A credit card with purchase protection is a type of credit card that offers additional protection to consumers for purchases made using the card. This protection typically comes in the form of insurance or a guarantee that the consumer will be reimbursed for certain losses or damages related to the purchase.

For example, if you purchase an item with a credit card that has purchase protection and the item is lost, stolen, or damaged within a specified time frame, the credit card company may reimburse you for the cost of the item. Some credit cards with purchase protection may also offer extended warranty coverage on certain purchases.

It is important to note that the specifics of purchase protection coverage vary by card issuer and individual card. Consumers should carefully review the terms and conditions of their credit card agreement to understand what protections are offered and any limitations or exclusions that may apply.

List of the Best Credit Cards with Purchase Protection Canada

Here are some of the best credit cards with purchase protection available in Canada:

1. Scotiabank Gold American Express Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
2. BMO World Elite Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
3. TD Aeroplan Visa Infinite Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
4. CIBC Aventura Visa Infinite Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
5. American Express Cobalt Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
6. RBC Avion Visa Infinite Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
7. Tangerine Money-Back Credit Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
8. MBNA Rewards Platinum Plus Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
9. Desjardins Odyssey Visa Infinite Privilege: This card offers purchase protection for 180 days from the date of purchase, and also includes extended warranty coverage.
10. National Bank World Elite Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
11. HSBC World Elite Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
12. Rogers World Elite Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
13. Canadian Tire Triangle World Elite Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
14. Amazon.ca Rewards Visa Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
15. American Express SimplyCash Preferred Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
16. Capital One Costco Mastercard: This card offers purchase protection for 120 days from the date of purchase, and also includes extended warranty coverage.
17. Home Trust Preferred Visa Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
18. Tangerine World Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
19. Meridian Visa Infinite Cash Back Card: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.
20. Rogers Platinum Mastercard: This card offers purchase protection for 90 days from the date of purchase, and also includes extended warranty coverage.

Here’s a table summarizing the purchase protection features of the 20 credit cards mentioned above:

Pros of Credit Cards with Purchase Protection

There are several benefits to using a credit card with purchase protection:

1. Protection against loss or damage: With purchase protection, you are covered if your purchase is lost, stolen, or damaged within a certain period of time. This can provide peace of mind and save you money if something goes wrong with your purchase.
2. Extended warranty coverage: Many credit cards with purchase protection also offer extended warranty coverage, which can extend the manufacturer’s warranty on eligible items. This means that if your item breaks down or malfunctions after the manufacturer’s warranty has expired, you may still be covered.
3. Cash flow management: Credit cards with purchase protection allow you to make purchases now and pay for them later. This can be helpful if you don’t have the funds available to make a large purchase upfront, or if you want to take advantage of a sale or promotional offer.
4. Rewards and perks: Many credit cards with purchase protection also offer rewards and perks, such as cash back, points, or travel rewards. By using your credit card for everyday purchases, you can earn rewards that can be redeemed for a variety of benefits.
5. Fraud protection: Credit cards offer protection against fraud and unauthorized purchases. If your card is stolen or someone uses your card without your permission, you can report the issue to your credit card issuer and typically not be responsible for the fraudulent charges.

Cons of Credit Cards with Purchase Protection

While credit cards with purchase protection can offer several benefits, there are also some potential drawbacks to consider:

1. Higher interest rates: Credit cards with purchase protection may have higher interest rates compared to other types of loans or financing options. This means that if you carry a balance on your card, you could end up paying more in interest charges over time.
2. Annual fees: Some credit cards with purchase protection may charge an annual fee. Depending on the card, this fee could be quite high and may offset some of the benefits of the purchase protection.
3. Limited coverage: The purchase protection offered by credit cards may have limitations or exclusions. For example, certain types of purchases may not be covered, or there may be a limit on the amount of coverage available.
4. Risk of overspending: Credit cards with purchase protection can be tempting to use for purchases that you might not otherwise be able to afford. This can lead to overspending and accumulating debt that can be difficult to pay off.
5. Possible impact on credit score: Using a credit card can impact your credit score, particularly if you carry a high balance or make late payments. This can make it more difficult to obtain credit in the future or lead to higher interest rates on loans.

Credit Cards with Purchase Protection Facts

Here are some additional facts about credit cards with purchase protection:

1. Coverage varies by card issuer: The specifics of purchase protection coverage can vary from one credit card issuer to another. Be sure to review the terms and conditions of each card to fully understand what is covered and any limitations or exclusions that may apply.
2. Time limits may apply: Most credit cards with purchase protection have a time limit on how long you have to make a claim for a lost, stolen, or damaged purchase. This time limit can range from 60 to 180 days depending on the card.
3. Coverage may be secondary: In some cases, the purchase protection offered by a credit card may be secondary to other insurance or warranties you have. This means that you may need to file a claim with another insurance provider before the credit card company will provide coverage.
4. Documentation may be required: To make a claim for purchase protection, you may need to provide documentation such as a police report or an original receipt. Make sure to keep all documentation related to your purchase in case you need to make a claim in the future.
5. Some cards offer price protection: In addition to purchase protection, some credit cards also offer price protection. This means that if you make a purchase and then find the same item for a lower price within a certain period of time, you may be eligible for a refund of the difference in price.
6. Credit score impacts: Applying for a credit card with purchase protection can impact your credit score, both positively and negatively. If you’re approved for the card and use it responsibly, it can help build your credit history and improve your score. However, applying for too many credit cards or carrying a high balance can have a negative impact on your credit score.

Credit Cards with Purchase Protection FAQs

Here are some frequently asked questions about credit cards with purchase protection:

1. What is purchase protection? Purchase protection is a feature of some credit cards that provides coverage if a purchase made with the card is lost, stolen, or damaged. The coverage typically lasts for a certain period of time and may have limitations or exclusions.
2. What types of purchases are typically covered by purchase protection? The types of purchases that are covered by purchase protection can vary depending on the card issuer and specific card. Generally, eligible purchases may include items like electronics, appliances, jewelry, and clothing.
3. How do I make a claim for purchase protection? If you need to make a claim for purchase protection, you will typically need to contact your credit card issuer and provide documentation such as a police report or an original receipt. Be sure to review the terms and conditions of your card for full details on the claims process.
4. Is purchase protection the same as extended warranty coverage? No, purchase protection and extended warranty coverage are two separate features offered by some credit cards. Purchase protection provides coverage if a purchase is lost, stolen, or damaged, while extended warranty coverage extends the manufacturer’s warranty on eligible items.
5. Are there any limitations or exclusions to purchase protection coverage? Yes, there may be limitations or exclusions to purchase protection coverage, depending on the card issuer and specific card. Some common limitations include time limits on claims, exclusions for certain types of purchases, and limits on the amount of coverage available.
6. Will using a credit card with purchase protection impact my credit score? Using a credit card with purchase protection can impact your credit score, both positively and negatively. If you use the card responsibly and make timely payments, it can help improve your credit score. However, carrying a high balance or making late payments can have a negative impact on your score.
7. Do all credit cards come with purchase protection? No, not all credit cards come with purchase protection. Purchase protection is typically offered by premium credit cards, such as those with an annual fee, and may not be available on all cards.
8. Can I rely on purchase protection instead of insurance? While purchase protection can provide coverage for lost, stolen, or damaged purchases, it should not be relied on as a substitute for insurance. Purchase protection may have limitations or exclusions, and may only cover a portion of the value of the purchase. It’s important to have appropriate insurance coverage to fully protect your belongings.
9. Is purchase protection a replacement for returning an item? No, purchase protection is not a replacement for returning an item. If you’re unhappy with a purchase or it doesn’t meet your expectations, you should try to return it to the retailer or manufacturer first. Purchase protection is designed to provide coverage if the item is lost, stolen, or damaged.
10. Can I still earn rewards or cash back with a credit card that has purchase protection? Yes, many credit cards with purchase protection also offer rewards or cash back for purchases made with the card. However, be sure to review the terms and conditions of the card to fully understand the rewards program and any limitations or exclusions that may apply.
11. Does purchase protection cover accidental damage? The coverage provided by purchase protection can vary depending on the card issuer and specific card. Some cards may offer coverage for accidental damage, while others may not. Be sure to review the terms and conditions of your card for full details on the coverage provided.
12. Can purchase protection be used for purchases made outside of Canada? The coverage provided by purchase protection can vary depending on the card issuer and specific card. Some cards may offer coverage for purchases made outside of Canada, while others may not. Be sure to review the terms and conditions of your card for full details on the coverage provided.
13. Is purchase protection worth it? Whether purchase protection is worth it depends on your individual needs and circumstances. If you make large purchases that you want to protect, purchase protection can provide peace of mind and save you money if something goes wrong with your purchase. However, if you don’t make many large purchases, the cost of a credit card with purchase protection may not be worth it.
14. Do I need to pay for purchase protection separately? No, purchase protection is typically included as a feature of some credit cards and is not a separate fee that you need to pay for. However, some cards may charge an annual fee, which can offset some of the benefits of the purchase protection.
15. Can I still use purchase protection if I pay with a mobile wallet? The coverage provided by purchase protection can vary depending on the card issuer and specific card. Some cards may offer coverage if you pay with a mobile wallet, while others may not. Be sure to review the terms and conditions of your card for full details on the coverage provided.
16. How do I know if a specific item is covered by purchase protection? The types of purchases that are covered by purchase protection can vary depending on the card issuer and specific card. Be sure to review the terms and conditions of your card for full details on the coverage provided, including any exclusions or limitations.
17. How do I know if my credit card has purchase protection? Most credit cards with purchase protection will advertise this feature on their website or in their marketing materials. You can also review the terms and conditions of your card to see if purchase protection is included.
18. How do I file a claim for purchase protection? If you need to file a claim for purchase protection, you will typically need to contact your credit card issuer and provide documentation such as a police report or an original receipt. Be sure to review the terms and conditions of your card for full details on the claims process.
19. Is there a limit to how much purchase protection coverage I can receive? Yes, there may be a limit to how much purchase protection coverage you can receive, depending on the card issuer and specific card. Be sure to review the terms and conditions of your card for full details on the coverage provided.
20. Does purchase protection cover theft from a car? The coverage provided by purchase protection can vary depending on the card issuer and specific card. Some cards may offer coverage for theft from a car, while others may not. Be sure to review the terms and conditions of your card for full details on the coverage provided.
21. Can I use purchase protection if I buy a used item? The coverage provided by purchase protection can vary depending on the card issuer and specific card. Some cards may offer coverage for used items, while others may not. Be sure to review the terms and conditions of your card for full details on the coverage provided.
22. Are there any exclusions to purchase protection coverage? Yes, there may be exclusions to purchase protection coverage, depending on the card issuer and specific card. Some common exclusions include jewelry, cash, and items purchased for resale. Be sure to review the terms and conditions of your card for full details on the coverage provided and any exclusions that may apply.