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Buying a TV and seeing its price go down 20% a few days later can be frustrating, yet this happens very often with the many random promotions that exist.
If you were using a credit card with a price protection benefit, you could be protected and get a refund of the price difference!
What is price protection and how to get this benefit ?
If you buy a product with a credit card that includes the “price protection” insurance and you find after the purchase a lower price of the same product within a specified period, you can file a claim asking to be refunded of the price difference. Items such as taxes and shipping fees are not included.
Unlike purchase protection or extended warranty, price protection is usually not automatic. Depending on the terms and conditions of your credit card, you may need to register the item for tracking from a tool offered by your credit card issuer, or monitor price changes and acquire evidence. to get your refund.
Some mobile apps can help you to monitor the price of a product, or you can use a VPN so as not to see prices rise too fast as in the travel industry
Which credit cards offer price protection?
Even if your issuer offered price protection insurance in the past, it may have been discontinued or modified, so be aware !
In March 2019, here is the list of cards that offer “price protection” insurance:
- Capital One: Capital One Savor® Cash Rewards Credit Card state that if you find a lower price within 120 days of your purchase, you may be reimbursed the difference.
- Citibank (Discontinued): Citi consumer cards come with a rewind feature. If you find that an item you purchased with your eligible Citi Card is available for less than 60 calendar days from your purchase, you may receive the difference, up to $ 200 per item and 1,000 USD per year. This feature will be discontinued during 2019.
- HSBC: The HSBC Cash Rewards MasterCard® credit card, the HSBC Gold MasterCard® credit card and Premier World MasterCard credit card offer price protection via MasterCard.
- Chase: The issuer withdrew this benefit from many of its cards, but the IHG® Rewards Club Premier credit card always lets them know, noting a 90-day time limit and a refund cap of up to $ 500 per article, or $ 2,500 a year.
As you can see, American Express don’t offer this benefit at all, even on premium cards.
To find out more, I recommend calling the number on the back of your card to learn about the price protection insurance you could receive.
How can I claim a refund under the price protection benefit ?
Each card is accompanied by its own rules for filing a claim and get a refund.
To be eligible, there is a period of time – usually between 30 and 120 days, depending on the card – in which the price of the item must have fallen or been found for sale at a lower price than you have paid.
When you file a claim, you usually need to provide proof of the amount you paid and the proof of the same product at a lower price, for example a copy of a print advertisement or a screenshot if you found it in an online store.
Is there an annual repayment limit ?
The repayment limits vary according to the type of card. Eligible World Elite MasterCard cards have a limit of $ 250 per claim, excluding taxes, storage, shipping and handling charges.
In addition, there is a maximum of four requests per cardholder account over a 12-month period.
Citibank cards that offer price protection have a cap of $ 200 per claim and a maximum benefit of $ 1,000 per calendar year. Here we notice that the advantage is virtually the same for both except that with Citibank you could make 5 claims per year for the same total as for World Elite MasterCard, or $ 1000.
Once the difference in price found in the time period indicated in the terms and conditions of your credit card, do not waste time to file your refund request, otherwise it will not be taken into account.
Which items are not eligible for price protection insurance?
Price protection conditions generally include a detailed list of items excluded from this insurance.
For example, a product purchased at auction or sold between individuals can not benefit from price protection. Also, most services, such as a massage or a dinner in the restaurant, are not eligible either.