# VISA Theft Protection



## Dmoney (Apr 28, 2011)

A friend of a friend of mine had a bike stolen, but is apparently getting the money back from VISA because it was paid for on a VISA card. I was amazed that VISA would offer this, and did some research, but could only confirm that they do this in the US. (If stolen within 90 days of purchase they will refund the amount paid). Certain stipulations seemed to apply and it seemed only to be available for certain cards.

Does anyone have any experience with this, or can point me to where this can be confirmed for Canadian cards? Google search and VISA Canada site didn't prove very fruitful.


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## clovis8 (Dec 7, 2010)

Dmoney said:


> A friend of a friend of mine had a bike stolen, but is apparently getting the money back from VISA because it was paid for on a VISA card. I was amazed that VISA would offer this, and did some research, but could only confirm that they do this in the US. (If stolen within 90 days of purchase they will refund the amount paid). Certain stipulations seemed to apply and it seemed only to be available for certain cards.
> 
> Does anyone have any experience with this, or can point me to where this can be confirmed for Canadian cards? Google search and VISA Canada site didn't prove very fruitful.


Meaningless "benefit" offered to make people think its a feature. It costs them nothing as 0.0000001% of items would ever be stolen in first 90 days and 0.000001% of those will have coverage like this.


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## Dmoney (Apr 28, 2011)

clovis8 said:


> Meaningless "benefit" offered to make people think its a feature. It costs them nothing as 0.0000001% of items would ever be stolen in first 90 days and 0.000001% of those will have coverage like this.


Well it's not a benefit I've ever seen advertised before, so I don't think they're promoting it as the main attraction of the card. It's something I would never have thought about when deciding on a credit card, because like you said the probability of having a purchase stolen is statistically insignificant.

That being said, it's great to have in the rare event you can benefit from it.

From a mastercard website:

Most personal items purchased are automatically insured against theft, loss or damage anywhere in the world for 120 days from the date of purchase when the full cost of the item is charged to your Capital One credit card.

Leads me to believe that this might be a pretty widespread benefit.


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## slacker (Mar 8, 2010)

Like all credit card "benefits", you're paying for it one way or another. (Well, the merchant probably pays for it, but he's already pass that cost onto you and other non-card users alike)


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## Abha (Jun 26, 2011)

I don't want to divert any love for VISA but I can't speak highly enough of American Express.

They are great, always friendly and when mistakes were made (on my side or theirs) they always resolved them. 

They even sent me a thank you card for being a customer a while back which I didn't expect. Probably a marketing ploy, but Mastercard and Visa never did that for me...so they get less of my business now.


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## Mockingbird (Apr 29, 2009)

I've utilized this service before with Visa and it was pretty straight forward. The Visa rep informed me of this feature when I contacted them to report a stolen card.

Many cards (not all) are issued with a "Purchase Security and Extended Warranty" plan. Under this benefit, the theft protection up to a certain value per claim is covered. Of course, there will be some exclusions, so you should contact your card carrier for more details.

By the way, it wasn't meaningless to me. I must say it was a rather pleasant surprise in midst of dealing with the vehicle break-in chaos. 

MB


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## HaroldCrump (Jun 10, 2009)

Abha said:


> They even sent me a thank you card for being a customer a while back which I didn't expect. Probably a marketing ploy, but Mastercard and Visa never did that for me...so they get less of my business now.


I got one, too.
Must be something new. I don't think I got one in the past and I've been a cardholder for many years.


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## FrugalTrader (Oct 13, 2008)

Make sure to read the fine print on the theft protection, a few issuers will make you go through your home insurance first.


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## Plugging Along (Jan 3, 2011)

We've used it with td visa and had no problems. I think it has to be under 90 days or under the extended warranty program.

It was really easy, I just had to call them. Explain that the fishing rod I bought for hubby for fathers day was taken. I couldn't find the receipt and they were able to look it up for me. I had to fill out a claim report, and provide the name of any witnesses. In my husbands case, he went fishing with the guys, and the fish took off with his pole while he was in the boat. The person on the phone was really helpful once he stopped laughing after. Told him that Walter the fish stole my husbands gift, and if the want proof they would have to get to the bottom of the lake.

They just gave me accredit on my card about a month later.

The information was on my policy statement. My sister Los her new expensive earrings at a hotel, about 3 days after she bought them. Se sent a pictue of the one earring, and filled out the form. 

I have to admit that I love my visa for this added protection. I have only used it once, but it made it a lot better knowing the brand new item wasn't totally a waste.


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## Dmoney (Apr 28, 2011)

Plugging Along said:


> I had to fill out a claim report, and provide the name of any witnesses. In my husbands case, he went fishing with the guys, and the fish took off with his pole while he was in the boat. The person on the phone was really helpful once he stopped laughing after.


That's awesome. They really replaced it knowing that a fish was the thief?


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## OhGreatGuru (May 24, 2009)

The "Purchase Security" clause in my VISA agreement reads:

_Personal Property purchased with your VISA GOLD is insured against *all risks of direct accidental physical loss or damage* for 90 days from the date of purchase._

So, I guess "stolen by fish" is covered.


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## Plugging Along (Jan 3, 2011)

Dmoney said:


> That's awesome. They really replaced it knowing that a fish was the thief?


 I was really honest with them, and they sent me a cheque for the amount. They felt really bad for my hubby as he was stuck in the middle of no where on a week long fishing trip and he lost the rod on the first day out. They did call my witness to confirm the location that it was lost, and to confirm that there was no way to retrieve the pole.

This is the reason I will stay with them. When I tried to claim insurance for a flight delay with my bmo card they gave me such a run around I gave up. With td it was one form, and a call to my friend. If there where no witnesses they said they still would have paid out


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## Dmoney (Apr 28, 2011)

Plugging Along said:


> This is the reason I will stay with them. When I tried to claim insurance for a flight delay with my bmo card they gave me such a run around I gave up. With td it was one form, and a call to my friend. If there where no witnesses they said they still would have paid out


Is it the bank or VISA that you deal with for claims? I would have thought it was VISA


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## Plugging Along (Jan 3, 2011)

It was td visa we dealt with.


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