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.
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.
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, Capital One® QuicksilverOne® Cash Rewards Credit Card, and the Discover it® 18 Month Balance Transfer Offer — 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
|Cards covered||Chase Freedom®, Chase Sapphire Preferred® Card||Capital One® QuicksilverOne® Cash Rewards Credit Card||All Discover cards, including Discover it® 18 Month Balance Transfer Offer|
|Timeframe||120 days||60 days||90 days|
|Coverage amount||Up to $500 per claim||Up to $250 per claim||Up to $500 per claim|
|How to start a claim||Call 1-888-320-9656 for information or to file a claim.||Call 1-800-MC-ASSIST to request a claim form.||Call 1-800-347-0213 to ask questions or file a claim.|
|Benefits guide||Capital One® QuicksilverOne® benefits guide||Discover help center FAQ|
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.
The key takeaways
Holiday shopping is a stressful time, especially when it comes to finances and staying on budget. No matter how much due diligence you do, you might not find the best deal. The good news is that with a credit card that offers price protection, you can still save!
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