Credit Cards with Free Purchase Protection Insurance

Credit Cards with Purchase Protection

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

0% p.a. for 26 months on balance transfers.
One-off 1.5% balance transfer fee applies.
Reduced annual fee of $0 p.a. in the first year ($199 p.a. thereafter).
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Citi Rewards Platinum Card Balance Transfer Offer
Apply by 30 nov 19
Application
on Citi's website

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
annual fee
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Qantas Premier Platinum Credit Card
Apply by 31 oct 19
Receive up to 120,000 bonus Qantas Points when you spend at least $1,500 each month for the first 6 months.
Reduced annual fee of $199 p.a. in the first year ($299 p.a. thereafter).
0% p.a. for 18 months on balance transfers.
More info
Add to comparison
Yes
19.99% p.a.
ongoing
$199
1st year
then $299
Citi Rewards Platinum Card Balance Transfer Offer
Apply by 30 nov 19
0% p.a. for 26 months on balance transfers.
One-off 1.5% balance transfer fee applies.
Reduced annual fee of $0 p.a. in the first year ($199 p.a. thereafter).
More info
Add to comparison
Yes
20.99% p.a.
ongoing
$0
1st year
then $199
HSBC Platinum Qantas Credit Card
Apply by 31 dec 19
5 reviews
Earn 1 Qantas Point per $1 spent, up to $2,500 every month. Every $1 spent thereafter will earn 0.5 Qantas Point. (Capped at 7,500 per statement period)
0% p.a. for 12 months on balance transfers with no balance transfer fee.
No annual fee for the first year. ($79 p.a. thereafter)
More info
Add to comparison
Yes
19.99% p.a.
ongoing
$0
1st year
then $79
NAB Qantas Rewards Signature Card
Earn up to 120,000 Qantas Points. Get 90,000 points when you spend $3,000 in the first 60 days from account approval date and an additional 30,000 points on payment of second year annual fee.
Seven complimentary insurances when you make an eligible purchase.
Reduced Annual Card Fee of $295 in first year (reverts to $395 after first year).
More info
Add to comparison
Yes
19.99% p.a.
ongoing
$295
1st year
then $395
Suncorp Clear Options Platinum Credit Card
Apply by 31 aug 19
3 reviews
Receive up to 60,000 Bonus Reward Points when you spend $1,500 each month for six months from card approval.
0% p.a. on balance transfers for 18 months..
$49 annual fee for the first year.
More info
Add to comparison
Yes
20.74% p.a.
ongoing
$49
1st year
then $129
Citi Rewards Platinum Card Points Offer
Apply by 31 jan 20
Earn up to 120,000 bonus points (Conditions apply).
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
Enjoy 0% p.a. for 15 months with 1% fee on balance transfers.
More info
Add to comparison
Yes
20.99% p.a.
ongoing
$49
1st year
then $149
Get 50,000 Membership Rewards points when you apply online, are approved and spend $3,000 in the first 3 months.
Receive a $400 Travel Credit each year towards any flights, hotels and car hire when you book online with this card.
T&Cs and eligibility criteria apply. Available to new card members only.
More info
Add to comparison
Yes
20.74% p.a.
ongoing
$395
ongoing
HSBC Platinum Credit Card
Apply by 30 sep 19
12 reviews
0% p.a. on balances transferred for 12 months, with 0% balance transfer fee.
0% p.a. for 12 months on purchases.
$129 p.a. annual fee which is refundable each year when you spend $6,000 on eligible purchases.*
More info
Add to comparison
Yes
12 months
0% p.a.
then 19.99%
$129
ongoing
HSBC Platinum Credit Card Balance Transfer Offer
Apply by 30 sep 19
0% p.a. on balances transferred for 22 months, with no balance transfer fee.
$129 p.a. annual fee which is refundable each year when you spend $6,000 on eligible purchases.*
Earn 2 pts per $1 spent on overseas purchases.
More info
Add to comparison
Yes
19.99% p.a.
ongoing
$129
ongoing
Westpac Low Fee Platinum Credit Card
Apply by 15 oct 19
16 reviews
0% p.a. on purchases for up to 9 months from card approval.
Cheap credit card from Westpac with no annual fee to pay for the first year (a $90 saving).
Up to 55 days on purchases.
More info
Add to comparison
Yes
9 months
0% p.a.
then 20.09%
$0
1st year
then $90
No annual card fee to pay each year.
Base earn rate is 0.75 pt per $1 spent. Get an additional 1 point per $1 when spending with Virgin Australia.
0% p.a. for 12 months for balance transfers and a one-off credit plan establishment fee of 1%.
More info
Add to comparison
Yes
20.74% p.a.
ongoing
$0
ongoing
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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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