claim?
  • Is there a clearly-defined dispute resolution process?

Most gold, platinum and black cards will come with complimentary purchase protection insurance, usually as just one policy in a suite of shopper’s and travel insurance cover. You may even find purchase protection included in some cards with a very low or zero annual fee.

purchase protection
purchase rate
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NEW
St.George Vertigo Platinum Credit Card Exclusive Offer
Apply by 14 jan 18
0% p.a. for 24 months on balance transfers with no balance transfer fee. Reverts to cash advance rate.
$0 p.a. annual fee for the first year (save $99).
Complimentary insurance for overseas travel for 6 months.
More info
Add to comparison
Yes
12.74% p.a.
ongoing
$0
1st year
then $99
HSBC Platinum Credit Card
Apply by 31 dec 17
14 reviews
0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
Earn 2 pts per $1 spent on overseas purchases.
Annual fee refunded – a potential saving of $129 a year (conditions apply)
More info
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Yes
19.99% p.a.
ongoing
$129
ongoing
Save money with 0% p.a. for 18 months on balance transfers. (Reverts to cash advance rate)
Earn 3 bonus Velocity Points on top of the standard earn rate for the first 3 months.
$129 Virgin Australia Gift Voucher each year.
More info
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No
20.74% p.a.
ongoing
$64
1st year
then $129
Coles No Annual Fee Mastercard
Apply by 31 dec 17
77 reviews
$100 off a single Coles Supermarket Shop if you apply and are approved by 31st Dec 2017 and make a purchase within 30 days. (t&c’s apply).
Earn 1 flybuys point for every $2 spent – everywhere, everyday.
No annual fee to pay, ever.
More info
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Yes (optional)
19.99% p.a.
ongoing
$0
ongoing
Coles Low Rate Mastercard
Apply by 31 dec 17
24 reviews
$100 off a single Coles Supermarket Shop if you apply and are approved by 31st Dec 2017 and make a purchase within 30 days. (t&c’s apply).
Low ongoing purchase rate of 12.99% p.a.
Low annual fee of $58 p.a.
More info
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Yes (optional)
12.99% p.a.
ongoing
$58
ongoing
The American Express Essential® Credit Card
5 reviews
$0 p.a. annual fee.
Smartphone Screen Insurance for up to $500 for screen repairs to your Smartphone (Conditions apply)
Eligible for use with Android Pay, Apple Pay and Samsung Pay.
More info
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Yes
14.99% p.a.
ongoing
$0
ongoing
HSBC Platinum Qantas Credit Card
Apply by 31 dec 17
5 reviews
Bonus 60,000 points with Qantas (spend criteria applies).
Earn Qantas points at participating retailers.
Useful package of travel insurances for international travel.
More info
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Yes
19.99% p.a.
ongoing
$199
ongoing
Citi Simplicity Card
Apply by 31 jan 18
No annual fee.
Enjoy up to $50 cash back: 5% cash back on all retail purchases (up to $1000 spend) in the first 90 days from approval.
0% p.a. for 15 months on balance transfers. (1.5% BT fee applies).
More info
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Yes
19.99% p.a.
ongoing
$0
ongoing
No international transaction fees on purchases.
No currency conversion fees.
$0 p.a. annual fee.
More info
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Yes (optional)
21.99% p.a.
ongoing
$0
ongoing
0% p.a. for 20 months on balance transfers.
24 hour, 7 day Platinum Concierge Service.
7 types of complimentary insurances including overseas travel insurance.
More info
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Yes
19.74% p.a.
ongoing
$90
ongoing
Woolworths Everyday Platinum Credit Card
Apply by 31 jan 18
27 reviews
Get a $50 Woolworths eGift Card when you apply by 31st Jan and make an eligible purchase by 28th Feb.
$0 annual fee for the first year, saving you $49 p.a.
0% p.a. on balance transfers for 14 months and then 21.99% p.a.
More info
Add to comparison
Yes
19.99% p.a.
ongoing
$0
1st year
then $49
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Q&As about Purchase Protection from customers

Q: What is credit card purchase protection?

Credit card purchase protection is a complimentary insurance policy attached to a credit card, providing a period of cover against loss, theft or accidental damage for most new items purchased using the credit card.

Q: What is the cost of credit card purchase protection?

There is no cost for credit card purchase protection. It is a complimentary insurance policy attached to some credit cards.

Q: Do all credit cards have complimentary purchase protection?

No. Most (but not all) personal (i.e. non-business) gold, platinum or black cards will have purchase protection included. Some lower-level cards also have this type of complimentary policy.

Q: What is the usual length of time for which purchases are covered?

In most cases cover is extended for a period of 90 days from the purchase date, but a very small number of premium cards offer 120 days of cover.

Q: What kind of purchases are covered?

Typically, the item must be new, and intended for personal use (which means that purchases for business purposes are not covered). Some types of items are usually excluded. The exclusion list may include animals and plants, cash, traveller’s cheques, tickets, perishable items, motor vehicles, antiques, computer software and services.

Q: Is there any limit to the claims I can make?

The amount you can claim for a single item is limited to the actual purchase price you paid using your card, after deducting any compensation you can receive by other means, such as a warranty on the item or a claim against a transit company. There may be a fairly low individual limit (such as $2,500) for an item classified as jewellery, a watch or fine art. Additionally, there may be an annual claim limit, such as $100,000.

Q: Does it matter where I bought the item?

It usually doesn’t matter whether you bought the item in a physical store or on the internet. Some policies may exclude goods purchased overseas.

Q: How do I make a claim?

You need to lodge a claim directly with the card issuer’s partner insurance company, not with the card issuer, and this must normally be done within 30 days of the loss, theft or damage. Details on how to make a claim may have been supplied in a printed booklet sent by the card issuer when you first opened the account. Alternatively, you can usually find information about the claims procedure online, as a link in your card’s web page.

Q: What documentation do I need to make a claim?

You will need a receipt or other written proof of purchase of the item with your card, showing the date and amount paid. As well as this you must prove your loss, and a police report may be necessary. In the case of a claim for damage, the damaged item must be retained for inspection if required.

Q: What if I disagree with the insurer’s decision about my claim?

The insurer will have a dispute resolution procedure, set out in the purchase protection policy documentation received with the card, or available online.

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