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What credit card will insure my purchased items?

By , CardRatings contributor
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American Express is a CardRatings.com advertiser.

Question: What credit card will insure my purchased items?

Answer: Wow, that's such a broad question. Almost every credit card has some form of insurance on what you buy. Many of them also come with perks like travel insurance and auto rental liability insurance. That said, you obviously want to understand the particulars of your specific card's insurance features. Most cards will cover anything you purchase if it's damaged or stolen--up to a point.

Understandably. After all, while it would be nice if I could call up my credit card company and say, "Hey, about this couch we bought in 2002--it's pretty worn out, and I'd like you guys to replace it," obviously that's not going to fly.

But amazingly, if you bought your couch at a department store three weeks ago and paid for it in full with your credit card, and your 8-year-old set it on fire, many credit cards claim that they will replace the sofa. (Honestly, I wouldn't set out to test this example. For starters, it is supposed to cover accidental damages.)

MasterCard and Visa offer 60 day price protection on their cards, meaning if you find a lower price for a new item within the same time period, you can get reimbursed for the price difference. Some cards go even beyond that.

Like American Express, which offers a purchase protection insurance on their cards that protects your eligible purchase from accidental damage or theft up to 90 days. There are limits on some of these purchases, though, so if you buy a Lear jet on one of your cards and wreck it three days later, you may run into trouble.

Read all of the fine print on any card you have very carefully, or you may wind up disappointed if you're counting on the card issuer to replace some item later. Still, for the most part, credit cards offer some pretty remarkable insurance perks.

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