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

Signing-up for credit cards through partner links earns us a commission. Here’s our full Advertising Policy.

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

Million Mile SecretsThink Twice Before Cancelling a Card You Often Use for Purchase Protection BenefitsMillion Mile Secrets Team

Signing-up for credit cards through partner links earns us a commission. Here’s our full Advertising Policy.

Update: One or more card offers in this post are no longer available. Check our Hot Deals for the latest offers.

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?

In short, yes!

Think Twice Before Cancelling A Card You Often Use For Purchase Protection Benefits
Planning on Taking Advantage of Your Card’s Purchase Protection Benefits? Then Remember NOT to Close the Card

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!

If you liked this post, why don’t you join the 36,000+ readers who have signed-up to receive free blog posts via email (only 1 email per day!) or in an RSS reader …because then you’ll never miss another update!

The Platinum Card® from American Express

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 Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards points on prepaid hotels booked on
  • Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
  • $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
  • $550 annual fee.
  • Terms Apply.
  • See Rates & Fees
Terms Apply | Rates & Fees

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry that something went wrong, repeat again!


by Newest
by Best by Newest by Oldest

Is the price rewind cap per card or per person?