The purchase protection and extended warranty features are provided by MasterCard. Here are the key highlights.
Extended Warranty - Here is how the extended warranty work. MasterCard will double your warranty on the product for up to twelve months. Let's use a few examples to clarify a few things.
Firstly, you will need to register the product that you bought with the manufacturer. The extended warranty will kick in after the manufacturer's warranty expires. Let's assume that the warranty on a product you bought is for six months. MasterCard will double this and extend it for another six months. If the original warranty is one year, then MasterCard will extend it for another year. if the warranty is for two years, then you will get additional warranty for another year also (remember - maximum extension of twelve months).
If your product has multiple warranty, then the extension will apply to each. For example, some manufacturers have separate warranty for labor, parts etc.
If you purchase a service contract for up to twelve months, then extended warranty will kick in after the service contract expires.
Another thing to note is that the extended warranty is good for up to $10,000. If the original manufacturer's warranty or service contract is more than a year, then this feature will not apply. Hence, you have to be careful when making big purchases.
Purchase Protection - This perk provides you to coverage in the event that a product you have purchased with the card is either stolen or fails to work properly. You can claim up to $1,000 per incident and up to $25,000 a year. The coverage is secondary to all other insurance that you have. Or in the event that you get a refund from the store, then this perk does not apply.
Price Protection - Here's another great perk for those of you bargain hunters. If you use the card to make a purchase and find out days later that another store is selling it at a lower price, then you can claim for the difference! You have 60 days from the date of purchase to make the claim!