A few months ago, I was in the hunt for a new phone and found a good deal on the new LG Nexus 5X phone (by Google) and pulled the trigger. Within three weeks of my purchase, I managed to drop my phone face down on the pavement and sure enough, when I picked it up, the screen had a very slight crack on it. Two days later, I had to move some furniture and the heavy TV stand banged against the phone in my pocket, further cracking the screen. So frustrating!!!

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I remember thinking that the damage to my phone happened so soon after I had purchased the phone that there must be some sort of coverage or protection offered by my credit card company. So I did some research, and sure enough, I found a detailed purchase protection program outlined by Chase that offers coverage for situations just like the one I was in. The purchase protection language states the following:

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Benefit Overview

  • Can repair, replace or reimburse you for eligible items in the event of theft or damage when items are purchased with an eligible Chase card or with rewards earned on an eligible Chase card
  • Coverage is in excess of any valid and collectible insurance such as homeowner’s insurance, or other forms of reimbursement

Who’s Covered

  • Cardholder
  • Recipients of gifts purchased by the Cardholder with an eligible Chase card

Coverage Amount/Period

  • Up to a maximum of $500 per claim and up to $50,000 per account

What’s Covered

  • Eligible personal property that has been damaged, stolen, or involuntary and accidental parting with property within 120 days from the date of purchase

What’s Not Covered

This is not an exhaustive list. Examples include:

  • Items that mysteriously disappear with no evidence of a wrongful act
  • Used or pre-owned items
  • Antiques and collectible items
  • Boats, automobiles, aircraft and any other motorized vehicles
  • Computer Software
  • Items purchased for resale, professional, or commercial use

After submitting my claim, Chase followed up asking for a quote from an authorized phone repair store. Once I got the quote and sent it back to Chase, they promptly sent me a check to cover my costs! Chase will reimburse you up to the amount that you charged on your card to fix your item (under $500 without further paperwork). I find this perk to be very underutilized and for cardholders to be unaware of the additional benefits that their credit cards offer.

So next time you have an issue within 90 days of an item you’ve purchased, take a look at your credit card’s purchase protection program and see if you’re covered!

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