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Amex Gold purchase protection jumps to $10,000, adds lost items

by on Tue September 22, 2015 • No Comment


Purchase protection can reimburse you if a purchase you make is stolen or damaged, and it’s widely available on many credit cards, covering situations that warranties don’t within the first few months of owning an item, like cracking a TV screen while you’re lifting it out of the box.

But if you simply lose an item you’re out of luck unless you have one of American Express’ top of the line credit cards, The Platinum Card, Delta Reserve, or Centurion Card. Each of those cards has annual fees of over $400 and they’ll handle items you lose up to 90 days from the date of purchase.

The extra coverage for lost items is one of the reasons people are so loyal to American Express’ top cards, and the benefit is made better by the fact that American Express itself handles claims, and doesn’t outsource them to third party insurance companies that can be difficult to deal with.

Even Citi and Chase’s $400+ per year cards don’t cover lost items.

Now, the benefit is about to be even more accessible.

Starting November 15th, just in time for holiday shopping, the American Express Gold Card and the American Express Premier Rewards Gold Card will each include lost items in purchase protection coverage.

And even better, the coverage limit will increase to $10,000 per incident, up from $1,000 now, matching the coverage available on the high end Platinum Card. As always, it covers both items you purchase for yourself, as well as gifts you buy with the card.

It was all announced in updates to card benefits sent in recently mailed statements according to MyFico readers.


Here are the details for the Premier Rewards Gold card, and here are the details for the regular Gold Card.

Be aware that the Business Gold Rewards card will not have the extra coverage, so purchases made with that card won’t be covered if they’re lost, and coverage for stolen or damaged items is just $1,000 per incident.

The Gold Card has an annual fee of $160 and the Premier Rewards Gold Card has a $195 annual fee, so we wouldn’t be running out to get the cards just for this benefit. But if you already have one of the cards and get good use out of it, this is a good reason to use it for more of your big purchases.

In fact for big things like TVs and phones, we’d use cards with the full purchase protection benefit even if it means earning fewer points than another option.

Things the coverage won’t handle include manufacturer defects, damage caused while you’re trying to alter an item, or damage while being handled by a common carrier (like checked baggage on an airline), among other things.

But for the most part it’s pretty generous coverage against accidents that would otherwise force you to buy a new item.


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