Credit card price protection is a lesser-known credit card benefit than say, rewards, sign-up bonuses, and introductory rates. Price protection is a benefit that refunds you the price difference after an item you purchased on your card drops in price.
Even better, the price difference doesn’t necessarily have to be with the same retailer to receive the benefit. So if you purchased a laptop for $800 and later saw it on sale with another retailer for $600, you may be able to file a claim with your credit card issuer and get a refund of $200.
Price protection can help you save hundreds of dollars if you take advantage of it—and if your credit card issuer still offers the benefit. Not many credit cards come with this perk, and several have ended their programs over the years. But if your credit card comes with price protection, here's what to know about this credit card perk.
How Credit Card Price Protection Works
There’s typically a timeframe during which you can make a claim. For example, you may have up to 30 days to make a claim with your card issuer in order to take advantage of the price protection perk.
There may also be a limit for each claim and a limit on the amount you can claim each year. Certain items may also be excluded, such as motorized vehicles, jewelry, tickets, collectibles, plants, animals, or antiques. Items may also be excluded if the price drops due to the business folding or if the item is discontinued.
Many credit card issuers may also require you to submit supporting documentation with the claim in order to receive the price refund.
Do Credit Cards Still Offer Price Protection?
Credit card price protection is not a very popular perk. Card issuers that once offered it have since removed the benefit. For example, Chase and Citi both got rid of the credit card price protection benefit. Chase eliminated price protection on its credit cards one by one. Citi eliminated its Price Rewind coverage.
Some credit cards may still offer price protection, but you may have to dig through the card's details or terms and conditions to find out if it's offered. If it’s a perk you want to take advantage of, switching credit cards may benefit you.
Call the credit card’s customer service line using to find out whether a credit card offers the benefit. You may have a card in your wallet that does and not even know it.
How to Save Money Without Credit Card Price Protection
The process of monitoring and submitting a claim can be cumbersome, which may deter consumers from taking advantage of credit card price protection. If your credit card issuer is getting rid of price protection, you may continue to find ways to maximize the value of your credit card by taking advantage of other perks and earning all the rewards you can.
Shopping around and paying attention to sales cycles may help you get the best price on your goods, especially when it comes to big-ticket items. For example, you may plan your spending around big sales, like Black Friday, to take advantage of lower prices. Discover is known for tailoring its rewards to seasonal spending. For example, the 5% cash-back rewards calendar shows eligible Discover cardholders can earn 5% cash back October through December on purchases made online at Amazon and with digital wallets including Apple Pay, Google Pay, Samsung Pay, and Garmin Pay.
If you don't have a card with price protection or rewards, you may be able to get a price adjustment through the retailer. Simply take your receipt back to the retailer and ask if it'll give you a refund since the item dropped in price. Just be sure to bring your receipt and try to do it as soon as possible. The retailer will likely either refund the price difference in the method of your original purchase (back on your card or cash), or it may give you a store credit to use for a future purchase.
Manually watching for price drops can be tough, but there are price tracker apps that may help. You can receive notifications of price reductions in items you’ve purchased or items you’re thinking about purchasing.
For example, Capital One Shopping uses an algorithm to automatically identify purchases in the last 30 days that have dropped in price. It connects to your email where it accesses shipping and order receipts. Once it detects an item that has dropped in price, the Price Protection feature will contact the retailer for you to request a refund. If it can't contact the retailer for you, it'll send you instructions on how to get the refund. If Price Protection works, the funds will be credited directly to the original form of payment (credit or debit card), or you'll get store credit.
Price tracking apps and software may be especially worth it for larger ticket items that have prices that could drop by hundreds of dollars.
Another option may be to return the item and repurchase it. For example, if you notice the item has gone on sale and you haven’t used it yet, you could return the item and repurchase it for a lower price, if the cost savings—and time—are worth it.
Credit card issuers are constantly issuing new credit cards and making changes to existing rewards programs. Staying updated on the latest credit card offerings may ensure you’re getting the best deal you qualify for.
Frequently Asked Questions (FAQs)
What is price protection on a credit card?
Price protection is a credit card benefit that allows a cardholder to get a refund when an item they charged to their card drops in price. The refund is the difference in price from when the cardholder purchased the item to when the item dropped in price. There may be time and value limits on what qualifies for price protection.
Which credit card offers price protection?
Price protection is not offered by many credit cards. Citi and Chase both discontinued their price protection programs. If you have the Wells Fargo Signature Visa Credit Card, you may be able to take advantage of price protection. The Navy Federal More Rewards American Express Card may also offer you price protection via the Best Value Guarantee benefit.