With credit card fraud being a common occurrence in this today and age, many consumers are looking for credit card purchase protection for any credit card they decide to use. While a credit card may have a number of attractive features, credit card purchase protection may be the one that comes in most handy for a credit card user during the time they have the card.
If an individual purchases an item with their credit card, they are expected to pay for that amount, plus a determined amount of interest, off over a period of time. If someone else steals the credit card number and makes a number of purchases on their own, they can leave the real card holder deeply and debt and with a card over their credit limit—both major problems for their credit rating. The real card holder will then be looking for a way to have this situation rectified in their favor, which is where credit card purchase protection comes in.
If a card holder finds that they have had their credit card stolen or simply used without their authorization, they are covered by credit card purchase protection. The card holder will have to report the incident or incident to the credit card company, who will then start the process of having the charge removed from the account. In most cases, the card holder will have to contact local law enforcement and file an official report, then send a copy of the police report to the credit card company. If the police investigation and a review by the credit card company indicates that the charge or charges were indeed fraudulent, the credit card purchase protection clause will kick in and the charge will be removed without penalty to the card holder.
In some cases, credit card purchase protection extends beyond illegal purchases to ones made by the real card holder. In some rare cases, if a purchase is made by a card holder and the item fails to work, then the card holder can request a refund within a certain period of time—normally 60 days. This kind of protection is only offered on high-end credit cards, where the user pays a high annual fee for the right to be a card holder.