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Which credit cards offer the best extended warranty and purchase protection?

Credit card purchase protection and extended warranty insurance

Tyler Wade Personal finance content strategist & writer

Updated Apr 3, 2025

Which credit cards offer the best extended warranty and purchase protection? Find out which Canadian credit cards offer the most comprehensive terms.

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Best purchase protection credit cards in Canada

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Summary of picks

Top credit card purchase protection and extended warranties

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. 

Purchase protection credit card 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 purchases

Best purchase protection credit card in Canada

up to 10% cash back

Welcome Bonus

$1,025

First Year Value

$570

Annual Value

Welcome Bonus: Get up to 10% cash back in your first 3 months, $75 cash back bonus when you spend $25,000 in your first year, and the $120 annual fee waived in the first year†. Expires Jun 01, 2025

Learn More Apply Now On BMO's Secure Site

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

Top RBC credit card for purchase protection

12% cash back^

Welcome Bonus

$465

First Year Value

$225

Annual Value

Welcome Bonus: Get 12% cash back for the first 3 months on up to $2,000 in total purchases^. Expires Aug 26, 2025

Learn More Apply Now On RBC's Secure Site

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

Best Visa credit card with purchase protection

up to 70,000 points†

Welcome Bonus

$2,540

First Year Value

$40

Annual Value

Welcome Bonus: Join and get over $2,500 in value in your first year!†

Learn More Apply Now On CIBC's Secure Site

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

Best Amex
  • 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.

Top Amex with purchase protection in Canada

up to 100,000 points

Welcome Bonus

$471

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to 100,000 Membership Rewards® points* – that’s up to $1,000 in value.

Learn More Apply Now On American Express' Secure Site

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 fee

Best purchase protection card with no annual fee and extended warranty

10% cash back

Welcome Bonus

$484

First Year Value

$384

Annual Value

Welcome Bonus: Earn 10% cash back for 2 months† (up to $100). Expires Apr 30, 2025

Learn More

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 rewards

Best extended warranty and purchase protection credit card

up to 10,000 points

Welcome Bonus

$860

First Year Value

$360

Annual Value

Welcome Bonus: Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. Plus, earn up to 10,000 bonus points†.

Learn More Apply Now On MBNA Credit Cards' Secure Site

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

Top unsecured credit card for purchase protection

$0

First Year Value

$0

Annual Value

Learn More Apply Now On Home Trust's Secure Site

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?

How does it work?

What's 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 protected?

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?

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 to claim

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. 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. 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. 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. 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. 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. 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.
Conclusion

Purchase protection credit card 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. 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. 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. 3 Never buy extended manufacturer warranties from a retailer unless you’re certain that your credit card doesn’t provide comparable coverage already.
FAQs

FAQs about purchase protection, extended warranty and other credit card protections

  • Is there a difference between purchase protection and price protection?

    +

    Purchase protection and price protection are two separate things. Purchase protection protects a purchase from theft, loss, or damage; price protection allows you to claim a refund for the difference in price of an item you purchased that is later marked down to a lower price.

  • Do all credit cards offer purchase protection?

    +

    No, not all credit cards offer purchase protection. Some credit cards that don’t charge an annual fee, as well as many secured cards, may not offer purchase protection or extended warranty.

  • Do all American Express cards offer extended warranty?

    +

    Most American Express cards in Canada do offer extended warranty, but not all. The Choice Card, for instance, does not offer extended warranty.

  • Are extended warranties worth the money?

    +

    Paying for a retailer’s extended warranty may not be worthwhile, as these warranty extensions are often pricey and more often than not they go unused. That’s what makes a credit card’s extended warranty coverage so appealing; it’s like getting multiple free extended warranties for dozens of items you purchase.

  • How do I file a claim for Purchase Protection?

    +

    To file a claim you'll typically need to provide information: Credit card statement showing the purchase, an itemized receipt from the retailer, a police report (if required) and any other documentation to support the claim.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

Tyler Wade Personal finance content strategist & writer

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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