Tired of buying something only to see its price drop a few days later? Learn how to get cash back as well as which Bank has the best Credit Card Price Protection benefit.
For the past several years, we’ve all been enjoying an informal purchase protection policy at Amazon.com, which would refund you if the price dropped 7 – 30 days after the purchase date. This is especially important during the annual Black Friday and Cyber Monday deals week when prices can drop 10-50% in a matter of days. Recently, Amazon changed its policy, and despite an outcry from its customers across the internet, price change refunds from Amazon continue to be hit-and-miss.
Like many of you, I was extremely disappointed by this turn of events. That is until I discovered a solution that provides Purchase Price Protection for not just Amazon but everywhere I shop. Retail and online included!
What is Price Protection, and How do I use it?
If you buy something online or in a store and the price drops within the covered period (60-90 days), your Credit Cards Price Protection benefit will refund you the difference. The benefit varies between banks; however, overall, the rules for reimbursement are relatively standard across the different brands. For example, although most will allow refunds on items bought online, none protect auction items. In other words, it’s important to read the fine print.
Using the benefit is pretty simple. As long as the purchase is covered (sorry, farm animals not included), keep an eye on whatever you bought, and if you see a price drop, anywhere… submit a claim to your bank and get paid. The requirements vary from bank to bank; however, most require original receipts and proof that the exact item did, in fact, drop in price.
Credit Card Price Protection Comparison Chart
Below I’ve created a quick comparison between the larger Credit Card Banks/Brands along with a high-level review of the benefit details. This list is fairly fluid so keep an eye on it. We will try to keep it updated at least annually.
Update – October 2018, both Chase bank and Discover card canceled their Price Protection programs. They have been removed from the chart below.
Update – 2019 – Citi has discontinued its Price-Rewind service so they have been removed from the list.
|Covered Cards||Wells Fargo Visa Signature Card||Majority of all Mastercard Cards|
|Benefit expiration after purchase||60 Days||60 Days|
|Maximum Benefit||$250 per claim, $1000 per year||$250 per claim, four claims per cardholder account per 12 month period|
|Call 800-553-7520 or Visa Online Claim Form||Call 800-627-8372 or Mastercard Online Claim Form|
|Internet Ads Covered?||No||Yes, excluding Internet Auction Sites|
|Source||Wellsfargo Benefits Page & WellsFargo Visa PDF||Benefits Site & Mastercard Guide to Benefits PDF|
If you don’t see your particular card listed in the table above, give your bank a call or do a few searches on the net. There are just too many out there for me to list. For example, I quickly searched on my Capital One Mastercard and found my Guide to Benefits agreement. Sure enough, Price Protection is included for all my purchases.
The Price Protection benefit is an excellent example of why it’s so important to read the fine print regarding your financials. Did you know, Price Protection is just one of many amazing benefits you receive when using your credit card? Benefits like Extended Warranty coverage, Identify Fraud Expense Reimbursement, Rental Insurance, and Roadside Assistance, to name a few. Granted, each Credit Card is different, but I think you get my point. Spending just a few minutes reviewing your existing coverage could save you thousands.
I really enjoyed writing up this article and would love to hear from everyone on their price protection refund adventures! Positive or negative, if you’ve had any luck getting cash from your Credit Card company, please leave a comment below and tell us how it went. Also, if you end up doing a little research on your specific Credit Card, drop the details and links in the comments, I’ll add them to the article.