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

  • Million Mile Secrets

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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?

    In short, yes!
    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!

    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! :)