You're Covered_ Canadian Credit Cards With The Best Extended Warranties

You're Covered: Canadian Credit Cards With The Best Extended Warranties

Last updated on August 14, 2018 Views: 2246 Comments: 9

One of the hidden perks of shopping with a credit card is that many cards offer Extended Warranty Protection for purchases that  come with an original manufacturer’s warranty.

Considering that many retailers charge from 10% to 20% of the purchase price to get extended warranty coverage, there’s tons of value in these cardholder benefits. All you have to do is go to and you’ll see that a Compaq computer retailing for $401.19 will offer and additional two year warranty for $99. Talk about margin! The sad truth is, the manufacturer likely already has a warranty, and your credit card likely extends the original warranty, sometimes by as much as 3 years.

So the next time someone at Best Buy, Staples, The Brick or Leon’s offers you an additional warranty, just remember, if you pay for the entire purchase with your credit card, you’re likely already covered and can save yourself a few hundred dollars, if there’s an original manufacturer’s warranty… just ask.

In that vain, we conducted a survey to determine which of the major Canadian credit card issuers offered the best Extended Warranty Coverages. We did so by measuring the length of coverage, area of coverage and the ease of getting items covered.

Length of Extended Warranty Coverage:

Many issuers will offer an Extended Warranty for a term that reads “this coverage doubles the original manufacturer’s warranty period up to a maximum of one additional year.” What that really means is, if the Manufacturer’s Warranty is for 24 months, you’ll be covered for an additional 12 months for a total of 36 months. One tricky area here is if your Manufacturer’s Warranty is for 5 years or more. Many issuers will require that you register the item within the first year of purchase, which in our opinion is a little shady. Here’s the list of credit cards by extended coverage length:

  • 3 Years Extended Coverage: CIBC Visa Infinite Privilege
  • 2 Years Extended Coverage: TD Visa Infinite Privilege, RBC Visa Infinite Privilege, CIBC MC World and World Elite
  • 1 Year Extended Coverage: A bunch of other credit cards extend the Manufacturer’s Warranty by up to 1 year, including many of the most popular like the American Express Gold, American Express Simply Cash (no fee), BMO Air Miles (no fee), BMO World Elite, Scotia Momentum Infinite, Scotia Amex Gold, MBNA Platinum Plus (no fee) – offer ends June 30th, 2018, MBNA Smart Cash (no fee), RBC Avion, CIBC Aventura, & TD Aeroplan.

Area of Coverage:

Some issuers will only cover you if your item has a warranty that’s valid in Canada. So if you buy a camera in Florida, and it happens not to have a warranty that’s valid in Canada you’ll be out of luck. That said, many international companies like Sony will have warranties that cover the globe, but certainly not everyone does. Here’s a list of the countries each of the banks will cover:

  • Canadian & US Warranty Coverage: All CIBC and Scotiabank credit cards with Extended Warranty coverage
  • Canada Only Warranty Coverage: TD, RBC, BMO


Not all items will be eligible for extended manufacturer warranty. In all cases motorized vehicles (cars, trucks, boats, motorcycles, and snowmobiles) will not be covered. The one area you will see some difference is in the treatment of used and refurbished items. Considering that so many of us (sometimes without us even knowing) now buy refurbished phones and computers with manufacturer warranties, there is value here that can be offered by some policies versus others. Here’s a list of credit card issuers that cover used and refurbished goods:

  • Cover Used & Refurbished Goods: CIBC, RBC
  • Do Not Cover Used & Refurbished Goods: TD, BMO, Scotia

Key Lessons:

  1. Never buy extended manufacturer warranties from your retail store unless you know you don’t already have it on your credit card
  2. Always use your credit card with extended manufacturers warranty coverage when buying a big ticket item (electronics, appliances, furniture, instruments and tools)
  3. Get at least one credit card that has extended manufacturers warranty coverage, it doesn’t have to have an annual fee.

Article comments

Jeremy says:

I think Capital One’s Costco Platinum mastercard should be mentioned in this article as a highly recommended card because it has $0 annual fee, good benefits and the cash back rewards are decent. Since this article is about extended warranties, this card’s extended warranty
coverage automatically doubles the original manufacturer’s warranty for
up to two years. So that’s pretty good if you bought a big ticket item with this card and it a 2 year manufacturer’s warranty then you should have a total of 4 years warranty coverage. Not bad at all for a no annual fee card!

The GreedyRates Team says:

Hi Jeremy!

Great observations—the Costco Capital One Platinum Mastercard is a solid option if you’re a frequent Costco-goer in Canada, for a few choice reasons. It earns cash back reliably at 1.00%, but also accelerates that rate when you use it at restaurants and some other categories. No annual fee is also appreciated but remember that Costco’s own Mastercards collect cash back that can only be redeemed in the store itself. Given that literally every Mastercard works in Canadian Costco locations, you have a much wider pool of options to choose from that won’t limit you in such a way.

Take the Rogers Platinum Mastercard, for example. This one also is accepted at Costco and has a $0 annual fee, but you can use the cash back you collect anywhere. With a higher cash back rate of 1.25% in Costco (and everywhere else in Canada), plus 3.00% back when you purchase in a foreign currency (net 0.50% after the transaction fee), you’ll earn more cash back with this card and use it with greater flexibility than Costco’s own card. Rogers’ cards are compatible with the Mastercard Pay with Rewards application as well, so you can use your smartphone to apply your cash back on-demand whenever you like. Let us know what you think!


Stan says:

Did you copy and paste this from some older article? Other than what the other comments are saying, Future shop has Been closed for years now. Yet this article was posted in may 2018.
I guess it just goes to show you that if you want something done right you should do it yourself.

The GreedyRates Team says:

Greetings Stan,

Thanks for your feedback. We always appreciate when our readers are able to spot out-of-date information on our page and help us determine the best way to update it. Things change quickly in the Canadian market, and we’re always juggling multiple new declarations from the banks in Canada and must consider how to incorporate them into our articles. Rest assured, however, that we’ll be giving this article a thorough refresh very soon. In the meantime, we apologize that we mentioned a store that is no longer in business. We’re sorry if it caused you an inconvenience.


Miguel says:

The information in this article is completely out of date and not accurate. I’ve checked the insurance terms of many of these cards and they don’t match what is in this article.

You guys need to do a follow-up article!

GreedyRates says:

Hey Miguel!

Thanks for your feedback. There have been some changes in the way issuers operate as of late, and so you’re correct – this and possibly some other articles we’ve written will get another look. We’re currently in the process of updating all our articles (a constant struggle given the frequency with which issuers change their terms), but will get to this one straightaway. Thanks again.

GreedyRates Staff

brian says:

a company may say this when changing a motherboard is more expensive due to labour and parts than a new computer. tell the repair company you want a quote for a repair regards of cost because you have insurance coverage.

Aidan says:

I claimed an extended warranty through MBNA platinum master card for my broke laptop which was non-repairable. Allianz declined my claim saying my policy only covers repairs and if it is not repairable they do not pay for the replacement. I can’t find the policy details saying that. Any idea to save me please?

GreedyRates says:

Hi Aidan,

A couple of things. You can call MBNA and have them mail you a copy of the policy (lame). That said, we also called Allianz on your behalf and they confirmed they only repair, they do not replace.

However, you should check the original manufacturers warranty to see if you’re covered (although we’re guessing your original manufacturers warranty expired, otherwise you wouldn’t be exploring the cardholder coverage). If it happened within the first 90 days of purchase, you could get coverage through the purchases protection insurance the card offers against theft and damage – which actually does offer replacement.

Sorry we don’t have better news!

GreedyRates Staff