Bank of America Purchase Protection Guide

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There are dozens of reasons to pay for your purchases with a credit card instead of a debit card or cash, including the prospect of earning rewards. After all, the best rewards credit cards let consumers earn cash back, flexible points or travel rewards for each dollar they spend, and many offer a large initial sign-up bonus as well.

Not only that, but paying with plastic is easily more secure than other payment methods since most credit cards come with zero liability for fraudulent purchases. Further, many credit cards come with added consumer protections and insurance products that can help you save money or avoid financial losses in specific situations.

Purchase protection is one such benefit, and some Bank of America credit cards offer this perk through Visa. This guide goes over Bank of America purchase protection, how it works and how you can file a claim if you need to.

What is purchase protection on Bank of America cards?

Purchase protection is a credit card perk that can provide you with reimbursement or the repair of an item that is damaged or stolen within a specific period after you buy it. You have to pay for the item with a credit card that offers this coverage for it to apply.

As an issuer, Bank of America itself doesn’t offer purchase protection. However, Visa provides this benefit on Bank of America cards on the Visa network, though Visa calls their benefit “purchase security” instead of “purchase protection.” 

On eligible Bank of America Visa cards, purchase protection is good for 90 days from an item’s date of purchase. Coverage limits vary by card.

How does purchase protection work on Bank of America cards?

For your Bank of America purchase protection to come into play, you need to be a cardholder of a Bank of America Visa Signature credit card that offers their purchase security perk. If the item you purchase is lost or damaged during the coverage period of 90 days from the date of purchase, then you can apply for reimbursement, replacement or repair coverage with Visa.

As an example of how purchase protection works, imagine you purchased a new tablet from Best Buy and paid with an eligible Bank of America Visa credit card that offers purchase protection. If your tablet stopped working 30 days after you bought it, you would probably be upset, especially because you wouldn’t be able to return your tablet to Best Buy since they have a strict 15-day return period in most cases.

With purchase protection from your Visa credit card, however, you could apply for repair or replacement of your tablet regardless of Best Buy’s policy.

What kind of purchases does purchase protection cover on Bank of America cards?

Purchase protection can cover almost any purchase you make with your eligible Visa credit card ranging from a new laptop computer to a kitchen full of appliances. However, this is only true if the damage or theft occurs within the 90-day window from the date of purchase.

What does purchase protection on Bank of America cards not cover?

Purchase protection on Bank of America cards does come with a standard set of exclusions. Items that will not receive purchase protection, even if you pay with your credit card, include (but are not limited to):

• Animals and live plants
• Antiques and collectibles
• Boats and watercraft
• Computer software
• Items purchased for resale
• Items that mysteriously disappear
• Purchases in the care of a common carrier (e.g. airline, cruise line, etc.)
• Items damaged as a result of abuse, fraud or hostilities of any kind
• Medical equipment
• Perishables
• Real estate
• Rented or leased items
• Purchases that are used or pre-owned

Which Bank of America credit cards are eligible for purchase protection?

Bank of America offers a variety of Visa Signature cards, but not every card offers this perk. Two of the most popular cards that do offer this perk are the:

There are also a few business cards and co-branded Bank of America Visa Signature cards that come with this perk.

Purchase protection on Bank of America Visa Signature cards

As you can see, most of these cards offer up to $500 per claim in purchase protection, except for the Premium Rewards with a generous limit of $10,000 per claim. If you are eager to gain this important protection for items you buy, the Premium Rewards card should be on your radar.

How to file a claim with purchase protection on Bank of America cards

If you want to file a purchase protection claim, you can start the process by calling 1-800-VISA-911 or the number on the back of your credit card within 60 days of the damage or theft. From there, the benefits administrator will ask you some basic questions about your claim and send you a claim form to fill out.

At this point, you’ll need to complete your claim form and return it to Bank of America within 90 days of the damage or theft. The documentation you’ll need to provide includes:

• Your completed and signed claim form
• The receipt for your purchase
• A police report filed within 48 hours of the incident in the case of theft
• A copy of your primary insurance policy’s declarations page to determine your deductible
• Documentation of any other settlement regarding the damage or theft
• Any other documentation needed to prove your claim

The bottom line

Purchase protection may not seem as important as rewards and other cardholder perks, but this coverage can come in handy if you need it. This is especially true for pricey purchases you might pay for with your Bank of America credit card, and it’s nice to know that Visa’s purchase security can keep you covered.

The Bank of America content in this post was last updated on November 11, 2024.