Everything you need to know about Bank of America purchase protection

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There are dozens of reasons to pay for your purchases with a credit card instead of a debit card or cash, including the prospect of earning rewards. After all, the best rewards credit cards let consumers earn cash back, flexible points or travel rewards for each dollar they spend, and many offer a large initial sign-up bonus as well.

Not only that, but paying with plastic is easily more secure than other payment methods since most credit cards come with zero liability for fraudulent purchases. Further, many credit cards come with added consumer protections and insurance products that can help you save money or avoid financial losses in specific situations.

Purchase protection is one such benefit, and at least one Bank of America credit card offers this perk. This guide goes over Bank of America purchase protection, how it works and how you can file a claim if you need to.

What is Bank of America purchase protection?

Purchase protection is a credit card perk that can provide you with reimbursement or the repair of an item that is damaged or stolen within a specific period after you buy it. You have to pay for the item with a credit card that offers this coverage for it to apply, and Bank of America purchase protection is good for 90 days from an item’s date of purchase.

Bank of America purchase protection does have a $10,000 limit on the amount you can be reimbursed for each claim. However, Bank of America purchase protection does have a high per-claim limit when you compare this coverage to purchase protection from many competing cards.

How does Bank of America’s purchase protection work?

For your Bank of America purchase protection to come into play, you need to be a cardholder of a Bank of America credit card that offers this perk. If the item you purchase is lost or damaged during the coverage period of 90 days from the date of purchase, then you can apply for reimbursement or repair coverage with Bank of America. Keep in mind that Bank of America purchase protection is good for up to $10,000 per claim and $50,000 per cardholder.

As an example of how purchase protection works, imagine you purchased a new tablet from Best Buy and paid with a Bank of America credit card that offers purchase protection. If your tablet stopped working 30 days after you bought it, you would probably be pretty miffed, yet you wouldn’t be able to return your tablet to Best Buy since they have a strict 15-day return period in most cases.

With purchase protection from your Bank of America credit card, however, you could apply for repair or replacement of your tablet regardless of Best Buy’s policy.

What kind of purchases does Bank of America purchase protection cover?

Bank of America purchase protection can cover almost any purchase you make with your credit card ranging from a new laptop computer to a sweater or a kitchen full of appliances. However, this is only true provided damage or theft occurs within the 90-day window from the date of purchase.

What does Bank of America purchase protection not cover?

Bank of America purchase protection does come with a standard set of exclusions. Items that will not receive purchase protection, even if you pay with your credit card, include (but are not limited to):

  • Animals and live plants
  • Antiques and collectibles
  • Boats and watercraft
  • Computer software
  • Items purchased for resale
  • Items that mysteriously disappear
  • Purchases in the care of a common carrier (e.g. airline, cruise line, etc.)
  • Medical equipment
  • Perishables
  • Real estate
  • Rented or leased items
  • Purchases that are used or pre-owned

Which Bank of America credit cards offer purchase protection?

Currently, only one Bank of America credit card offers purchase protection as a cardholder perk. If you are eager to gain this important protection for items you buy, this card should be on your radar.

Bank of America® Premium Rewards® credit card

The Bank of America Premium Rewards card starts you off with 50,000 points worth $500 when you spend $3,000 on your card within three months of account opening. You can also earn unlimited 2X points on travel and dining purchases and 1.5X points on everything else. A $95 annual fee applies, but you’ll qualify for perks like a $100 airline incidental fee credit, up to $100 toward Global Entry or TSA Precheck membership every four years and no foreign transaction fees.

Consumer protections you’ll receive with the Bank of America Premium Rewards card include purchase protection, trip delay reimbursement, trip interruption and cancellation insurance, coverage for lost and delayed baggage, emergency evacuation and transportation coverage, return protection, extended warranty on eligible items, roadside dispatch and more.

How to file a claim with Bank of America purchase protection

If you want to file a purchase protection claim with Bank of America, you can start the process by calling 1-800-VISA-911 or the number on the back of your credit card within 60 days of the damage or theft. From there, the benefits administrator will ask you some basic questions about your claim and send you a claim form to fill out.

At this point, you’ll need to complete your claim form and return it to Bank of America within 90 days of the damage or theft. The documentation you’ll need to provide includes:

  • Your completed and signed claim form
  • The receipt for your purchase
  • A police report filed within 48 hours of the incident in the case of theft
  • A copy of your primary insurance policy’s declarations page to determine your deductible
  • Documentation of any other settlement regarding the damage or theft
  • Any other documentation needed to prove your claim

The bottom line

Purchase protection may not seem as important as rewards and other cardholder perks, but this coverage can come in handy if you need it. This is especially true for pricey purchases you might pay for with your credit card, and it’s nice to know that Bank of America purchase protection is good for up to $10,000 per item and up to $50,000 per cardholder.

But since there are other Bank of America credit cards to consider, make sure to compare all your options before you decide.