Purchase insurance: Additional Guarantee With Your Credit Card
With your credit card, it is easy to buy online or in store, whether in Belgium or abroad. But did you know that some of them also insure your purchases? Henry Higgins explains the purchase insurance and extended warranty related to your credit card.
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What is a purchasing insurance?
First, purchase insurance allows you to insure your purchases paid with your credit card. It can offer different types of insurance related to your purchases: some have purchase insurance that insures you against damage or theft related to delivery, others the additional warranty extension to that already linked to products in stores or online, in Belgium or abroad. This is valid for a certain number of days, sometimes on a minimum purchase price, all depending on the credit card you have.
If your purchase is stolen, the total cost will be refunded to your account. If your purchase is damaged, it will be repaired or replaced.
What types of purchases are covered by this insurance?
It varies from one card to another. For example, American Express cards cover your mobile phone, unlike other banks. In most cases, the following products are not covered:
- Living animals
- Cash, currencies
- Travelers checks, travel tickets
- New or used vehicles
- Used products
- Products for resale
- Mobile phones
More : What will be the price of the iPhone X for the 10 years of the smartphone?
How to use the purchase insurance of your card?
If you want to use your credit card purchase insurance, you must fill out a claim form on your bank’s website. Be careful, the delay in which you must complete the declaration of theft or loss varies depending on the bank. In addition, in most cases of theft, you must also report it to the police. If in doubt, consult your bank’s website, contact its advisers or visit one of its branches.
Are you interested and would like to obtain a credit card with purchase insurance? Feel free to use our comparator to find the credit card with insurance that suits you. You can also compare all financial institutions for more information on each one.
Which credit cards offer this insurance?
In Belgium, several credit cards offer purchase insurance.
However, the number of days you can take advantage of your insurance, the amount per claim, the annual amount authorized for claims and the minimum purchase price vary depending on the card.
We list below credit cards that allow you to protect your purchases for at least 120 days. Here is a list of credit cards that offer the highest amount of compensation per claim or calendar year.