Credit Cards with Purchase Protection

Compare credit cards with purchase protection, which safeguards your purchases against loss, theft, or accidental damage.

By   |   Verified by David Boyd   |   Updated 28 May 2024

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Comparing credit cards with purchase protection

HSBC Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Utilize the 0% p.a. offer on balance transfers for 12 months alongside a 2% balance transfer fee.
  • Experience the inaugural year with no annual fee, followed by $149 annually thereafter.
  • Accrue 2 Reward Plus points per $1 spent on qualifying overseas purchases and 1 Reward Plus point per $1 spent on other eligible purchases.
  • Maintain a minimum credit limit of $6,000.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • $0 annual fee for the first year.
  • Enjoy 2 airport lounge passes every year.
  • Benefit from HSBC Instant Savings with exclusive dining and shopping discounts.
  • Includes complimentary travel and purchase protection insurance.
  • Choice of points transfer partners (Asia Miles, KrisFlyer, Velocity Frequent Flyer).

Cons

  • The balance transfer rate reverts to 21.99% p.a. after 12 months.
  • 2% balance transfer fee.
  • The 10,000 points cap per statement period.
American Express Explorer Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$395.00 p.a. ongoing

Highlights

  • Obtain 50,000 Bonus Membership Rewards Points upon application approval and spending $4,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
  • Enjoy a $400 Travel Credit annually for flights, hotels, and car rentals when booked online using this card.
  • Benefit from complimentary domestic and international travel insurance coverage.

Pros

  • The 50,000 bonus Membership Rewards Points when approved and reach spend requirement within the first 3 months.
  • Receive a $400 travel credit every year.
  • Earn 2 Membership Rewards points per $1 spent on purchases except for government bodies in Australia where you will earn 1 point per $1 spent (uncapped).
  • Get two complimentary entries per year to The Centurion® Lounge.

Cons

  • The $395 p.a. annual fee.
The Qantas American Express Premium Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$249.00 p.a. ongoing

Highlights

  • Obtain 20,000 bonus Qantas Points upon online application approval and spending $3,000 within 3 months. Exclusive to New Amex Card Members.
  • Enjoy 2 complimentary Qantas Club invitations annually (conditions apply).
  • Benefit from complimentary domestic and international travel insurance coverage.

Pros

  • 20,000 bonus Qantas points for signing up and hitting the spending target.
  • Earn points on your everyday spend. Also earns points at a reduced rate on government spend.
  • Give up to 4 of your friends and family a card — at no extra cost — to earn more points.
  • $450 Qantas Travel Credit, which is fairly easy to trigger with your first Qantas purchase each year.
  • Comes with complimentary card purchase cover and travel insurance.

Cons

  • There is an annual fee of $249.
  • The purchase rate is quite high, but can be avoided with responsible use.
  • No balance transfer facility.
American Express Platinum Card

On website

Apply by 25 June 2024

American Express Platinum Card

Balance transfer

N/A

Purchase rate

N/A

Annual fee

$1,450.00 p.a. ongoing

Highlights

  • Acquire 150,000 Bonus Membership Rewards Points by applying before 25 June 2024, getting approved, and spending $5,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
  • Utilize a $450 Platinum Travel Credit annually for flight, hotel, or car rental bookings.
  • Indulge in up to $400 per calendar year when dining at a curated selection of over 1,400 hand-picked restaurants, both domestically and internationally. Terms and Conditions apply.

Pros

  • Receive 150,000 Bonus Membership Rewards Points when you meet the criteria.
  • Receive a $450 Platinum Travel Credit each year.
  • Enjoy up to $400 Global Dining Credit per calendar year.
  • Access to more than 1,400 lounges globally, including The Centurion® Lounge.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.

Cons

  • The annual fee of $1,450.
Bankwest More Platinum Mastercard

On website

Bankwest More Platinum Mastercard

Balance transfer

6 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$160.00 p.a. ongoing

Highlights

  • 75,000 annual bonus points when you spend $48,000 on eligible purchases in the year.
  • Earn up to 2 points per $1 spent on eligible purchases.
  • No foreign transaction fees and complimentary international credit card travel insurance.
St.George Amplify Platinum Credit Card (Amplify)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn 100,000 bonus Amplify Points upon spending $3,000 on eligible purchases within 90 days from card approval, potentially valued at up to $450 in eGift cards. Exclusions apply.
  • 0% interest for 24 months on balance transfers with a 1% balance transfer fee, which then reverts to the cash advance rate of 21.49% p.a.
  • Enjoy a discounted annual fee of $49 p.a. for the first year ($124 p.a. annual fee thereafter).

Pros

  • The 100,000 bonus Amplify Points.
  • Earn uncapped Amplify Points per dollar on eligible purchases.
  • 0% p.a. for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
St.George Amplify Platinum Credit Card (Qantas)

On website

Apply by 31 July 2024

St.George Amplify Platinum Credit Card (Qantas)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Up to 70,000 bonus Qantas Points earned upon spending $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. interest for 24 months on balance transfers with a 1% balance transfer fee, which then reverts to the cash advance rate.
  • Earn 0.5 points per $1 spent (uncapped). Additionally, receive a complimentary Qantas membership fee, saving you $99.50!

Pros

  • The 70,000 bonus Qantas Points.
  • Discounted annual fee on the first year.
  • Complimentary travel and purchase insurance.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
Westpac Altitude Platinum Credit Card (Altitude)

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Receive 100,000 Altitude bonus points when you spend $3,000 on eligible purchases within 90 days of card approval. Terms and conditions apply.
  • $99 p.a. annual fee for the first year ($150 p.a. annual fee thereafter).
  • Earn 3 Altitude points per $1 on Qantas and Jetstar flights bought in Australia, eligibility criteria apply.

Pros

  • 100,000 bonus Altitude Points when you spend $3,000 in 90 days.
  • Additional savings with the $99 first-year annual fee ($150 p.a. thereafter).
  • Comes with complimentary travel insurance.
  • Earn 1 Altitude point per $1 spent on eligible purchases.

Cons

  • Only up to 45 days interest-free on purchases.
  • Does not include lounge access.
Westpac Altitude Platinum Credit Card (Qantas)

On website

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Receive up to 80,000 bonus Qantas Points. Acquire 70,000 Qantas Points in the first year upon spending $4k+ on eligible purchases within the initial 90 days from new card approval, and an additional 10,000 points after your first eligible purchase in the second year..
  • Initial $99 p.a. annual fee followed by $175 p.a. thereafter (Plus a $75 Qantas Rewards opt-in annual fee).
  • Earn 0.5 Qantas points per $1 spent on eligible purchases.

Pros

  • Receive up to 80,000 bonus Qantas Points when you meet the criteria.
  • Additional savings with the $99 first-year annual fee ($175 p.a. thereafter).
  • Comes with complimentary insurance covers which include overseas medical and purchase security.

Cons

  • Only up to 45 days interest-free on purchases.
Bank of Melbourne Amplify Platinum Credit Card (Amplify)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
Bank of Melbourne Amplify Platinum Credit Card (Qantas)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Receive up to 70,000 bonus Amplify Points. Acquire 60,000 Qantas Points in the first year upon spending $3k+ on eligible purchases within the initial 90 days from new card approval, and an additional 10,000 points after your first eligible purchase in the second year.
  • Benefit from 0% interest for 24 months on balance transfers with a 1% balance transfer fee, reverting to the cash advance rate of 21.49% p.a.
  • Pay an annual fee of $99 for the first year ($124 thereafter).
  • Earn 0.5 points per $1 spent (uncapped). Plus, get a complimentary Qantas membership fee. Saving you $99.50!


From 1 January 2022, earn 0.5 Qantas Points per $1 up to a maximum of $100,000 spent on eligible purchases annually. Bonus Qantas Bonus Qantas Points not included in the cap.


Pros

  • The 70,000 bonus Qantas Points.
  • 0% p.a. for 24 months on balance transfers.
  • Complimentary travel and purchase insurance.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
BankSA Amplify Platinum Credit Card (Amplify)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
BankSA Amplify Platinum Credit Card (Qantas)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Receive up to 70,000 bonus Amplify Points. Acquire 60,000 Qantas Points in the first year upon spending $3k+ on eligible purchases within the initial 90 days from new card approval, and an additional 10,000 points after your first eligible purchase in the second year.
  • Enjoy 0% p.a. for 24 months on balance transfers with a 1% balance transfer fee, reverting to the cash advance rate.
  • Earn 0.5 points per $1 spent (uncapped) and receive a complimentary Qantas membership fee, saving you $99.50!

Pros

  • The 70,000 bonus Qantas Points.
  • Discounted annual fee on the first year.
  • Complimentary travel and purchase insurances.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.

What is a credit card with purchase protection?

Purchase protection insurance offers financial protection if an item you bought with your credit card is lost, stolen, or accidentally damaged.

For example, if you used your credit card to buy a new MacBook Pro and accidentally dropped and damaged it a few days later, you may be covered and reimbursed for the phone if your credit card includes purchase protection.

How does purchase protection work?

Purchase protection covers eligible items purchased with your credit card. It typically covers personal items, but some policies also include business items. The coverage usually applies to items bought worldwide or given as gifts if purchased in full using the card.

The coverage period is generally around 90 days from the date of purchase, although some credit card providers offer extended terms.

Some limits and sub-limits apply per claim and per year (for instance, a policy may cover the full purchase price of up to $10,000 per covered item and up to $135,000 for all claims within a 12-month period). Lower sub-limits often apply to items like jewellery, watches, and art.

You may need to pay an excess when filing a claim, depending on the provider; however, the card issuer will determine the applicability of an excess.

Help choosing a credit card with purchase protection

Empower your purchases with peace of mind - find the perfect credit card with purchase protection.

  • FAQs

Which credit cards have purchase protection insurance?

Purchase protection insurance is commonly offered by premium and rewards credit cards as a complimentary benefit. It's provided by the card issuer, so check directly with them to confirm availability.

How do I claim credit card purchase protection?

  1. Contact your credit card provider or the issuing insurance provider.
  2. Provide claim details and supporting documents like original receipts and police reports.
  3. If approved, you'll be reimbursed the purchase price or the per-claim limit.

What other types of credit card insurance are available?

Credit cards may offer other complimentary insurances, such as extended warranty cover and guaranteed pricing schemes. Always read the terms and conditions to understand coverage, exclusions, and limits.

What are common credit card protection exclusions?

Common exclusions include items for sale or trade, animals, motor vehicles, software, cash and gift cards, consumables, contract mobile phones, second-hand items, contraband, and real estate fixtures. However, exclusions vary by policy.