Credit card purchase protection protects you should something go wrong.
We conducted an analysis to determine which Canadian credit cards offer the best terms for extended warranty and purchase protection. Our considerations included the length of coverage, scope of coverage, and the ease of getting items covered—and we also tried to provide options to suit a variety of income levels and credit scores. And don't forget to check out our Best Credit Cards Canada list when you're done.
Summary of the top credit cards for purchase protection and extended warranty
Credit card with purchase protection | Fast facts | Get started |
---|---|---|
BMO CashBack® World Elite®* Mastercard®* |
Annual fee: $120
Purchase protection period: 180 days Years added by extended warranty: 2 |
Apply now |
RBC Cash Back Preferred World Elite Mastercard |
Annual fee: $99
Purchase protection period: 120 days Years added by extended warranty: 2 |
Apply now |
CIBC Aeroplan® Visa Infinite Privilege* Card
|
Annual fee: $599
Purchase protection period: 180 days Years added by extended warranty: 2 |
Apply now |
American Express The Platinum |
Annual fee: $799
Purchase protection period: 120 days Years added by extended warranty: 1 |
Apply now |
Tangerine Money-Back Credit Card |
Annual fee: $0
Purchase protection period: 90 days Years added by extended warranty: 1 |
Read review |
MBNA Rewards Platinum Plus® Mastercard® |
Annual fee: $0
Purchase protection period: 90 days Years added by extended warranty: 1 |
Apply now |
Home Trust Secured Visa |
Annual fee: $0
Purchase protection period: 90 days Years added by extended warranty: N/A |
Apply now |
Best credit card for purchase protection
up to 10%
Welcome Bonus
$950
First Year Value
$690
Annual Value
Welcome Bonus: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary* Expires Jun 01, 2025
Get this card if you...
Annual Fee & Annual Interest Rates
$120
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
-
Our Take
BMO CashBack® World Elite®* Mastercard®* ReviewThe BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
-
Pros
Cons
-
-
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
$2.5
Foreign Transaction
-
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Our Take
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
$2.5
Foreign Transaction
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Purchase protection: The BMO CashBack® World Elite®* Mastercard®* will cover repair, replacement, or reimbursement of items purchased by the card that have been either stolen or damaged, up to 180 days after the purchase was made*—that’s double the length of coverage provided by most credit cards’ purchase protection terms.
Extended warranty: The card also extends an item’s original manufacturer’s warranty up to 2 additional years—again, double the usual warranty extension length. Though extended warranty protection can be applied to items purchased anywhere in the world, the original manufacturer’s warranty must be valid in Canada to apply.
†Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
*Terms and conditions apply
Best RBC credit card for purchase protection
$256
First Year Value
$0
Annual Value
Get this card if you...
Annual Fee & Annual Interest Rates
$99
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
-
Our Take
RBC Cash Back Preferred World Elite Mastercard ReviewThe RBC Cash Back Preferred World Elite Mastercard® offers a straightforward cash back program, providing a consistent earn rate on all purchases up to a specified annual spending limit, after which a lower rate applies. Cardholders benefit from perks such as savings on fuel at Petro-Canada, complimentary access to Boingo Wi-Fi, and auto rental collision/loss damage insurance; however, the card has a high minimum income requirement and lacks medical or travel insurance coverage.
Eligibility
Good (620 - 670)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
-
Pros
Cons
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$99
Annual Fee
$2.5
Foreign Transaction
3.50%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
-
Rewards cash back
1.5%
Earn up to 1.5% cash back on your spending without limit.
$0.03
Link your card and instantly save 3¢/L on fuel and get 20% more Petro-Points
50
Get 50 Be Well points for every $1 spent on eligible products at Rexall
$0 Delivery Fees
Get $0 delivery fees for 12 months from DoorDash when you add your eligible RBC credit card to your DoorDash account
Insurance Benefits
$65,000
Rental car insurance amount
Our Take
The RBC Cash Back Preferred World Elite Mastercard® offers a straightforward cash back program, providing a consistent earn rate on all purchases up to a specified annual spending limit, after which a lower rate applies. Cardholders benefit from perks such as savings on fuel at Petro-Canada, complimentary access to Boingo Wi-Fi, and auto rental collision/loss damage insurance; however, the card has a high minimum income requirement and lacks medical or travel insurance coverage.
Eligibility
Good (620 - 670)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$99
Annual Fee
$2.5
Foreign Transaction
3.50%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
Rewards cash back
1.5%
Earn up to 1.5% cash back on your spending without limit.
$0.03
Link your card and instantly save 3¢/L on fuel and get 20% more Petro-Points
50
Get 50 Be Well points for every $1 spent on eligible products at Rexall
$0 Delivery Fees
Get $0 delivery fees for 12 months from DoorDash when you add your eligible RBC credit card to your DoorDash account
Insurance Benefits
$65,000
Rental car insurance amount
Like the BMO® CashBack® World Elite®* Mastercard®*, the RBC Cash Back Preferred World Elite Mastercard offers up to a 2-year extension for a product’s original manufacturer’s warranty, but it offers ‘only’ 120 days of coverage for purchase protection³ (compared to the BMO card’s 180 days).
That said, the RBC Cash Back Preferred World Elite Mastercard does clearly beat out the BMO card in one aspect of its coverage: It offers a max coverage amount of $50K per card per year, which could potentially add up to an enormously high amount of combined coverage over the card’s lifetime.
Click "apply now" to learn more at the RBC Page for up to date offer terms and conditions.
Best Visa credit card with purchase protection
up to 70k pts
Welcome Bonus
$1,953
First Year Value
$753
Annual Value
Welcome Bonus: Get a total of up to 70,000 Aeroplan® points (up to $1,400 in travel value†)
Get this card if you...
Annual Fee & Annual Interest Rates
$599
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
-
Our Take
CIBC Aeroplan® Visa Infinite Privilege* Card ReviewThe CIBC Aeroplan® Visa Infinite Privilege* Card is a premium travel rewards credit card designed for frequent Air Canada travelers, offering elevated Aeroplan point accumulation on everyday purchases and Air Canada bookings. Cardholders also benefit from perks such as complimentary airport lounge access, priority airport services, and comprehensive travel insurance.
Eligibility
Excellent (740+)
Recommended Credit Score
$150,000
Required Annual Personal Income
$200,000
Required Annual Household Income
-
Pros
Cons
-
-
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$599
Annual Fee
$2.5
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
$42.5
Return Penalty
-
Rewards Aeroplan
2 points
for every $1 you spend with Air Canada directly, including through Air Canada Vacations®
1.5 points
for every $1 you spend on eligible gas, electric vehicle charging, groceries, travel and dining.
1.25 points
for every $1 you spend on all other purchases.
2x
Earn points twice at over 150 Aeroplan partner brands and over 170 online retailers through the Aeroplan eStore.
Insurance Benefits
$1,500
Mobile device insurance amount
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$2,500
Hotel burglary insurance
$85,000
Rental car insurance amount
-
Get a total of up to 70,000 Aeroplan® points (up to $1,400 in travel value†):
20,000 Aeroplan points when you make your first purchase†
30,000 Aeroplan points when you spend $7,000 or more during your first 4 monthly statement periods†
20,000 Aeroplan points as an additional anniversary bonus when you have at least $15,000 in net eligible purchases posted on your account during the first 12 monthly statement periods†
Enjoy a free first checked bag: a $140 value for 2 travellers for each round-trip flight, assuming you take one round-trip Air Canada flight in the first year†
Enjoy Maple Leaf Lounge(TM) access: a $550 value†
Elevate your airport experience with 6 complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program†: up to $370 value†
Plus, get a NEXUS(TM) Application Fee rebate†: a $100 value†
Our Take
The CIBC Aeroplan® Visa Infinite Privilege* Card is a premium travel rewards credit card designed for frequent Air Canada travelers, offering elevated Aeroplan point accumulation on everyday purchases and Air Canada bookings. Cardholders also benefit from perks such as complimentary airport lounge access, priority airport services, and comprehensive travel insurance.
Eligibility
Excellent (740+)
Recommended Credit Score
$150,000
Required Annual Personal Income
$200,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$599
Annual Fee
$2.5
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards Aeroplan
2 points
for every $1 you spend with Air Canada directly, including through Air Canada Vacations®
1.5 points
for every $1 you spend on eligible gas, electric vehicle charging, groceries, travel and dining.
1.25 points
for every $1 you spend on all other purchases.
2x
Earn points twice at over 150 Aeroplan partner brands and over 170 online retailers through the Aeroplan eStore.
Insurance Benefits
$1,500
Mobile device insurance amount
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$2,500
Hotel burglary insurance
$85,000
Rental car insurance amount
Get a total of up to 70,000 Aeroplan® points (up to $1,400 in travel value†):
20,000 Aeroplan points when you make your first purchase†
30,000 Aeroplan points when you spend $7,000 or more during your first 4 monthly statement periods†
20,000 Aeroplan points as an additional anniversary bonus when you have at least $15,000 in net eligible purchases posted on your account during the first 12 monthly statement periods†
Enjoy a free first checked bag: a $140 value for 2 travellers for each round-trip flight, assuming you take one round-trip Air Canada flight in the first year†
Enjoy Maple Leaf Lounge(TM) access: a $550 value†
Elevate your airport experience with 6 complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program†: up to $370 value†
Plus, get a NEXUS(TM) Application Fee rebate†: a $100 value†
For $599 annual fee, expect great things. The CIBC Aeroplan Visa Infinite Privilege* Purchase Security automatically, without registration, protects most insured items of personal property when at least a portion of the purchase price is charged to the card by insuring the item for 180 days from the date of purchase in the event of loss, theft or physical damage, anywhere in the world.
Manufacturer's extended warranty: Extended protection gives you triple the term of the manufacturer’s warranty up to a maximum of 2 additional full years commencing immediately following the expiry of the applicable manufacturer’s warranty on most items purchased anywhere in the world when at least a portion of the purchase price is charged to the card and the original manufacturer’s warranty is honoured in Canada or the United States
- The information for the CIBC Aeroplan® Visa Infinite Privilege* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
Best Amex credit card with purchase protection
up to 100k pts
Welcome Bonus
$931
First Year Value
$231
Annual Value
Welcome Bonus: Earn 70,000 Membership Rewards® points* after spending $10,000 on your Card within your first 3 months as a new Platinum® Cardmember.*
Get this card if you...
Annual Fee & Annual Interest Rates
$799
Annual Fee
21.99% - 28.99%
Purchase
-
Our Take
The Platinum Card® ReviewThe American Express Platinum Card® is a premium travel rewards credit card offering elevated Membership Rewards® points on eligible purchases, with a substantial welcome bonus for new cardholders. Cardholders enjoy exclusive benefits such as access to over 1,300 airport lounges worldwide through the American Express Global Lounge Collection™, comprehensive travel insurance, and personalized concierge services.
Eligibility
Excellent (740+)
Recommended Credit Score
-
Pros
Cons
-
-
Annual Interest Rates
21.99% - 28.99%
Purchase
30.00%
Penalty
Fees
$799
Annual Fee
$2.5
Foreign Transaction
$45
Return Penalty
-
Rewards Membership Rewards
2x
points for every $1 in Card purchases on eligible dining and food delivery in Canada
2x
points for every $1 in Card purchases on eligible travel
1x
point for every $1 in all other Card purchases
1
additional point on Amex Travel Online for eligible hotel or car rental bookings
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$85,000
Rental car insurance amount
-
Earn 70,000 Membership Rewards® points after spending $10,000 on your Card within your first 3 months as a new Platinum® Cardmember. That’s $700 towards your next flight.
Plus, earn 30,000 points* when you make a purchase between 14 and 17 months of Cardmembership.* That’s $300 towards dinner out with friends.
*Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.
Our Take
The American Express Platinum Card® is a premium travel rewards credit card offering elevated Membership Rewards® points on eligible purchases, with a substantial welcome bonus for new cardholders. Cardholders enjoy exclusive benefits such as access to over 1,300 airport lounges worldwide through the American Express Global Lounge Collection™, comprehensive travel insurance, and personalized concierge services.
Eligibility
Excellent (740+)
Recommended Credit Score
Pros
Cons
Annual Interest Rates
21.99% - 28.99%
Purchase
30.00%
Penalty
Fees
$799
Annual Fee
$2.5
Foreign Transaction
$45
Return Penalty
Rewards Membership Rewards
2x
points for every $1 in Card purchases on eligible dining and food delivery in Canada
2x
points for every $1 in Card purchases on eligible travel
1x
point for every $1 in all other Card purchases
1
additional point on Amex Travel Online for eligible hotel or car rental bookings
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$85,000
Rental car insurance amount
Earn 70,000 Membership Rewards® points after spending $10,000 on your Card within your first 3 months as a new Platinum® Cardmember. That’s $700 towards your next flight.
Plus, earn 30,000 points* when you make a purchase between 14 and 17 months of Cardmembership.* That’s $300 towards dinner out with friends.
*Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.
For $799 of course the American Express The Platinum card comes with purchase protection and extended warranty. You get an additional one year on top of the manufacturer's warranty and 120 days of purchase protection.
If you don't want to spend that much, and can forgo 30 days of purchase protection (so you get 90 days instead), go with the best credit card in Canada, the Amex Cobalt for an affordable monthly fee.
With the best Amex cards, they’ll double the manufacturer’s warranty, with an extra 1 year in coverage. They don't call it "extended warranty" and opt to call it The “Buyer’s Assurance Protection Plan.”
NOTE: Your coverage only kicks in AFTER the original warranty has expired (or the company went out of business). You can get up to $10,000 per item up to a max payout of $25,000 per year.
Amex calls purchase protection, "Purchase Protection Plan" to make it all the more American Express and you’re coverage amount is $1,000 per occurrence (up to a maximum of $50,000 per year, so be mindful of this when buying a new laptop).
NOTE: Much like the Buyer's Assurance Protection Plan this is only supplemental coverage. So if you have home insurance or tenant's insurance, you'll likely need to use that first and Amex can top you up.
Contact American Express for the most up-to-date referral bonus figures.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
Best no annual fee credit card with purchase protection and extended warranty
$484
First Year Value
$384
Annual Value
Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
Get this card if you...
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
-
Our Take
Tangerine Money-Back Credit Card ReviewThe Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
-
Pros
Cons
-
-
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
-
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
-
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
Cons
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
Though it’s not a guaranteed feature for every credit card, there are nonetheless a number of no annual fee credit cards that offer at least a basic level of extended warranty and purchase protection benefits.
Among the most popular is the Tangerine Money-Back Credit Card, which gives 90 days of purchase assurance for lost, stolen or damaged items, as well as double an item’s manufacturer’s warranty for up to 1 additional year.
Coverage is limited to a lifetime maximum of $60K.
*Terms and Conditions apply
Best free rewards credit card with extended warranty and purchase protection
up to 10K pts
Welcome Bonus
$442
First Year Value
$342
Annual Value
Welcome Bonus: New cardholders can get up to 10,000 MBNA Rewards points ††
Get this card if you...
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99%
Purchase
24.99%
Cash Advance
22.99%
Balance Transfer
-
Our Take
MBNA Rewards Platinum Plus® Mastercard® ReviewThe MBNA Rewards Platinum Plus® Mastercard® is a no-annual-fee credit card that allows cardholders to earn rewards points on everyday purchases, with accelerated rates in categories such as groceries, restaurants, digital media, memberships, and household utilities. These points can be redeemed flexibly for travel, merchandise, gift cards, or cash back, providing versatility to suit various spending habits and preferences.
Eligibility
Good (620 - 670)
Recommended Credit Score
-
Pros
Cons
-
-
Annual Interest Rates
19.99%
Purchase
24.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
-
Rewards MBNA Rewards
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Insurance Benefits
$1,000
Mobile device insurance amount
-
New cardholders can get up to 10,000 MBNA Rewards points †† when they sign up for paperless e-statements (5K points ††) and make $500 or more in purchases within the first 90 days (another 5K points ††).
Our Take
The MBNA Rewards Platinum Plus® Mastercard® is a no-annual-fee credit card that allows cardholders to earn rewards points on everyday purchases, with accelerated rates in categories such as groceries, restaurants, digital media, memberships, and household utilities. These points can be redeemed flexibly for travel, merchandise, gift cards, or cash back, providing versatility to suit various spending habits and preferences.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
Cons
Annual Interest Rates
19.99%
Purchase
24.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
Rewards MBNA Rewards
10,000
Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
Insurance Benefits
$1,000
Mobile device insurance amount
New cardholders can get up to 10,000 MBNA Rewards points †† when they sign up for paperless e-statements (5K points ††) and make $500 or more in purchases within the first 90 days (another 5K points ††).
Extended warranty and purchase protection coverage is more commonly offered by cash back cards rather than rewards cards, but there are exceptions. The MBNA Rewards Platinum Plus® Mastercard® is one of the best rewards cards in Canada and it offers coverage similar to the Tangerine Money-Back Credit Card: Manufacturer’s warranties are doubled for up to 1 additional year, and purchase assurance is provided for 90 days after an item’s purchase.
Coverage is limited to a lifetime maximum of $60K.
Read more: Best Canadian loyalty rewards programs (including MBNA)
‡, ††, ✪, ***, Terms and Conditions apply
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
Best unsecured credit card for purchase protection
$0
First Year Value
$0
Annual Value
Get this card if you...
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
-
Our Take
Home Trust Secured Visa* ReviewThe Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
-
Pros
Cons
-
-
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
$2.5
Foreign Transaction
Our Take
The Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
Cons
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
$2.5
Foreign Transaction
Secured credit cards are usually very basic, typically offering few if any special features, and rarely providing purchase protection or extended warranty.
The Home Trust Secured Visa is one of the few secured credit cards that provides 90 days of purchase protection against stolen or damaged items, for up to $5K in coverage per occurrence.
The card unfortunately does not offer extended warranty coverage, but it’s nonetheless a great option for those looking to build their credit score while benefitting from some basic level of insurance for the items they purchaseHow does it work?
What are extended warranty protection and purchase protection?
Credit card extended warranty protection extends the manufacturer’s warranty on an item purchased with your credit card. Most credit cards extend the warranty by the lesser of either one additional year or double the warranty; some credit cards may offer longer warranty extensions than this, others may offer no such extended warranty protection at all. If this kind of coverage is offered by your card it can save you a substantial amount of money that you might otherwise fork over to the likes of Best Buy for an à la carte extended warranty.
Purchase protection covers you in a different way than extended warranty protection, in that rather than extending a manufacturer’s warranty it compensates you for loss, theft, or damage of an item. The insurer will elect to either repair or replace the item, or reimburse you for the item’s purchase price. Purchase protection usually applies only for a limited amount of time after you’ve purchased the item (the ‘coverage period’), typically 90 days.
A credit card’s extended warranty and purchase protection will specify a maximum dollar value of coverage payable, either for an individual item; a year within a credit card account; the ‘lifetime’ of a credit card account; or some combination of the above.
What’s covered by extended warranty and purchase protection?
A product’s warranty will usually cover an item if it is flawed or defected in some way, provided the defect manifests within the warranty’s designated time period, and the defect is not the result of the product’s misuse by its owner. For example, if you buy a new laptop with a 1-year manufacturer’s warranty, and nine months after the purchase the keyboard starts to freeze up, you should be able to invoke the warranty so that the keyboard will be replaced for free—unless of course the manufacturer investigates the issue and traces the busted keyboard to a latte you spilled on it. The same terms and conditions of the original manufacturer’s warranty are typically honored by a credit card’s extended warranty protection, except perhaps in the event that the manufacturer has gone out of business.
Purchase protection covers items that have been stolen or significantly damaged. Some policies may also cover the accidental loss of an item in which you are at fault.
What’s not covered by extended warranty and purchase protection?
Each insurance policy lists a variety of item categories that are excluded from coverage. The excluded categories vary from one card to the next, but they generally include:
- Hard currency; traveler’s cheques; event tickets; gift cards/certificates
- Animals and living plants
- Consumable or perishable goods
- Used/secondhand items and refurbished items
- Motorized vehicles
- Jewelry, gemstones, and precious metals
- Items used commercially (e.g. office equipment)
- Unique or irreplaceable items
Not all extended warranty and purchase protection policies will cover items purchased outside Canada; or if the item was purchased outside Canada, the manufacturer’s warranty must at least be valid within Canada for the extended warranty to apply.
As with most forms of credit card insurance, you’ll typically need to have paid for the item entirely with your credit card in order for the extended warranty or purchase protection to be valid. So if you have a credit card with great extended warranty coverage but you bought your defective television with your debit card, you’re probably out of luck.
How do I make an extended warranty or purchase protection claim?
It’s best to file a claim as quickly as possible after you notice the item is missing, damaged, or defected. The claim process may vary slightly from one insurer to the next, but it will likely be similar to the below:
- 1.
Double check to make sure the item in question is still covered according to the terms of the extended warranty or purchase protection. *Note that if your item’s manufacturer’s warranty is for five years or more, many credit card issuers will require that you register the item within the first year of purchase, which in our opinion is a little shady albeit common.
- 2.
Consult with your credit card issuer to obtain the contact information of your card’s insurer. Keep in mind that credit card issuers are not insurance companies, so they aren’t directly responsible for providing your insurance, and your claim will be processed by the insurer itself.
- 3.
Notify your credit card’s insurer of your intent to file a claim, describe the nature of the claim to them, and request the forms you’ll need to fill out.
- 4.
Gather relevant documents that you’ll need for the claim. For example, if your laptop was stolen you should be ready to provide a copy of the police report you filed. No matter what the circumstances are of your claim you’ll always need to provide a copy of the item’s original sales receipt, and most likely the part of your credit card statement that shows you bought the specific item in question with your credit card. If your claim is for an extended warranty you’ll need to provide a copy of the item’s original manufacturer’s warranty.
- 5.
Submit all the required claim forms and supplementary documents to the insurer. Your insurer may also require you to send damaged or defective items to a designated address for assessment.
- 6.
Confirm with your insurer that they have received the documents you sent and that they are evaluating your claim; find out how long the claim review process will take.
Key lessons
Extended warranty and purchase protection are two forms of credit card insurance that can not only save you the bummer of replacing a defected or stolen item, but can also save you a substantial amount of money. There’s tons of value to be gleaned from getting extended warranty and purchase protection through your credit card, considering many retailers charge from 10% to 20% of an item’s purchase price to include extended warranty coverage. Talk about margin! So the next time someone at Best Buy, Staples, The Brick or Leon’s offers you an additional warranty, just remember, if you pay for the entire purchase with the right credit card, you’re likely already covered and can save yourself some loonies.
Though a card’s insurance policies may be a bit nuanced, the main takeaways from this article are fairly simple:
- 1.
Get at least one credit card that provides extended warranty coverage and purchase protection of some kind; it doesn’t have to have an annual fee.
- 2.
When buying a big-ticket item (electronics, appliances, furniture, instruments, and tools), be certain to make the purchase with your credit card that has extended warranty and purchase protection.
- 3.
Never buy extended manufacturer warranties from a retailer unless you’re certain that your credit card doesn’t provide comparable coverage already.
FAQs about purchase protection, extended warranty and other credit card protections
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Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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