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:
In short, yes!
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
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.
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!
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!
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The Platinum Card® from American Express
Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership.
Plus, earn 10x points on eligible purchases on the Card at restaurants worldwide and when you Shop Small in the U.S., on up to $25,000 in combined purchases, during your first 6 months of Card Membership.
Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
$200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®.
$240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, and The New York Times. Enrollment required.
$155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax.
American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
$200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
$200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
$300 Equinox Credit: Get up to $25 back each month on select Equinox memberships when you pay with your Platinum Card®. Enrollment required.
$179 CLEAR® Credit: Use your Card and get up to $179 back per year on your CLEAR® membership.
$695 annual fee.
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