02, Dec, 2020
Purchase and price security Extra Savings With Credit Cards

Purchase and price security Extra Savings With Credit Cards

This guide tells you all about credit card purchase and price security. In this guide, we explain the concepts of security of purchase and price, compare security and give examples of their use. It is good to note that in addition to buying and price protection, credit cards can offer many other benefits such as travel insurance and reward points.

Credit Card Purchase Security

Credit Card Purchase Security

A debit card can be a good payment instrument for casual shopping, but online shopping or making a larger purchase is a safer choice. Credit card purchase or product security replaces products purchased with a credit card for, for example, theft, breakage, or loss. Therefore, if the item is not delivered, faulty, or completely wrong, you may be able to claim compensation from the credit card company for failed transactions. The terms and amounts of the refund will depend on the credit card issuer, so you should check with your bank about the card’s product security terms, which are different for each credit card.

Amount of deductible

Amount of deductible

There are differences in deductibles, while a card may include product liability insurance without a deductible, the deductible on another card can reach up to 75 euros. On average, the deductible for credit card purchases is around EUR 40.

Total Limitations and Validity of Compensation


There are considerable differences in the overall limits of purchase insurance. For example, Zbank World Elite MasterCard covers 3 losses a year without a euro limit, while Good Finance MasterCard will reimburse “only” € 5,000 for the duration of the card.

There are also differences in insurance policies. At best, card product security can insure your purchase (depending on warranty) for up to 4.5 years, but in most cases, however, Purchase Security varies between 90 and 180 days.

Country restrictions

Some cards restrict purchase cover to products purchased in the Nordic region or require that the product be located in the Nordic region. This is the case, for example, MasterCard Private Banking Gold credit card, which offers security of EUR 12,000, but is valid only in the Nordic countries.

Some cards, on the other hand, do not specify any restrictions regarding the location of the product or the place of purchase.

Pet damage

Pet damage

If you have pets in your home, you might want to check if your credit card is a replacement for pet protection or product security for pet damage. Credit cards generally do not cover pet damage, such as damage to property and property, but there are exceptions: all Good Finance credit cards compensate for pet damage.

Good Finance offers purchase protection for its two credit cards: Good Finance Credit and Gold. For a credit card, a customer can choose a credit line between € 1,000 and € 5,000. The credit limit for Good Finance Gold is between EUR 2,000 and EUR 10,000, and the card includes travel insurance. Cards can also be combined with the Debit feature.

If you know there is a high risk of destruction of your dog or cat’s belongings, you can buy risky furniture and items on the credit side of the card. It is also worth bearing in mind that the deductible for credit card purchase is lower than for large home insurance.

Examples of credit card product security

Examples of credit card product security

Examples of damages for which Good Finance customers have been compensated for security product insurance when the product has been paid in full with that credit card:

  • An attempt to install a new TV fails when the wall mount bracket of the old TV falls on the new TV and the TV breaks down.
  • The lamp design in the living room falls from the ceiling and breaks down.
  • The dog bites the chair and tears the sofa fabric.
  • The child overthrows the chair of the dining table, and when the chair is overturned, it strikes a pillar over which the crystal vase falls and breaks.
  • A glass of juice falls over the computer. Despite repair, your computer will not be able to function properly. The insurance covers the repair and the computer.
  • The cell phone gets into the washing machine in the jeans pocket. The phone can be repaired. The insurance will replace the mobile phone repair.
  • As a result of sudden braking, the Espresso machine just bought in the store is broken in the back of the car. The insurance will replace the espresso machine.

All in all, there are major differences between purchase and product insurance. It’s a good idea to compare the insurance policies of the cards and consider which card best suits your needs. For example, if you frequently order from overseas or want to buy products for a holiday home abroad, you should not purchase a credit card that is not covered by Purchase Security in the Nordic countries.


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