Where To Get Credit Card Price Protection: Chase, Capital One, and More
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Price protection is a credit card benefit that can provide reimbursement if you see an item you bought being advertised for a lower price. Not as many credit card companies are offering it these days, though.
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You get home with your brand new TV, finish setting it up, and turn it on for the first time. What do you see? An ad for the same TV, from a different store, but for $100 less!
So maybe that’s a bit farfetched, but price protection helps you address this frustrating situation — buying a product and shortly after seeing the price drop on it.
This benefit isn’t offered as much anymore, though. Many credit card issuers had price protection but discontinued it throughout 2018 and 2019, opting for others like travel insurance and purchase protection. The growth of apps and services to help people find lower prices may have contributed to its demise.
Here’s the price protection status of some major credit card companies; click or tap the names to see more details.
|American Express||No (available with networked cards from other issuers)|
|Bank of America||No|
|Capital One||Yes (certain business cards)|
|Chase||Yes (certain co-branded cards)|
|Mastercard||Yes (certain cards only)|
|Visa||Yes (certain cards only)|
|Wells Fargo||Yes (only one card)|
How Credit Card Price Protection Works
If your credit card does offer price protection as a benefit, it will be fairly easy to use. The process is pretty similar across various card companies, but refer to the Guide to Benefits that came with your card for more details (or contact the benefit administrator, at the appropriate phone number below).
1. Identify the Price Drop
Finding the lower price ultimately falls on you, the consumer. There’s an app for that, though (or several apps, actually). Paribus and Sift are two that help you find out if an item you bought drops in price. For some cards, only prices in print advertisements are honored, not online prices.
You’re on the clock, too, as you usually have from 30–60 days to identify the price drop to make a claim for the difference. You should take note of the specific timeframes and amounts you can claim.
2. Organize Your Paperwork
Next, you’ll need to pull together your receipt, your card statement showing the purchase, the advertisement confirming the reduced price of the item, and potentially any other documentation you may have.
You’ll usually need to prove that the advertised item is identical to the one you bought, so you may have to include a model or product number.
3. Submit Your Claim
Usually, this involves calling to get the process started, though Mastercard does have an online form for cardholders to use. There’s often a claim form to fill out, and the customer service representative will confirm any additional documentation you’ll need to provide to process your refund request.
Items may have to be purchased in the United States to be covered, depending on your card. You can often make claims on purchases made using rewards, like points or cash back, as well.
But there are quite a few limitations; some typical restrictions include items purchased on, in, or during:
- Internet auction sites like eBay
- Advertisements of seasonal or discontinued items
- Liquidation or going out of business sales
Some common categories of items usually not covered include:
- Animals, living plants, and perishables
- Boats, cars, and motorized vehicles
- Cell phone contracts
- Items for commercial or professional use
- Jewelry, antiques, and collectibles
- Items with a manufacturer or merchant rebate
- Real estate items and items installed in a home, like a garage door opener
- Refurbished and used items
- Traveler’s checks
- Tickets to events and attractions
Common Coverage Limits and Timeframes
Most card issuers offering price protection give you either 30 or 60 days from the date of purchase to file a claim. You can usually claim up to $250 per item and $1,000 per year, though some business cards go up to $500 per item and $2,500 annually.
While price protection policies vary, you should also know that only the actual product itself is covered, so taxes, shipping, and handling costs aren’t included.
You typically need to act quickly after finding the ad with the lower price, as well. You may have as little as 10 days after the publication of the ad to make your claim.
Price Protection Details by Credit Card Issuer
Amex price protection is not universally available but is offered through some cards issued by other financial institutions, including Navy Federal Credit Union. American Express just serves as the network for these cards, not the issuer, and provides some of the benefits.
- Benefit known as: Best Value Guarantee
- Details: If you see a print ad for a lower-priced item identical to the one you purchased with your card, you can get a refund of the price difference.
- Time period: Within 30–90 days of purchase, depending on the card; for the Navy Federal card, the advertisement must be dated within 30 days after the date of purchase
- Refund amount: A minimum price difference of $10; up to $250 per item and $1,000 annually per card account
- Fine print: You won’t get reimbursed for taxes, shipping, or handling costs, and there’s a limit of one refund request per item purchased. The Best Value Guarantee only qualifies with print advertisements, not price comparisons found online.
- Submitting a claim: Call 1-866-843-6873 (Navy Federal) to request a refund.
Bank of America
Bank of America credit cards don’t offer price protection.
- Benefit known as: Price Protection
- Details: If you see a print ad or non-auction online ad for a lower-priced item identical to the one you purchased, you can be reimbursed for the price difference.
- Time period: Within 60 days of purchase; you must submit a claim within 10 days of the publication of the advertisement featuring a lower price
- Refund amount: Up to $500 per item and $2,500 annually per card account
- Fine print: You must have charged the full amount of the eligible item to your card. Only purchases made in the U.S. are eligible.
- Submitting a claim: Call 1-844-288-2140 to request a refund. You’ll have to return the claim form and the requested documentation within 20 days of contacting the benefit administrator.
Some cards such as the Chase Sapphire Preferred® Card (Review) and Chase Sapphire Reserve® (Review) used to have price protection, but Chase discontinued this benefit as of August 2018 for most cards. Some co-branded Chase cards still have it:
- Benefit known as: Price Protection
- Details: If a card purchase you made in the U.S. is advertised for less in print or online, you can be reimbursed for the difference.
- Time period: Within 90 days of purchase; however, you must call the benefit administrator within 21 days of the date of the advertisement showing your product at a lower price
- Refund amount: Up to $500 per item and up to $2,500 per year
- Fine print: For advertisements of cash only, close-out, liquidation, and going-out-of-business sales, this benefit is limited to $50 for each item and $150 per year per account.
- Submitting a claim: Call 1-888-880-5844. You’ll then need to return the completed claim form within 45 days.
The price protection benefit for Citi credit cards, known as Citi Price Rewind, is no longer available as of September 2019.
Discover discontinued price protection on all of its cards in November 2018.
Mastercard ended price protection benefits for almost all of its cards in July 2019. However, at least one issuer still provides it with at least one card:
- Benefit known as: Price Protection
- Details: If you buy a new item entirely with your Mastercard and/or accumulated points from the card for yourself or to give as a gift, you can get a refund of the price difference if you see either a printed advertisement or non-auction online ad with a lower price.
- Time period: Within 60 days of purchase; you must submit a claim within 180 days of publication of the advertisement
- Refund amount: Up to $250 per item and up to four claims per client account over a 12-month period
- Fine print: It’s not valid on 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.
- Submitting a claim: Call 1-800-MASTERCARD (1-800-627-8372) to request a claim form. You can also submit a claim online here.
U.S. Bank does not currently issue any cards that offer price protection.
Here’s the only Wells Fargo card that offers price protection:
- Details: Covers the difference in price between a qualifying purchase and a printed advertisement for the exact item for less at any retail store.
- Time period: Within 60 days of the original purchase date if the claim is made within 10 days of publication of the printed advertisement.
- Refund amount: $250 per item and $1,000 annually per card account
- Fine print: You must have charged either a portion or the entire purchase price of the eligible item. You will only be reimbursed up to the amount charged to your account or the program limit.
- Submitting a claim: Call 1-800-553-7520 to request a refund on an item. You’ll have to return the price protection claim form and the requested documentation within 20 days of contacting the benefit administrator.
Retail Price Protection
Price protection is often listed by credit card issuers as secondary to and only to be used after any store policies offering a lowest-price guarantee, or any other form of refund for price differences. Some retailers do offer price matching, so ask a manager or check the store’s policies. Like credit card companies, however, more retailers are putting restrictions on this. For example, Amazon price protection used to exist but doesn’t any longer.
The bottom line is that it doesn’t hurt to ask if you see a lower price shortly after buying something. You may be able to get the lower price matched with no hassle.
Price Protection vs. Purchase Protection
These two benefits sound similar but are really very different. Many major card issuers do offer purchase protection, which provides reimbursement or a replacement if an item you buy is lost or stolen for approximately 90–120 days after you purchase it.
Benefits to Consider When Getting a New Card
Price protection is just one of the benefits you may get depending on which cards you have in your wallet.
Credit card companies often promote elite benefits like travel credits and airport lounge access. However, when you’re considering a new credit card, you’ll want to weigh all the features including the annual fee, APR, rewards, and any other perks.
Ellen Sirull is a writer with over 15 years of experience, covering topics from personal finance to identity protection to credit and credit cards. Her work has been featured on CNBC, New York Daily News, Fox News, Yahoo! Finance, AOL Finance, Experian and the Identity Theft Resource Center. She enjoys spending time with her family and traveling as much as possible and is always thinking about how best to invest her own money for retirement and her family’s well-being.
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