If you pay for an item using a credit card that offers price protection and then discover that it has been advertised at a lower price within a particular period, you can submit a claim with your credit card company and request that the price difference be repaid to you. (External costs like taxes and shipping are not accounted for in the total price.) The item with the lowest price must be a perfect match for the item you already own, including the same model, manufacturer, and year.
Price protection, in contrast to purchasing protection or extended warranty coverage, is only sometimes provided on an automated basis. You could be required to register the item for tracking, keep an eye on the price, and complete the paperwork yourself to collect your refund. This will depend on the terms and conditions of the card you use. Certain applications may assist you with this.
Popular Cards That Offer Price Protection
Benefits and conditions offered by card issuers are subject to periodic revision. Even if your issuer used to provide price protection, the insurance might no longer be available, or it may have been modified. Beginning in September 2020, the following consumer cards will be among those that provide the benefit:
Capital One
If you discover a lower price on a qualifying new item within 120 days from the date of purchase utilizing the Capital One Walmart Rewards Mastercard, you may be compensated for the price difference. This guarantee applies to purchases made at Walmart using the card.
Synchrony
If you find an identical qualifying item sold at a lower price within sixty days of making a purchase using your Rakuten Cash Back Visa credit card, you are entitled to receive a reimbursement for the price difference of up to $500 per item up to $2,500 annually.
Wells Fargo
The following types of price protection are provided by the Wells Fargo Visa Signature® Credit Card: If you locate a qualifying item bought with your card for less within sixty days of the original purchase date, you are entitled to receive a reimbursement for the difference, up to a maximum of $250 per item and up to a maximum of $1,000 each year.
It is important to note that the list above only contains consumer credit cards; credit cards created specifically for owners of small businesses may also provide price protection. It is always advisable to verify directly with your card's issuer for the most up-to-date information on your particular card. This may be done by sending a secure message to your provider via its website or app or by phoning the number printed on the back of your card.
You can also check the terms and conditions booklet included with your card. It is important to remember that even if all of your cards come from the same bank, one of your cards may have a certain character does not guarantee that the other cards will also have that feature.
What Questions Should You Ask Your Issuer?
Listed below are some follow-up questions you should inquire about whether your credit card does provide price protection:
How Do I Go About Requesting A Refund?
Each card comes with its own set of guidelines that must be followed to submit a claim. There is often a period — typically anywhere from 30 to 120 days, based on the card — in which the item's price must have decreased or been located for sale at a lower price than what you paid for it for you to be eligible for a refund. When you make a claim, you are often required to provide evidence of the amount you paid for the item and the location where it is advertised for a lower price. This might take the form of a copy of a printed advertisement or a screenshot if you discovered it online.
What Kinds Of Things Do Not Qualify?
The terms and conditions of price protection often provide a comprehensive list of products that are not eligible for this benefit. For instance, an item purchased at an auction or a going-out-of-business sale would not qualify for price protection under certain circumstances. Most services, such as getting an oil change or a haircut, do not qualify.
Is There A Limit On The Amount Of Money I Can Receive Back?
Limits on reimbursement are also variable, depending on the card. For instance, the maximum you may charge on the Wells Fargo Visa Signature® Credit Card is $250 per purchase and up to $1,000 per year.
How Much Time Do I Have To Submit My File?
You only have a limited amount of time to lodge your claim before you are no longer eligible for a refund of the difference in price between the two items. If you delay the documentation, you risk losing out on potential savings.
