In today’s market of online shopping and buying, consumers are always ready to find the best deals at the lowest prices in town. While credit cards have many benefits, one aspect that is often overlooked is price protection.
These types of essential benefits, reserved only for some credit cards, act as a safe haven for customers so they don’t pay the price more than they do. Knowing how price protection works and which credit cards offer it can help you make better purchase selections and grow your savings.
Understanding credit card price protection
Some cards offer the option of price protection, which guarantees you won’t pay more than you need to on purchases, where if the price of an item drops shortly after purchase, your credit card company will refund the difference. So you don’t have to worry about missing out on better prices for the item once it’s purchased, and such a feature provides peace of mind.
How does credit card protection work?
If you buy something with a price protection credit card, keep track of the price of the qualifying item for a while. If the price drops shortly after purchase, ask your credit card issuer to refund you the price difference. Please note the limitation on the refund amount per claim and the time frame over which price protection applies to some cards. Therefore, always read the terms and conditions printed on your card.
Items not eligible for credit card price protection
While price protection is a very useful feature, not all purchases are eligible for a refund. Here are some of the most common exclusions:
Items eligible for credit card price protection
Credit card price protection applies to many products, making it an excellent shopping tool for savvy shoppers. Examples of eligible products include:
How to Make a Claim for Credit Card Price Protection
Filing a claim for credit card price protection requires several crucial steps:
Conclusion
Price protection on credit cards can be a great benefit, but it’s only useful if you understand your card’s unique terms and restrictions. Not all credit cards offer this benefit, and many have restrictions on eligibility, claim periods, and purchase categories.
Determine the terms of your credit card and call your bank to determine if your bank offers any price protection before making a purchase so you know how to claim registration. It’s very easy to take full advantage of your credit cards and save some extra money on a purchase at the same time.
