One of the Card benefits we often overlook is the Price Protection guaranteed and this usually is a staple benefit for VISA Signatures/Reserves, Discover, MasterCard or virtually any payment network.
Evidently, we always get Price Protection mixed with Purchase Protection, but they’re significantly different, perhaps on a different spectrum. Price protection is like your insurance policy against a price drop on an item you purchase, while purchase protection is viable coverage on cases of damage, or loss or theft of an item.
Now, each program has it’s own set of processes and responsibilities for their consumers. With that in mind, we’ll be looking at what purchases it covers, limitations and give you helpful tips suitable for you to reap this under-used method.
Recommended Credit Cards
Below are credit cards that offer Price Protection as a staple benefit:
- American Express: Does not offer price protection
- Bank of America: Does not offer price protection
- Barclays: Offers price protection on the Arrival Plus & Uber card
- Capital One: Does not offer price protection
- Chase: In mid 2018 Chase removed price protection as a benefit. It is still offered on the Chase United MileagePlus Club card.
- Citi: Offers price protection, calling it Price Rewind on all personal credit cards. Business & debit cards are not included. Citi made negative changes to this benefit on July 29th, 2018
- Discover: Discover removed the price protection benefit they offered on October 31st, 2018.
- U.S. Bank: Offers price protection (they call it Best Value Guarantee) on the Cash 365 American Express Card
- Wells Fargo: Does not offer price protection
- Mastercard: Offers price protection, but varies via card issuer.
Credit Card Price Protection Benefit In-Depth
Before I get into it, I want to be able to offer you advice from my experiences of putting in a claim under this benefit:
- It’s really only worth it with bigger purchases; Appliances or furniture, televisions, cameras, computers, just some purchases to keep in mind since these products generally come through with some pretty price protection terms
- Always read the fine-print, I reiterate that different programs offer different terms and conditions including exclusions, claim limits and deadlines
- I cannot stress this enough! Gather your evidence! Allow for viable proof that you used the card for such a purchase. Keep the original receipt somewhere safe.
With that out of the way, we can move onto what to look out for in regards to everything that wraps around the terms and conditions within confines of your specific Price Protection Benefit. Below is some of the factors you should consider prior to putting in the claim:
- How much does your program cover per purchase? Generally, most programs offer this benefit with a maximum of $250-$500 per coverage.
- What is the extent of the amount of coverage per year? Again, most programs will have an attached limitations on how much claims you can make a year, with a possible dollar cap each year. Dollar caps typically range from $1,000-$2,500.
- Are there any deadlines or time-windows that you must make the claim? You can’t necessarily make claims any time you want, especially on purchases that show wear over time. Credit cards have a fair time limit of 60-180 days after you make the purchase before your claim is void. Submit your claim on time!
- Are there any exclusions under your program? There’s a good list of purchases that are covered, however, usually, perishables, jewelry and services don’t make the cut.
- Taxes and Shipping is not viable, so do not calculate them into your purchase.
- Identical Items usually receive a restriction of 3 claims before not being acceptable.
Editor’s Note: Lastly, I want to note that this benefit varies in terms of automatic assess, it’s to your responsibility to check up on the benefit. Also, I know this sounds like common sense but most purchases made outside of the US isn’t approved for Price Protection. Check out your program to make sure, however, I’m pretty sure that if you have a US card, they want you to utilize the benefit in the states to avoid any currency fluctuation or gaining the system of any kind.
| Credit Card Price Protection | ||||
|---|---|---|---|---|
| Programs | Maximum refund | Deadline | Process | Exclusions |
| BarclayCard Price Protection | $250 per claim (4 claims per 12 month) | 60-120 days after purchase | Call customer service (1-800-553-7520) to get claim form and have it submitted within 120 days or less. Include ad, receipt, and credit card statement | Limitations includes purchases at online auctions, and items along the lines of jewelry, art, antiques, tickets, refurbished items, final sale items, rebated items, special financed items, services, pets/perishables, and motorized vehicles. |
| Citi Price Rewind | $200 per item ($1,000 per year) | 60-180 days after purchase | Register your purchase online and the program will search for a lower price and notifies you on it. | Limitations include refurbished/personalized items, motorized vehicles, tires, antiques, jewelry (except watches), tickets, services (contracted), firearms, ammo, parishable (pets, etc.), limited edition, going out of business, out of stock termed items or online auction purchases. |
| Discover Price Protection | $500 per item ($2,500 per year) | 90 days after purchase | Call customer service @ 1-800-347-2683 and open a claim. Provide any supporting documents: receipts, statements, ads. | Limitations of identical items (3). Also includes services, secondhand items, perishables (including pets/plants), jewelry, travelers checks, tickets, instruments, collectibles, antiques, motorized vehicles. |
| Capital One Price Protection | $250 per claim (4 claims per year) | 60-120 days after purchase | Request via customer care within 60 days of purchase. Report price difference within 180 days of purchase to file claim. Again, show receipt, statements, and ad w/ lower pricing. | Limitations include jewelry, art, antique, used items, customized, layaway or personlized items. Motorized vehicles, equipment, perishables (plants/pets), final sale items, or items with terms like “limited quantity”, “out of business”, “close out”, “discontinued and tickets/services not eligible. |
| Chase Price Protection | $500 per item, ($2,500 per year); $50 per item and $150 per year for “closeout, liquidation” ad items | 90 days after purchase | Call benefits administrator (1-800-847-2911) within 21 days of finding lower priced ad to receive claim form. Form must be completed in 45 days after request in addition to proof (receipt, credit card statement, ad) | Limitations include jewelry, art, antique/collectibles, secondhand/refurbished, tailored, final sale/layaway or personlized items. Motorized vehicles, equipment, perishables (plants/pets/limited-life items), services. |
| MasterCard Price Protection | $250 per claim (4 claims per 12 month period) | 60-120 days after purchase | Call customer service (1-800-627-8372) within 60 days of purchase to request a claim form. Must be submitted within 180 days of the posted ad. Documentation includes the lower-priced ad, credit card statement and receipt | Limitations include items sold at online auctions, and items along the lines of jewelry, art, antiques, tickets, refurbished items, final sale items, rebated items, special financed items, services, pets/perishables, and motorized vehicles. |
Conclusion
Typically, you’d want to use the Price Protection benefit on larger, more expensive purchases. Be sure that you know that there are limitations, deadlines and a ceiling for how many claims you can make in an annual year.
Keep the original receipt somewhere safe and be sure that you can provide them with an eligible lowered advertisement as well as your credit card statement. If you make a partial purchase utilizing the said credit card that offers price protection, you won’t be able to reap the benefit.
For those of you looking for a great price protection program, be sure to check out these cards: the Barclaycard Arrival PlusTM World Elite Mastercard®, Discover It CashBack Match Card or Chase Sapphire Preferred® Card. Otherwise, find our complete list of Credit Card Promotions from our exclusive list!
 With the American Express® High Yield Savings Account: • Earn 1.90% APY as of 9/15/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
