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I love shopping.

Worse than that … I’m a sucker for a sale.

If something is on sale for a really good price, I can usually justify buying it even if I don’t need it.

And if I’m being 100% honest, I actually have a hard time paying full price for things.

If I DO have to pay full price for something, I will often go for the cheapest version of whatever I’m buying, even though deep down I know that cheaper isn’t always better.

And as for those at-the-cash, extended warranty add ons? No, thank you.


Because I work hard for my money and I like doing what I can to help make it last.

Whether you follow my “sale over everything” philosophy or not, I’m sure there is one thing we can agree on …

Wasting money is never fun.

Enter credit card purchase insurance

Did you know credit cards can help make your money last as well?

Yes, they offer valuable rewards, glamourous perks and money-saving low-interest options, but many also offer purchase insurance.

Complimentary peace of mind on almost anything you buy.

This purchase insurance comes in two forms, extended warranties and purchase protection, and knowing which cards offer the best insurance could really be valuable.

Curious how they work?

Keep reading …

Related: Types of Credit Card Insurance (You May Not Know About)

Extended warranty

Many products you purchase will come with a warranty that will protect you from any manufacturer defects, but extended warranty insurance will give you extra protection on those purchases.

The “norm” for this type of insurance is to double the manufacturer’s warranty for up to 1 year.

In this case, if you buy something on your credit card that has a 1 year warranty, your card will actually insure it for a second year.

How many times have you bought something that has malfunctioned a month after your warranty expires?

Thankfully, with this credit card feature, you should be able to avoid that.

Purchase protection

Purchase protection works a little differently and protects you against your purchases being lost, stolen or damaged.

Typically cards will give you 90 days of protection against any of the above.

The nice thing about this type of insurance is that it protects you against things that are not covered by a manufacturer’s warranty – accidentals.

So, if you buy a new pair of sunglasses and accidently lose them (or even accidentally sit on them), you’re covered.

Finding the best

As mentioned above, cards typically offer the same coverage: 1 year of extended warranty and 90 days of purchase protection.

But that is not the case for every card.

There are a few that go above and beyond those time frames and some will even double those time periods.

2 years of extended warranty and 180 days of purchase protection.

And now that you know a little more about these two types of insurance, I want to fill you in on which cards will give you the best coverage.

Related: Credit Card Travel Insurance for Age 65 & Over

The best credit cards for purchase insurance

There are only a small fraction of credit cards that will give you 2 full years of extended warranty and 180 days of purchase protection:

… but with each of these cards, you can have peace of mind knowing your purchases will be covered.

All 6 of the cards above are premium credit cards, and premium credit cards often come with high annual fees and high income requirements.

However, a few of these cards could suit your needs if you want a card that is a little more attainable.

Lowest annual fee

Unfortunately, there are not any no fee credit cards that come with insurance this great.

So, if you’re looking for a card that gives 2 years of extended warranty and 180 days of purchase protection, you’re going to have to pay for it.

Looking to pay as little as possible?

The BMO CashBack World Elite Mastercard is the card for you.

It will give you:

  • 1.5% cash back on all your purchases,
  • 24/7 access to BMO Concierge Service,
  • complimentary roadside assistance (a $69/ year value), and…
  • 13 out of possible types of insurance.

Lowest income requirement

Or perhaps you’re willing to pay, but you are unable to meet the high $80K and $200K income requirements.

If this is your case, the National Bank Platinum Mastercard is your answer.

It is the only card on this list that has zero income requirements.

With every purchase you make, this card will cover your new belongings and give you valuable rewards that can be used for:

  • travel,
  • financial services,
  • merchandise, and …
  • charitable donations.

Plus, if you are over the age of 65, this card will give you emergency medical insurance that will cover you for 10 days of travel (up to the age 74) – which is a pretty rare bonus.

Related: Banking Packages With Free Premium Credit Cards

A few things to remember

There are often exceptions to any rule.

Here are a few things to remember …

Not everything you buy will be covered.

Chances are there will be exceptions to what is and isn’t covered.

Cards don’t usually cover vehicles, heating or cooling appliances, or items that are used for business or commercial use.

If the item you are buying is covered, you need to use your credit card for the entire purchase price.

This rings true for travel insurance as well, but if you want your eligible purchase to be covered by purchase insurance, you need to pay for the whole amount with your card.

Only paying the deposit with your card or splitting the payment through a few credit cards will void your warranty.

Always read the insurance certificate that comes with your card.

The best way to get the most out of your credit card insurance package and avoid any surprises is to read the paperwork that comes with your card.

As tedious as that can be … it will pay off in the long run.

Related: Why Credit Card Research Could Pay Off Big

Top 6 cards: Head to head

Here is one last look at the best purchase insurance credit cards – head to head.

Card Income Requirement Annual Fee Learn More
BMO CashBack World Elite Mastercard $80K personal /
$150K household
$120 (first year free) Learn More
CIBC Aerogold Visa Infinite Privilege $200K personal /
$200K household
$399 Learn More
National Bank Platinum Mastercard $0 $89 Learn More
National Bank World Elite Mastercard $80K personal /
$150K household
$150 Learn More
National Bank World Mastercard $80K personal /
$150K household
$125 Learn More
Desjardins Odyssey Visa Infinite Privilege $200K personal /
$200K household
$395 Learn More