What is Credit Card Purchase Protection?

One of the things you should consider when looking for a credit card is the purchase protection feature. This feature secures your credit card purchases from damage or theft. However, the level of protection you receive depends on your credit card provider. Let’s dive into the details of some of the most common questions about credit card purchase protection.

What is Credit Card Purchase Protection?

Credit card purchase protection is insurance offered by your credit card provider for the items purchased with your credit card. However, not all items are eligible for purchase protection. The only way to be sure is to refer to your credit card provider.

Purchase Protection can also be referred to as:  

• Purchase Assurance

• Purchase Security

• Damage and Theft Protection

What items are entitled to purchase protection?

Most items that you purchase online are covered under this benefit unless stated otherwise.

Do all Credit Cards come with a purchase protection feature?

NOT ALL credit card comes with purchase protection. Usually, credit cards that offer purchase protection would be in the premium range. However, it’s best to check with your credit card provider. 

What is the standard procedure to claim purchase protection?

When you sign up for a credit card with a purchase protection feature, remember to activate your protection. Certain credit cards activate this feature for you automatically but some providers may need you to register before activating it for you. 

You will need to do the following to claim purchase protection:

• Fill and submit out a claim form 
• a copy of a police report
• your purchase receipt
• and other documents specified by your credit card company

Which Credit Card offers Purchase Protection?

Standard Chartered Visa Platinum Card

If you love dining out and shopping, Standard Chartered Visa Platinum Card is tailored for you! Check out the perks and rewards of this credit card:

• 5X Reward Points on Contactless, Dining, Departmental Store & Overseas spend
• 1X Reward Points on other spend
• Additional 5,000 Reward Points per month when you spend RM1,500 and above
• Annual Fee waiver for the first and second year
• e-Commerce Purchase Protection (coverage up to USD200)

To apply for Standard Chartered Visa Platinum credit card, you would have to be earning a minimum annual income of RM36,000. The minimum age requirement would be 21 years old to 65 years old. If you are 18 years old, you can apply for a supplementary card.

GREAT NEWS if you’re thinking to get the Standard Chartered Visa Platinum credit card now, as we’re offering a GUARANTEED RM200 Touch n' Go eWallet Credit when you apply and activate a Standard Chartered Credit Card today until 28 February 2023.

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Apart from that, HSBC Amanah MPower Visa Platinum Credit Card-i also offers e-Commerce Purchase Protection coverage of up to USD200!

HSBC Amanah MPower Visa Platinum Credit Card-i

HSBC Amanah MPower Visa Platinum Credit Card-i is a must-have credit card if you’re looking for cashback rewards! Check out the perks and rewards of this credit card:

• Up to 8% Cashback on eWallet, Petrol & Grocery spend
• 0.2% Cashback on other spend
• 1% contribution on Charity spend
• e-Commerce Purchase Protection (coverage up to USD200)
• Syariah-compliant Credit Card

To apply for HSBC Amanah MPower Visa Platinum Credit Card-i, you would have to be earning a minimum annual income of RM36,000. The minimum age requirement would be 21 years old to 65 years old. If you are 18 years old, you can apply for a supplementary card. 

If you apply, activate, and spend with HSBC Credit Cards from now till 12 February 2023, you’ll stand a chance to win the Samsung Galaxy Z Flip4 worth RM4,099. Alternatively, you can choose to win Touch 'n Go eWallet credit worth RM400!

APPLY NOW!

Having a purchase protection feature on your credit card is highly recommended especially if you love shopping and constantly worry your purchase will get stolen or damaged. Head over to our credit card page to compare credit cards and get the latest promos and deals!