American Express Purchase Protection Plan – a Rare Credit Card Benefit
I keep discovering awesome benefits via my primary credit card of choice, the American Express Costco card (check out my American Express Costco card review here).
Perhaps one of the biggest ones that I just recently discovered is the American Express Purchase Protection plan. The plan, (rather unbelievably) has the following benefits:
- Embedded Protection - You can use your Card and Purchase Protection protects eligible purchases against accidental damage or theft for up to 90 days from the date of purchase.
- Worldwide Coverage – Coverage includes eligible purchases made worldwide with the Card, including gifts purchased for others. I would imagine this would cover gift packages that didn’t make it to those you sent to (but don’t quote me on that).
- Shop Worry Free - Purchase Protection repairs, replaces or reimburses you for up to the amount charged to the Card (not to exceed the original purchase price). Coverage is limited to up to $1,000 per Occurrence, up to $50,000 per Cardmember account per policy year, and is in EXCESS of other sources of indemnity.
We’ve all tried returning something that we damaged or after a retailer’s 30 day return policy expired and been turned away feeling dejected. On my way to work the other day, I was listening to a local radio station and a caller was talking about a time that she was arrested because Kohl’s wouldn’t take back her shoe, which suffered a broken heel – and she came back in swapped it for a new one (on her own). Funny – and tragically sad all at the same time, haha.
I just think that it’s refreshing and gives a little peace of mind that American Express is willing to pay up to $1,000 for something that gets stolen or damaged within 90 days of purchase. That’s an awesome benefit to have.
I have to admit that I’m really impressed with the benefits that American Express offers. They continually offer perks that set them apart from their credit card competitors. And every time I’ve called them they’ve always been pleasant and helpful on the phone. The credit card industry gets a bad rap, and for good reason a lot of time. But I have no shame in promoting a company that is ethical and helpful towards its customers.
Credit Card Benefits Discussion:
- What is the best perk your credit card provides?
- What is the most unusual perk your card offers?
Cool tip… That international protection is a sweet benefit for when I travel. I wonder how they can protect purchases from third world countries.
Jason
I broke my iPhone screen on day 88 of the 90 days, and American Express refunded the purchase price because I used my Blue Cash card. It’s a great feature.
@ Frank – wow, that’s awesome! (well, not that it broke…. ah, you know what I mean).
Does AE actually have a list of retailers that accept it worldwide?
Couldn’t agree more! My parents started using AmEx and they told me to sign up and now I love it! They are by far the front runners in terms of credit card perks and bonuses for customers!
Purchase protection is nice, but when my car stereo got stolen the day I bought it, AmEx didn’t cover it because it was “installed” in the vehicle or something. So, caveat emptor.
I was only 2 weeks into the 90 day protection plan when I dropped my camera. The lens broke off and I filed the claim with AmEx. I have been having a difficult time getting the claim processed. I will continue to be patient and keep my fingers crossed that the lens is replaced. But it is definitely not as simple as they make it appear.
Unfortunately, your article misrepresents part of the program.
AmEx won’t pay you up to $1000 per item – it’s $1000 per year, $300 per item.
The lady who broke her shoe? Even if she had bought it with AmEx, she’s still out of luck because AmEx will only take the item back if it’s undamaged and unworn.
You can read their policy terms here: https://www124.americanexpress.com/cards/benefits/includes/pdf/returnProtection2003.pdf
It makes you wonder just what exactly you *can* return to them.
To me, the only reason I still have my AmEx card is that their customer service people are great. On the times when my card has had fraudulent charges on it, they’ve been great about taking care of the problem (as opposed to Etrade, who ran us through the wringer).
Robbie
@ Robbie – you are referring to ‘return protection’, which is not the same as ‘purchase protection’. They are two separate programs. Coverage is limited to up to $1,000 per Occurrence, up to $50,000 per Cardmember account per policy year, and is in EXCESS of other sources of indemnity. https://www212.americanexpress.com/dsmlive/dsm/dom/us/en/phaseib/purchaseprotection_shareddetailsall.do?vgnextoid=fc1a4959f3156010VgnVCM100000cef4ad94RCRD&vgnextchannel=e2cb0db3915e7010VgnVCM10000084b3ad94RCRD&name=purchaseprotection_shareddetailsall&type=intbenefitdetail
They also have an extended warranty that will add up to a year to any manufacturer’s warranty (doubles the warranty up to 1 year for coverage up to 5 years, e.g. 5+1=6). Joy!
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