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With the holiday season here, you may be buying big-ticket items like computers, gaming systems, furniture, and home appliances.
But before making an expensive purchase, it’s important to consider which card you’ll use to pay. These are the best credit cards for large purchases:
|The Business Platinum® Card from American Express OPEN||Earn 1.5X AMEX Membership Rewards points for purchases of $5,000+
Up to 1 extra year added to warranties of 5 years or less (terms & conditions apply)
|The Platinum Card® from American Express||Up to 1 extra year added to warranties of 5 years or less (terms & conditions apply)|
|Citi ThankYou Premier||Citi Price Rewind coverage, which refunds you money when prices go down on certain items
Up to 2 years added to warranties (not to exceed 84 months from date of purchase).
|Chase Sapphire Preferred® Card||Earn my favorite flexible points
Up to 1 extra year added to warranties of 3 years or less (terms & conditions apply)
With certain cards, you’ll earn bonus points just for making a large purchase. And others come with useful purchase protection benefits, which can automatically get you an extended warranty. You might even get a refund after a price drop.
If you’re planning a large purchase and don’t have one of these cards, it’s a great time to apply. Because you can unlock a valuable new cardmember sign-up bonus (worth hundreds of dollars in free travel) by counting the large purchase toward your minimum spending requirements.
I’ll explain more about the current card offers and details of the purchase protection benefits.
Best Credit Card Purchase Protection 2017
You don’t have to pay a dime to get extended warranty coverage or other purchase protection benefits when you use credit cards.
Keep in mind, the benefits you get vary by card. And there are exclusions. For example, credit card warranty benefits won’t apply if you’re purchasing a shiny new convertible this holiday season. 😉
Prior to buying a big-ticket item, I recommend reading the terms & conditions of your card’s coverage. This will give you an idea if your purchase is covered. And it’ll let you know which paperwork to keep. This typically includes:
- Original purchase receipt
- Credit card statement showing purchase transaction
- Copy of manufacturer’s warranty
Also, if you have multiple credit cards, it’s a good idea to compare benefits between cards. For example, I recently wrote about 3 cards to protect your smartphone purchase in case it’s lost, stolen, or damaged. But when it comes to shopping for large appliances or furniture, securing extended warranty coverage with one card might be more useful than theft and damage protection with another card.
Here are 4 great cards with purchase protection benefits.
1. AMEX Business Platinum
If you’re planning to spend $5,000 or more on a single purchase, the AMEX Business Platinum is an excellent choice! With this card, you earn 1.5X AMEX Membership Rewards points on purchases of $5,000+.
And earning flexible points with AMEX can be extremely valuable if you like to travel. Because you can save money on flights and hotels by transferring AMEX Membership Rewards points directly to 20 airlines or hotel partners, like Air Canada, Delta, or Hilton.
Plus, when you pay for eligible items using your card, you’ll get up to 1 year added to the original manufacturer’s warranty. This benefit applies to warranties of 5 years of less. And you’re covered up to the amount charged to your card for the item (up to a maximum of $10,000 per item and $50,000 per calendar year).
Making a large purchase can also put a nice dent in the large minimum spending requirement for this card. You’ll earn 50,000 AMEX Membership Rewards points after you spend $10,000 in the first 3 months of account opening. And an extra 25,000 AMEX Membership Rewards points after you spend an additional $10,000 on qualifying purchases within the same timeframe.
With the AMEX Business Platinum, you also get:
- $200 in statement credits per calendar year for airline incidentals with your selected airline (luggage fees, in-flight food & drink, etc.)
- Access to airport lounges (Delta, Priority Pass, Airspace, and American Express Centurion Lounges)
- Statement credit for Global Entry or TSA PreCheck
- Free Hilton HHonors Gold elite status (free breakfast and upgrades when available)
- Terms & limitations apply
This card has a $450 annual fee. But if you apply now, it’s possible to earn the $200 airline incidental statement credit 2 times (once in 2017 and again in 2018) by paying just 1 annual fee. You can evaluate the card after ~10 or ~11 months to see if the other perks make it worth keeping.
2. AMEX Platinum
If you can’t qualify for the AMEX Business Platinum card, you can use the personal version to get the same extended warranty coverage.
You’ll get up to 1 year added to the original manufacturer’s warranty for warranties of 5 years of less. You’re covered up to the amount charged to your card for the item (up to a maximum of $10,000 per item and $50,000 per calendar year).
I have friends who exclusively use their AMEX Platinum card to buy expensive electronics. Because the extra coverage comes in handy should a product stop working after the manufacturer’s warranty expires.
Unfortunately, you will NOT earn a bonus on large purchases using this card. But you’ll still earn the same flexible AMEX Membership Rewards points.
And it’s much easier to unlock the sign-up bonus on this card because the minimum spending requirement is much lower compared to the business version. You’ll earn 60,000 AMEX Membership Rewards points after spending $5,000 on purchases in the first 3 months of opening your account.
This card also comes with:
- 5X AMEX Membership Rewards points for booking flights and hotels through AMEX Travel
- $200 annual airline incidental fee credit
- $200 in Uber credit per year (but there are restrictions)
- Airport lounge access to Priority Pass, Centurion, and AirSpace Lounges
- Statement credit every 4 years after you apply for Global Entry ($100) or TSA PreCheck ($85)
- $550 annual fee
3. Citi ThankYou Premier
Link: Citi ThankYou Premier
When you pay for an eligible item with your card, you can get a refund if the price drops within 60 days. These are some of the items covered by this benefit:
The program is limited to $500 per item and $2,500 per calendar year. You can read my step-by-step guide to using Citi Price Rewind.
Million Mile Secrets team member Jasmin got back $20 from the filing cabinet she bought this summer. Every little bit counts!
You also get excellent extended warranty coverage when you shop with the Citi ThankYou Premier. You’ll get up to 2 years added to the original manufacturer’s warranty (not to exceed 84 months total). You’re covered up to the amount charged to your card for the item (up to a maximum of $10,000 per item and $50,000 per calendar year).
Although the card is not currently offering a sign-up bonus, you can still earn:
- 3X Citi ThankYou points per $1 spent on travel (including gas stations, airfare, hotels, cruises, car rental agencies, travel agencies, railways, public transportation, tolls, taxis, parking, and more)
- 2X Citi ThankYou points per $1 spent on dining and entertainment (amusement parks, museums, sporting events, movies, and more)
- No foreign transaction fees
And the $95 annual fee is waived the first year!
In the past, we’ve seen this card’s sign-up bonus as high as 50,000 Citi ThankYou points. So I’d wait for the card to offer a sign-up bonus again before applying.
4. Chase Sapphire Preferred
Link: Chase Sapphire Preferred
When you shop with this card, you’ll get 1 extra year added to a warranty of 3 years or less. Similar to AMEX and Citi, you’ll get a refund up to the amount charged to your card, up to a maximum of $10,000 per item, and no more than $50,000 per calendar year.
Plus, when you sign-up for this card, you can earn a sign-up bonus worth $625 in travel! You’ll earn 50,000 Chase Ultimate Rewards points after spending $4,000 on purchases in the first 3 months of opening your account.
You’ll also enjoy these benefits:
- 2X Chase Ultimate Rewards points on travel and dining at restaurants
- 5,000 bonus Chase Ultimate Rewards points (worth $50 in cash back) when you add an authorized user and make a purchase within the first 3 months
- Ability to transfer points directly to Chase’s travel partners like Hyatt and United Airlines
- Primary car rental insurance – Covers damage or theft to your rental car, when you pay for the rental with your card
- NO foreign transaction fees
And the $95 annual fee is waived the first year. So you can test the card out for nearly a year without paying anything. Then, decide if you like the benefits enough to pay the annual fee.
If you’re shopping for big-ticket items this holiday season (like electronics or equipment), I recommend paying with a card that offers purchase protection benefits.
For example, when you pay for eligible items with the AMEX Platinum card, you get 1 year added to the original manufacturer’s warranty for warranties of 5 years of less. So if you buy a television with a 2 year warranty, you’ll get 3 years of warranty just by paying with the AMEX Platinum card.
Or you might consider the Citi ThankYou Premier card, which adds 2 years of warranty protection (up to a maximum of 84 months). And it also gets you access to Citi’s Price Rewind program, which can refund you if the price drops on certain products!
Be sure to read the terms & conditions of your card’s coverage. This way, you can check for exclusions and confirm how long you have to file a claim.