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What is Covered Under Price Protection of a Credit Card?

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We’ve all been in the situation where we’ve purchased something at a great price, only to find a lower price a week later at a competing store. If you made that purchase with a credit card, you may be eligible for a refund.

What is Price Protection?

Three of the four major credit card networks offer some form of price protection. This means that if you purchased an item only to find it at a higher price later, you can claim the difference back on your card.

Usually there’s a limit to when you can return the item and how much. It really depends on the card, so it’s always important to read the fine print or simply give a call to the number on the back of your card to see if this service is offered.

Offers Available By Network

Here’s a more in-depth look at how much is protected per credit card network.

  • Discover with a maximum claim of $500 per purchase and $2,500 per year. This is the longest of all three networks that offer it, as you have 90 days from date of purchase to make a claim.
  • The Citi Rewind Program offers claims up to $300 per item and up to $1,200 per year. You have 60 days from date of purchase to file a claim.
  • Mastercard is willing to go up to $250 per claim up to 4 claims per year. Like Citi, you have 60 days from the date of purchase to file a claim.

What this means is that instead of waiting in line on Black Friday for the best prices, go ahead and sleep in and submit an ad you found online instead. Just remember that specific exclusions apply, so check which products are eligible beforehand with your credit card company.

Some credit card may not count Black Friday discounts or other days of discount such as Cyber Money. Always call to make sure before making a purchase.

What Exclusions Apply?

Before you plan on getting money back on a specific purchase, make sure to actually check what specific items are not available for price protection. Price protection does not cover any of the following:

  • Items purchased outside of the US
  • Refurbished, rebuilt or any second-hand items
  • Perishables such as food or clothing
  • Jewelry, metals or travelers checks
  • Rare collectables such as coins and stamps that fluctuate in value
  • Motorized vehicles along with parts and accessories
  • Live animals and plants
  • Employee discounts
  • Items purchased at an auction or auction sites such as Ebay
  • Digital Downloads
  • Gift Cards
  • Special discounts offered through rewards programs
  • Travel and any other services related to travel

How Does The Process Work?

The process usually includes submitting your original receipt, your credit card statement showing the purchase, and an ad from the retailer stating the lower price along with the date of the ad.

Make sure you make the entire purchase using a credit card or you will not be eligible. To start the claim process, contact your credit card company to see what the current requirements are. With Citi, you have to register the purchase on the Citi Price Rewind Page in order to submit a claim.

Have any questions? Leave them in the comment below. Thanks for reading.

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