This Often Overlooked Credit Card Perk Could Save You Money This Holiday Season

There are 16 days left until Christmas, and the crunch is on to find the perfect gift while sticking to your budget. You’ve tracked prices, flipped through fliers, searched online and in-store to finally find the item you want at the lowest price.

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But wait… it’s been a few days, and there’s your item for $15 less than you paid! What do you do? Do you buy the new lower-priced item and return the original (which you already wrapped)? Do you take the loss?

If you used a credit card to make the purchase, you might be able to get a price match refund without standing in the return line.

In this article

    What is price protection on credit cards?

    One often overlooked perk of many credit cards is price protection. With price protection, if you find an item you purchased with your credit card at a lower price within a certain time frame, you can submit a claim to your card issuer to receive a refund of the difference in price. What’s even more exciting is that price protection is a completely free-to-use benefit when offered by your card issuer.

    Price protection is different than purchase protection. With price protection, you’re simply price matching and getting back the difference, whereas purchase protection will refund you if an item is lost, damaged, or stolen and/or you can’t get a refund from the store, in some cases.

    Which credit cards offer price protection?

    Many cards — such as the Chase Sapphire Preferred® Card, and Capital One QuicksilverOne Cash Rewards Credit Card offer price protection. However, it’s not a feature of all cards, so be sure to check your card details.

    Here are some price protection details from popular card issuers:

    Card Card Price Protection

    DetailsChaseCapital One
    Cards coveredChase Freedom®, Chase Sapphire Preferred® CardCapital One QuicksilverOne Cash Rewards Credit Card
    Timeframe120 days60 days
    Coverage amountUp to $500 per claimUp to $250 per claim
    How to start a claimCall 1-888-320-9656 for information or to file a claim.Call 1-800-MC-ASSIST to request a claim form.
    Benefits guideCapital One QuicksilverOne Cash Rewards Credit Card benefits guide

    How to file a price protection claim

    The process for filing a claim may differ by the issuer, but in general, you’ll need to:

    • Make sure the item is not an excluded item as outlined in your benefits guide.
    • Contact the claims or benefits center to start a claim and receive a claim form.
    • Fill out the claim form and attach your itemized receipt.
    • Provide a copy of your credit card statement showing the purchase.
    • Provide a copy of the print or Internet ad with the sale price

    Once you’ve filed a claim, there is a bit of a waiting game. Claims will stay open for a certain period to ensure adequate time to process the information and request any other documents they may need from you. For instance, with the Chase Sapphire Preferred® Card, claims are open for 60 days from the date they’re filed. After the claim has been processed, a refund will be issued, usually in the form of a statement credit or check.

    Editorial Note: Compensation does not influence our recommendations. However, we may earn a commission on sales from the companies featured in this post. To view our disclosures, click here. Opinions expressed here are the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser’s page for terms & conditions.

    Please Note: Information about the Chase Freedom® has been collected independently by The issuer did not provide the details, nor is it responsible for their accuracy.