Even if there's no one likes to see their property damaged or stolen, these events can be more frustrating when the item in question is new and you've barely had a chance to use it. Even having to replace something you just bought can be a double-hit to your bank account.
Fortunately, Chase cardholders have an option when they arrive in that situation. Chase credit cards provide purchase protection, a feature that's frequently overlooked but recently saved me almost $200 when a recently purchased item I was returning by mail was stolen from my building's lobby.
The guide to Chase purchase protection is here, and it's the steps you'll need to take to file a claim if you ever find yourself in a similar position.
Purchase protection can be repaired, replaced, or reimbursed for items that are damaged or stolen and were recently purchased with an eligible Chase card or with rewards earned on an eligible Chase card.
Chase cards that will pay up to $500 per Claim.
The following card will be reimbursed up to $500 per claim and $50,000 per account.
Chase cards that pay up to $10,000 per Claim.
These cards are subject to up to $10,000 per claim and $50,000 per year.
There are certain conditions, which are listed in full in your credit card's benefits guide. One key condition to note is that if you have other insurance - like homeowners insurance, renters insurance, car insurance, or insurance through your employer - you'll have to file a claim first with that insurance company unless the claim amount is below your deductible.
Chase has a broad array of items it won't include, such as living animals and plants, antiques, computer software, and motorized vehicles. To ensure your claim is covered, check your benefits guide for the full list.
Chase partners with Card Benefit Services, a third-party company, to handle its claims and administration, so the first step in filing a claim is to go to the Card Benefit Services website.
As an example, here's what appears next when using the Chase Freedom Unlimited® app. If you have consented to electronic transactions, payments, and signature, it will ask you to select a claim type.
upload your documentation, which may include any of the following:
Card Benefit Services will begin processing the claim and email you with a list of what's still missing, as well as instructions on how to add the necessary documentation to your claim.
If your claim is completed, you will receive a notification that it has been approved, and at that time, you can receive reimbursement by check or direct deposit. If the selection is completed within a few days, the refund should be made available.