I lost my brand-new smartwatch.

I’d only had it for two weeks. One minute it was on my wrist, the next—it was gone. I must’ve lost it while running errands, somewhere between juggling shopping bags, keys, and my phone. By the time I retraced my steps, it had completely vanished.

And yeah, I was frustrated. Not just because it was expensive, but because I figured that money was gone for good.

But then I remembered something that changed everything: I’d used The Business Platinum Card® from American Express to buy it.

Do Credit Cards Really Cover Lost Stuff?

Surprisingly, yes.

Many credit cards offer a benefit called purchase protection. Think of it like a safety net for your purchases. If something you buy is damaged, stolen, or—depending on the card—even lost within a set period after purchase, you could get your money back.

Most cards only cover damage or theft. But premium cards, like the Business Platinum Card® from Amex, go further. They’ll cover you if the item is simply lost.

That’s why I use this card anytime I’m buying something that’s easy to misplace or break—like electronics, headphones, or anything I’d rather not replace out of pocket.

How I Got a Full Refund

Once I accepted that my smartwatch was gone for good, I reached out to American Express.

The process was refreshingly simple. They asked me for:

• My purchase receipt
• A brief written statement confirming the item was lost
• A signed claim form

No police report. No long hold times. Just a few quick steps—and within days, I had the full amount refunded to my card.

What Other Cards Offer Purchase Protection?

Not all credit cards include this benefit, and coverage varies by issuer and card tier. Here’s a quick comparison of some popular options:

Chase

• Covers damage or theft (not loss)
• Valid for 120 days from purchase
• Up to $500 per claim on basic cards like Chase Freedom
• Up to $10,000 per claim on cards like the Chase Sapphire Preferred®

Capital One

• Covers damage or theft within 90 days
• Max $500 per claim, up to $50,000 per account per year
• Included on most Capital One credit cards

Citi

• Coverage available only on annual fee cards (some Costco cards are an exception)
• Covers damage/theft for up to 120 days (90 days in New York)
• Max $10,000 per claim, $50,000 annually

American Express

• Premium cards like the Business Platinum Card® offer the strongest coverage
• Covers loss, theft, or damage
• Valid for 90 days from purchase
• Up to $10,000 per claim, $50,000 annually

Always check your specific card’s benefit guide. Coverage varies widely—even within the same issuer.

The Bottom Line

If I had paid cash for that smartwatch, I’d be out a few hundred bucks with no refund and no recourse.

That’s why I always recommend using a credit card with purchase protection, especially for electronics or anything fragile or valuable. Even if your card only covers damage or theft, it’s still better than nothing.

Whether you’re buying a smartwatch, a laptop, or even a pricey kitchen gadget—use a card that’s got your back. And save those receipts.

TL;DR

• I lost my smartwatch.
• I’d bought it with The Business Platinum Card® from Amex.
• Amex refunded me in full thanks to purchase protection.

This is one of the most underrated credit card perks out there. And trust me—it’s worth knowing about.