Think Twice Before Cancelling a Card You Often Use for Purchase Protection Benefits

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Lots of folks use credit cards not only because they earn miles, points, or cash back, but because they often come with purchase benefits, like extended warranties and price protection.  And we get lots of questions about the ins and outs of credit card perks!

Million Mile Secret Agent Julie asked:

If you buy an item with a certain card, do you have to keep that card open through the extended warranty period to be able to have the item covered?

Typically, to take advantage of ANY of a card’s benefits, like elite status, travel credits, or return protection, your card must be open and in good standing.

You can NOT buy something with a certain card to extend the warranty, close that card, and try to cash in on the perk a year later, for example.

That said, if having a card that offers extended protection gives you peace of mind, it might be worth paying an annual fee to keep that benefit!

Cards That Come With Purchase Protection

Link:   Avoid Wasting Money on Extended Warranties Just by Paying With These Credit Cards!

For example, the Citi ThankYou Premier card has a $95 annual fee that’s waived the first year.  And when you shop with it, it 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.

Or consider the Chase Sapphire Preferred Card, which earns valuable Chase Ultimate Rewards points and is the my favorite for beginners.

When you make a purchase with this card, you’ll get 1 extra year added to a warranty of 3 years or less!

Just remember, always read the terms & conditions of your card’s coverage to check for exclusions, to confirm the coverage amount, and how long you have to file a claim.

For more detailed information about 4 great cards that come with purchase protection (and may other amazing perks!), check out this post.  And be sure to read this post to make sure you’re making the most of your AMEX card’s benefits!

Bottom Line

If you want to take advantage of a card’s purchase protection benefits (or any of the card’s perks for that matter!), the card must be open and in good standing.  So plan your purchases wisely!

Because sometimes even paying an annual fee is worth it, if it means you can rest assured knowing your purchase is protected!

The Platinum Card® from American Express

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The Platinum Card® from American Express

• Earn 60,000 Membership Rewards® Points after you use your new Card to make $5,000 in purchases in your first 3 months.

• Enjoy VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status available to Basic Card Member only.

• Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel. Starting January 1, 2021, earn 5X points on up to $500,000 on these purchases per calendar year.

• 5X Membership Rewards® Points on prepaid hotels booked on amextravel.com.

• Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.

• $200 Airline Fee Credit, up to $200 in statement credits per calendar year in baggage fees and more when you select one qualifying airline.

• Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. That’s up to $50 in statement credits semi-annually. Enrollment required.

• $550 annual fee.

• Terms Apply.

• See Rates & Fees

Terms Apply | Rates & Fees

Intro APR on purchases

N/A

Regular APR

See Pay Over Time APR

Annual Fee

$550

Balance Transfer Fee

N/A

Rates & Fees

Annual Fee $550

Other

Credit Needed Excellent / Good

Issuer American Express

Card Type American Express

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