Credit Card Price Protection is a credit card benefit that many people do not know. A lot of people believe that the only benefits of credit cards are; rewards, signup bonuses, and introductory rates. Price protection refunds you the price difference after a price drop on an item you recently purchased with your credit card. The price difference must not be with the same retailer to receive the benefit. So if you purchased a laptop for $80 and later saw it on sale with another retailer for $60, you could file a claim with your credit card issuer and get a refund of $20.
Moreover, with Price protection, cardholders can save lots of money, if you take advantage of it and if your credit card issuer still offers the benefit. Some financial institution do not offer this benefit.
When to Use Price Protection
The time frame to make a claim is usually 30 to 100 days. There can as well be a limit on the amount you can claim each year. Items like ; motorized vehicles, jewelry, tickets, collectibles, plants, animals, and antiques are excluded. Items may also be excluded if the price drop is caused by the business is going out of sale or no longer in production.
You only have to submit a claim with proof to receive the price refund. With Citi’s Price Rewind feature, you wouldn’t even have to watch the prices yourself. Just register your item by going to www.citipricerewind.com after your purchase. Once you’ve registered the item with your original purchase amount and receipt, Citi will automatically monitor prices and refund you if there was a drop in price within 60 days.
Is Price Protection Going Into Extinction?
Chase and Citi have been well known for giving price protection services. However, they recently announced reduction of credit card price protection benefit for cardholders. Chase has been eliminating price protection on its credit cards one by one. And Citi reduced its Price Rewind coverage to $200 for each transaction and $1,000 each year. Visa and American Express do not offer price protection.
Some credit cards still offer price protection. Barclays, Capital One, Chase, Citi, Discover, U.S. Bank, and Wells Fargo all still give some level of price protection on certain credit cards.
You Can Save Without Credit Card Price Protection
Since it is hard to submit a claim and monitor it, some cardholders do not even try it. They simply enjoy the other perks and earn all the rewards available to them.
Furthermore, always listen to sales cycles to get the best price on your goods, especially when it comes to big-ticket items. Many cardholders take advantage of the cheap prices on Black Friday.
Use a price tracker app to receive notifications of price reductions in items you’ve purchased or willing to buy. Keep your receipts for purchases, at least until the price protection claim period is over. A copy of your receipt is used to file a claim.
In case the item has gone on sale and you haven’t used it yet, you may return and repurchase it for a lower price, if the cost savings is worth it.
Always stay updated on the latest credit card deal to make the best use of your card.