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This article was last updated Feb 08, 2019. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
Have you ever made a purchase only to see the price drop a few days or weeks later? If the difference is significant, you may even consider going through the hassle of returning and rebuying the item. But if you made the purchase with the right credit card, your issuer may be able to provide you a reimbursement for the price difference and save you the hassle.
Credit cards that offer price protection typically provide reimbursements when you find a lower advertised price within 60 to 120 days of the purchase date. Some cards, like those issued by Citi®, take this benefit a step further and search for a lower price for you if you take the time to register your purchase. Once a price protection claim is approved, you’ll receive the difference between the price you paid and the lower price found. The savings can be worthwhile. For example, Citi states that in 2018 it reimbursed cardholders an average $25.52 per claim, totaling over $17.5 million paid to all eligible cardholders.
Here we’ll review the price protection terms provided by major issuers, common exclusions, and how to file a claim.
Price protection by issuer
Price protection isn’t the most common benefit provided by card issuers, but if this is a perk that’s important to you, check out the cards mentioned in the table below. There is a limit on the amount of reimbursement you can receive per item and per year, so make sure you familiarize yourself with the exact terms.
Issuers have recently cut back on price protection benefits, with Discover removing the benefit on Oct. 31, 2018 and Citi notably devaluing the benefit in July 2018 from $500 per item and $2,500 a year to $200 per item and $1,000 per year.
Just know, even though a card issuer is listed as offering price protection, it may not be offered on all its cards. Refer to your cardmember agreement or contact a representative to verify whether your card offers price protection or not.
Price protection terms for major card issuers
|Issuer||Maximum coverage per item||Maximum coverage per calendar year or 12-month period per account||Fine print|
|Barclays||$250||$1,000 per 12-month period (maximum of 4 claims)||120 days from date of purchase for World and World Elite Mastercards|
|Capital One||$250||$1,000 per 12-month period (maximum of 4 claims)||120 days from date of purchase for World and World Elite Mastercards
60 days from date of purchase for Platinum Mastercards
|Citi||$200||$1,000 per calendar year||60 days from date of purchase on most consumer cards|
|HSBC||$250||$1,000 per 12-month period (maximum of 4 claims)||120 days from date of purchase for World and World Elite Mastercards
60 days from date of purchase for Platinum Mastercards
*Additional terms and limitations apply to price protection benefits.
Popular Capital One cards with price protection:
- Capital One® SavorOne® Cash Rewards Credit Card
- Capital One® Savor® Cash Rewards Credit Card
- Capital One® Platinum Credit Card
Popular Citi cards with price protection:
Popular HSBC cards with price protection:
What items are excluded from price protection?
Beyond maximum coverage amounts per item and per year, price protection also sets exclusions on what type of items qualify for price-difference reimbursement. For example, you won’t receive a refund if there’s a price drop on a flight you purchased or if a gallon of milk is cheaper at another store. But you may receive reimbursement for clothing or furniture that drops in price.
Here are the common items that don’t qualify for price protection:
- Living plants
- Motorized vehicles (cars, boats, motorcycles) and their attached parts (including tires)
- Tickets of any kind (airline, sporting event, concert or lottery)
- Travel arrangements of any kind (hotels, vacations rentals, or car rentals)
- Jewelry, art, collectable, one-of-a-kind, custom-built, and limited edition items
- Items purchased for resale, rental, professional, or commercial use
- Any items purchased from an auction
- Items advertised in or as a result of “limited quantity”, “going out-of-business sales”, “close out”, or as “discontinued”
- Services and additional costs (installation charges, warranties, memberships)
- Firearms or ammunition
In addition to excluded items, certain price changes don’t qualify for reimbursement:
- Differences in price due to sales tax, storage, shipping, handling, postage, transportation, and delivery.
- Differences in price due to foreign exchange rates or fluctuation in foreign exchange rates.
- Printed advertisements or non-auction internet advertisements that display pricing lower than your purchased item due to rebates, special offerings, bonuses, free items/giveaways, manufacturer’s coupons, or special financing.
How to file a price protection claim
Price protection claims can be filed by submitting a claim form online, calling the payment network, such as Mastercard, that provides the benefit, or mailing a claim form.
When filing a claim, you’ll need to have a few things handy:
- Completed and signed claim form
- A copy of the printed advertisement that shows the date of the advertisement, retailer name, the product (advertisement must verify same manufacturer and model number), and sale price
- Receipt showing when the item was purchased
- Credit card statement showing the purchased item
- Itemized purchase receipt
Here’s how to file a claim:
- Barclays: 1-800-Mastercard or visit MyCardBenefits.com
- Capital One: 1-800-MC-ASSIST
- Chase®: 1-877-631-0920
- Citi: visit citipricerewind.com
- HSBC: 1-800-Mastercard