Core Insights
- Bank of America doesn’t directly provide purchase protection on its cards; instead, select Visa cardholders tap into this shield courtesy of Visa.
- Visa brands this safeguard as purchase security, not just protection.
- To grasp the extent and limits of your purchase security, always consult your card’s specific agreement.
Paying with a credit card rather than cash or a debit card carries a toolbox of advantages—not least the chance to rack up rewards points. Beyond that, a slew of credit cards pack consumer shields and insurance goodies that can stow away your cash or keep you afloat during tricky financial snafus.
Among these shields is purchase protection, a benefit woven into select Bank of America credit cards via Visa’s umbrella. Here, we’ll dissect what Bank of America purchase protection entails, how it kicks in, and how to hustle a claim should the need arise.
What Exactly is Purchase Protection for Bank of America Cards?
Bank of America Visa Signature cards that qualify offer purchase protection—better known in Visa-speak as purchase security—for a solid 90 days post-purchase. How much coverage you get depends on your card’s specific terms.
How Does Purchase Protection Function on Bank of America Credit Cards?
To activate purchase protection, you must wield an eligible Bank of America Visa Signature credit card boasting this Visa-backed perk. Should your bought item disappear or fall victim to damage within the 90-day window from purchase date, you can seek reimbursement, repair, or replacement through Visa’s process.
Picture this: you snag a sleek new tablet from Best Buy, paying with your eligible Bank of America Visa card that supports purchase protection. Thirty days later, the device conks out—frustrating, especially since Best Buy’s standard return period caps at 15 days. However, Visa’s purchase protection swoops in, letting you file for repairs or a replacement despite the store’s limited return policy.
Purchases Covered by Bank of America’s Purchase Protection
This protection umbrella can typically shield nearly any item bought on your qualifying Visa credit card—from high-tech laptops to kitchen appliances—providing the misfortune of loss or damage strikes within 90 days of purchase.
What Falls Outside the Purchase Protection Scope?
However, there’s a standard list of exclusions you should keep on your radar. Items that don’t qualify for this protective coverage include, but are not limited to:
- Animals and live plants
- Antiques and collectibles
- Boats and other watercraft
- Computer software
- Goods bought for resale purposes
- Items that vanish under mysterious circumstances
- Purchases while in the hands of common carriers (airlines, cruise lines, etc.)
- Damage stemming from misuse, fraud, or hostile actions
- Medical devices
- Perishable goods
- Real estate properties
- Items rented or leased
- Used or previously owned merchandise
Fun fact: According to Visa, purchase protection claims have helped cardholders recover millions annually, with average claim payouts ranging from $300 to $1,200, depending on item type and card tier.
Which Bank of America Cards Qualify for Purchase Protection?
While Bank of America offers a broad portfolio of Visa Signature cards, not all come with purchase protection. Among the most favored options sporting this perk are:
Bank of America Visa Signature Cards with Purchase Protection
| Bank of America® Travel Rewards credit card | $500 per claim, up to $50,000 per calendar year |
| Bank of America® Premium Rewards® credit card | $10,000 per claim, max $50,000 per cardholder |
| Co-branded Bank of America Visa cards | $500 per claim, $50,000 per calendar year |
As shown, most cards protect purchases up to $500 per claim, except for the Premium Rewards card, which raises the stakes with a $10,000 limit. For those keen on extra security, the Premium Rewards card is a standout choice.
Bank of America® Premium Rewards® credit card
Starting strong, this card dishes out 60,000 points (equivalent to $600) once you rack up $4,000 within the first 90 days of card membership. Plus, it rewards you with unlimited 2X points on travel and dining, and 1.5X points on everything else. While a $95 annual fee applies, perks like up to $100 airline incidental statement credits per year, up to $100 toward Global Entry or TSA PreCheck every four years, and no foreign transaction fees sweeten the deal.
Beyond purchase protection, cardholders benefit from an array of consumer safeguards such as:
- Trip delay reimbursement
- Trip interruption and cancellation insurance
- Lost and delayed baggage coverage
- Emergency evacuation and transportation insurance
- Roadside dispatch services
Bank of America® Travel Rewards credit card
Noted for its simplicity, this card offers 1.5 points per dollar on every qualifying purchase. Despite its travel card label, it functions much like a cash-back option, allowing redemption of points as statement credits on travel or dining expenses.
Additional frills are limited here—mainly Visa Signature perks, free credit score access, overdraft protection, and BankAmeriDeals specials. Currently, the card extends a 25,000-point bonus if you spend $1,000 within 90 days of activation.
Claiming Purchase Protection on Your Bank of America Card
When the unfortunate happens and you need to file a claim, begin by dialing 1-800-VISA-911 or the number on your card’s backside within 60 days of when the loss or damage occurred. The benefits handler will then guide you through a few straightforward questions and mail you a claim form.
Completing and submitting the claim form to Bank of America within 90 days of the incident is the next step. Be prepared to provide:
- A fully filled out and signed claim form
- Proof of purchase (receipt)
- A police report (if theft occurred, filed within 48 hours)
- Your primary insurance policy’s declarations page to identify deductibles
- Evidence of any other settlements related to the claim
- Any additional paperwork required to substantiate your claim
Why Purchase Protection Matters
Though it may not grab as much spotlight as flashy rewards programs or bonus perks, purchase protection can prove a financial lifesaver, especially for higher-ticket items paid with your card. Knowing Visa’s purchase security is in your corner offers peace of mind that goes beyond retail store policies.
Note: This article’s Bank of America information was refreshed on November 11, 2024.
