How credit card purchase protection works (and how to file a claim)

CNBC Select breaks down purchase protection, a benefit on more than half of credit cards that reimburses you if a newly bought item is stolen or accidentally damaged — typically within 90 to 120 days of purchase, with per-claim caps that can run into the thousands. To collect, you file with the card network (Visa, Amex, and Mastercard each have their own line and portal), provide the receipt and statement, and, for theft, a police report — all within a tight deadline.

The benefit is real money, but it’s time-boxed and paperwork-dependent, which is why so much of it goes unclaimed. OwnWise is built to win exactly that race: it holds the proof of purchase and payment method, knows whether a recent loss falls inside the protection window, and helps you pull together the documentation before the clock runs out — and, when an item is damaged rather than destroyed, tells you whether a covered repair is the better play.

CNBC explains the coverage; OwnWise makes sure you file in time to actually get paid.