It’s always a disaster to buy a new product and lose it because of an accidental damage or as a result of theft. But it’s even worse not knowing that you can easily recover these losses with the help of Purchase Security option on your credit card. This is exactly what happens to 80% of Canadians who don’t know how to use it as it’s not widely advertised by credit card issuers. Purchase security reimburses customers for any mishaps to new purchases in the first months after purchase. The only condition is that the customer paid for the purchase with a credit card having such a feature. It normally covers three major issues: accidental physical damages, loss, and theft of new purchases.
According to data from InsurEye Inc. this protection usually lasts 90 days and is included in many cards by issuers such as TD, Scotiabank, BMO, CIBC, RBC, Amex, MBNA, Desjardins, National Bank, and Presidents Choice. Longer protection of 120 days is provided by virtually all Capital One cards. Top purchase security of 180 days is offered by three cards only from National Bank: Platinum, Ovation Gold, and Platinum Business. You can check for free if your card has such a feature using InsurEye Credit Card Navigator at InsurEye Inc. is a Canadian company, located in Toronto, ON. Its mission is to offer people transparency and insights around insurance using modern technology (https://insureye.com). The first service launched by InsurEye is the Credit Card Navigator that helps everyone to understand what options their credit card has including all possible insurance coverage.