Rewards card protection features you wish you knew about

Published on November 26th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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There is more to your plastic that lines your wallet every day than what meets the eye. Reward credit cards have become smarter with beneficial features that are designed to protect the consumer. One of these features is known as purchase protection that can come in handy for consumers who use their credit cards to swipe for purchases. It is a feature that can protect you when your purchase is lost, stolen or damage. Here are three main ways purchase protection can give you the upper hand.

Purchase protection cover that comes with your card

Reward cards are not just a nifty piece of plastic that can unlock discounts, but it is also designed to protect you. This feature is also known as purchase security insurance which can be a shield against unfortunate events such as losing a purchase, theft and even accidental damage. It is not only limited to Australia, but it also extends to purchases made while overseas.

Some Australians are not aware of the features that their card possess. This is a dangerous game to play because you could be paying for something, but only using a fraction of what it is really offering you.

This feature does come with a catch. There are limits to the amount you are covered for from card to card. For example, if you are planning to use the price guarantee cover on your St George Amplify Signature credit card you can only be covered for up to $300 on eligible purchases made in Australia. It is important that you view the terms and conditions that come with this card.

Cover for discrepancies in prices

Imagine buying an item for $500 only to find the same coat for half the price at a different store. This can have anyone feeling like they have been short-changed. It is most likely that your card will protect you from such a financial and emotional injury through its complimentary price guarantee cover. However, such purchases are limited to Australia only.

The limitation to this feature is that you have to compare apples with apples meaning that it needs to be the exact same item manufactured by the same people that have been discounted a few days or even a week after purchasing it. The time frames will shift according to the type of reward card you have., but usually average at 21 – 60 days from purchase. If you are able to spot this discrepancy soon you could possibly save in hundreds of dollars that could be used beneficially elsewhere.

Reading the fine print of these features

Before you jump on the bandwagon of a rewards card that offers you protection that is value for your money, you have to read the fine print. Most cards come with eligibility criteria and terms that you need to be aware of before stomping back into the store where you have purchased the item. Knowing the time frame and the sum of money your card limits your cover to will help you have a smoother process that doesn’t drive you up the wall.

Although your reward card may come with such brilliant features it is important that you compare them to get a card that offers you the most. This added protection is usually embedded in the annual fee of the card, therefore it is important to compare the cards annual fees along with the interest rate in order to not be disappointed.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

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