Chase Sapphire Reserve Card Purchase Protection — How Does It Work?

Purchase protection is one of the least-utilized credit card benefits out there. The truth is that most of us don’t even know that a benefit like this exists on our credit cards. And yet, this can be one of the few credit card benefits that could potentially pay for the cost of holding a credit card for several years in one fell swoop.

Purchase protection is one of those benefits you don’t want to have to use, but it can come in handy if you ever have the misfortune of qualifying for it.

What Is Purchase Protection?

Purchase protection is a credit card benefit that allows you to receive reimbursements for the replacement or repair of items you purchased with your card that have been stolen or damaged accidentally.

It turns out that the Chase Sapphire Reserve^® offers some of the best purchase protection in the business.

Chase Sapphire Reserve Card Snapshot

The Chase Sapphire Reserve card is Chase’s top premium credit card product. Its name-brand recognition is unmistakable, and the Chase Sapphire Reserve card has plenty of diehard fans … and understandably so.

You’ll earn up to 10x Ultimate Rewards points on purchases:

• 10x points on rental cars, hotels, and Chase Dining purchases via Chase Ultimate Rewards
• 10x points on Lyft purchases through March 31, 2025
• 10x points on Peloton equipment and accessory purchases over $250 (through March 31, 2025)
• 5x points on flight purchases via Chase Ultimate Rewards
• 3x points on other travel and dining purchases
• 1x points on other purchases

Earning 10x Ultimate Rewards is equivalent to an unmatched 20% return on spending, while 5x, 3x, and 1x are equivalent to 10%, 6%, and 2%, respectively.

Additionally, the benefits on this card are seemingly endless:

• $300 annual travel credit every cardmember year
• $100 Global Entry/TSA PreCheck/NEXUS application fee reimbursement
• Complimentary Priority Pass Select membership
• Access to The Luxury Hotel and Resort Collection and benefits at Relais & Châteaux
• 50% bonus redemption value (1.5 cents per point) on travel booked via the Ultimate Rewards travel portal
• Pay Yourself Back
• Complimentary DoorDash DashPass subscription and $5 in monthly DoorDash credits
• Complimentary Instacart+ subscription and $15 in monthly Instacart credits (through July 2024)
• Rental car discounts and privileges at Avis, National, and Audi on demand
• Superb travel insurance, including primary rental car insurance, baggage insurance, and trip cancellation and interruption insurance

Remember, the Chase Sapphire Reserve card also includes extended warranty, return protection, no foreign transaction fees, and purchase protection.

What Sets Apart the Chase Sapphire Reserve Card for Purchase Protection

In general, 3 features determine how “good” a card’s purchase protection is. These are:

• Maximum coverage per item or claim
• Maximum coverage per year
• Coverage window

What we love about the purchase protection offered by the Chase Sapphire Reserve card boils down to the coverage window, at least when you compare the policies to those from similar ultra-premium cards.

Currently, the Chase Sapphire Reserve card covers eligible items from theft and damage for the first 120 days after you purchase it, and you can receive up to $10,000 in reimbursement per claim and $50,000 per year.

Meanwhile, the Chase Sapphire Preferred card offers up to $500 in reimbursement per claim for up to 120 days and $50,000 per year.

The Platinum Card^® from American Express and Capital One Venture X Rewards Credit Card both offer purchase protection of up to $10,000 in reimbursement per claim and $50,000 per year. However, both of these cards only offer coverage for the first 90 days after you purchase your item.

What we’ve discovered, therefore, is that the Chase Sapphire Reserve card is actually the best card for purchase protection available, and that is powerful.

If you buy an expensive piece of jewelry with the Chase Sapphire Preferred card, you’ll only receive a maximum reimbursement of $500 if an eligible incident occurs, regardless of whether that piece of jewelry was $5,000 or $50,000. With the Chase Sapphire Reserve card, you can get up to $10,000 back, which is a huge jump compared to $500.

Even though you’ll get purchase protection if you purchased just a portion of the item in question using your Chase Sapphire Reserve card, your maximum reimbursement amount will be limited to the portion of the purchase made.

On the flip side, you can get even more purchase protection by splitting up your purchases across different cards with purchase protection.

For example, if you pay for a $30,000 watch and split the purchase equally among 3 different cards, such as the Chase Sapphire Reserve card, Amex Platinum card, and Capital One Venture X card, you could theoretically qualify for $30,000 in purchase protection.

Notable Exclusions From Purchase Protection

There are certain exclusions from the Chase Sapphire Reserve card’s purchase protection that we should go over.

In general, only eligible personal property that has been damaged, stolen, or involuntary and accidental parting with property within 120 days from the date of purchase will be covered under the Chase Sapphire Reserve card’s purchase protection policy.

Let’s briefly call out some exclusions:

• 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
• Animals and living plants
• Items under control and care of a common carrier, including airplanes, delivery services, or the U.S. Postal Service
• Theft or damage stemming from abuse, fraud, hostilities (including war or terrorist activities)
• Medical equipment
• Theft or damage from misdelivery or voluntarily parting with property
• Traveler’s checks, cash, tickets, credit or debit cards, among other cash-like instruments
• Losses caused by or resulting from a cyber incident

This isn’t an exhaustive list, but it should give you an idea of the coverage exclusions and inclusions.

Hot Tip: In general, if you’re purchasing an item for your business, you’ll want to put it on a business credit card if you want to qualify for purchase protection since most personal credit cards exclude business purchases from qualifying.

How To Use the Chase Sapphire Reserve Card’s Purchase Protection

If a covered incident occurs, you’ll want to follow this action plan to file a claim:

1. Call your Benefits Administrator at 888-675-1461 (or call collect outside the U.S. at 804-281-5772) within 90 days of the damage, theft, or involuntary/accidental parting
   • If your item was stolen, you must file a police report within 48 hours of the occurrence to be eligible for purchase protection
2. Answer a few preliminary questions so that the Benefits Administrator can send you the right claim forms (you can also go to eclaimsline.com to file your claim online)
3. Return the completed claim form and all required documentation within 120 days of the damage, theft, or involuntary/accidental parting
4. You’ll typically receive a decision within 15 days of receipt of your claim documentation

In general, you will be required to furnish substantial documentation beyond the completed claim form, including these items:

• Credit card account statement showing that your Chase Sapphire Reserve card was used to purchase the item
• Copy of your itemized store receipt
• Copy of the police report made within 48 hours of the occurrence in the case of theft or other incident reports, such as fire reports
• Estimate of repair if the item is repairable (paid receipts/invoices for the repairs indicating the type of damage may also be used)

This isn’t an exhaustive list, but you’ll want to make sure you collect as much evidence as possible to ensure your claim won’t get denied.

Lastly, this is fairly obvious, but if your item is damaged, your reimbursement will cover repairs, rebuilding, or replacement, while reimbursement covers replacement for stolen items.

Final Thoughts

Purchase protection can seem like a complex benefit, but it can be incredibly useful if and when it’s needed. If you’re looking to use purchase protection to make a legitimate claim about a covered incident like theft or accidental parting, getting reimbursed shouldn’t be difficult.

The Chase Sapphire Reserve card covers up to $10,000 per item, $50,000 per calendar year, and a timeframe of up to 120 days after your purchase.

There are some exclusions, but for the most part, using the Chase Sapphire Reserve card’s purchase protection is straightforward; report the incident as soon as it happens, collect all of the documentation, submit the completed claim form along with the required documentation, and get reimbursed.

The Chase Sapphire Reserve card’s purchase protection is actually more generous than the purchase protection offered by the Amex Platinum card or Capital One Venture X card, so you’ll be in great shape with Chase.

For the purchase protection benefit of The Platinum Card^® from American Express, purchase protection is an embedded benefit of your card membership and requires no enrollment. It can help protect covered purchases made on your eligible card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the covered purchase date. The coverage is limited to up to $10,000 per occurrence and up to $50,000 per card member account per calendar year. Coverage limits apply. Eligibility and benefit level varies by card. Terms, conditions, and limitations apply. Visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

The information regarding the Capital One Venture X Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

For rates and fees of The Platinum Card^® from American Express, click here.