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Credit cards with price protection

Save the difference on already purchased items when you spot a cheaper deal.

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
HSBC +Rewards™ Mastercard®
20,000 Points
2x points per $1 spent
11.9%
$0 annual fee for the first year ($25 thereafter)
Min. recommended credit score: 630
Get 20,000 Points (up to $100 in value), plus get a 1st year annual fee waiver. Apply by October 3, 2021.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
19.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,000). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
Tangerine World Mastercard
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Earn an extra 10% cash back (up to $100) when you spend $1,000 on everyday purchases within the first 2 months. Until October 4, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
Neo Financial Credit Card
N/A
Average 4% cash back
19.99% - 24.99%
$0
Min. recommended credit score: 600
Earn an average cash back of 4% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 1% cash back on all spend at non-partners.
BMO Preferred Rate Mastercard
3.99% rate on balance transfers for 9 months
N/A
12.99%
$20
Min. recommended credit score: 660
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
American Express Cobalt Card
50,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 50,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). Plus, earn a Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership.
Brim Mastercard
Up to $200 worth of bonuses
1 point per $1 spent
19.99%
$0
Min. recommended credit score: 700
Earn up to $200 worth of bonus points when you shop with Brim retailers for the first time through the Brim mobile app.
Tangerine Money-Back Credit Card
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Earn an extra 10% cash back (up to $100) when you spend $1,000 on everyday purchases within the first 2 months. Until October 4, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
SimplyCash Card from American Express
4% cash back
Up to 1.25% cash back
19.99%
$0
Min. recommended credit score: 700
Earn 4% cash back on purchases (up to $200 cash back) for the first 6 months of Cardmembership.
American Express Green Card
10,000 points
1 point per $1 spent
20.99%
$0
Min. recommended credit score: 700
Earn a Welcome Bonus of 10,000 Membership Rewards points when you charge $1,000 in purchases to your card in the first 3 months as a new Cardmember.
BMO Rewards Mastercard
10,000 points
Up to 2 points per $1 spent
19.99%
$0
Min. recommended credit score: 725
Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Apply by October 31, 2021 . Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
BMO World Elite Mastercard
30,000 points
Up to 3 points per $1 spent
20.99%
$0 annual fee for the first year ($150 thereafter)
Min. recommended credit score: 760
Get up to 30,000 points and the $150 annual fee waived in the first year. Apply by October 31, 2021
Scotiabank Value Visa Card
0.99% rate on balance transfers for 6 months
N/A
12.99%
$29
Min. recommended credit score: 660
Get a 0.99% introductory interest rate on balance transfers with a 0% transfer fee for the first 6 months. Apply by November 21, 2021.
American Express Aeroplan Card
40,000 points
Up to 2x points
30% annual interest rate applies to balances not paid in full each month
$120
Min. recommended credit score: 700
Earn up to a total of 40,000 welcome bonus Aeroplan points and a bonus Buddy Pass. New Cardmembers can earn up to $1,200 in value within the first year.
SimplyCash Preferred Card from American Express
10% cash back
2% cash back
19.99%
$99
Min. recommended credit score: 700
Earn 10% cash back on all eligible purchases (up to $400 in cash back) for the first four months of Cardmembership.
BMO eclipse Visa Infinite
40,000 points
Up to 5 points per $1 spent
20.99%
$0 annual fee for the first year ($120 thereafter)
Min. recommended credit score: 760
Get up to 40,000 points and the $120 annual fee waived in the first year.
American Express Business Edge Card
57,000 points
Up to 3 points per $1 spent
19.99%
$99
Min. recommended credit score: 700
Earn up to 57,000 Membership Rewards points in your first year.
American Express AIR MILES Platinum Credit Card
2,000 Miles
Up to 1 Air Mile per $5 - $10 spent
20.99%
$120
Min. recommended credit score: 700
Earn a Welcome Bonus of 2,000 AIR MILES within the first three months. That’s enough to redeem for $200 towards your purchases with AIR MILES Cash.
American Express Aeroplan Reserve Card
90,000 points
Up to 3x points
19.99%
$599
Min. recommended credit score: 700
Earn up to a total of 90,000 welcome bonus Aeroplan points and a bonus Buddy Pass. New Cardmembers can earn up to $2,900 in value within your first year. Plus, spend at least $10,000 in qualifying net purchases by November 30, 2021 and you’ll earn, step up, or jump start your Aeroplan Elite Status. Apply by October 1, 2021.
Shell AIR MILES Mastercard from BMO
800 Miles
Up to 3x Air Miles for every $25 spent
19.99%
$0
Min. recommended credit score: 660
Get 800 AIR MILES Bonus Miles (enough for $80 towards purchases with AIR MILES Cash).
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Compare up to 4 providers

What is price protection?

If you make a purchase using a credit card with a price protection policy, and you later find the same item cheaper elsewhere, the policy kicks in to pay you back the difference in price so it’s as if you bought the item at the cheaper price in the first place. Your refund will often come in the form of a statement credit.

How do credit cards with price protection work?

Each credit card issuer has its own specific terms and conditions, but they all follow similar rules. For example:

  • You must use your credit card to purchase the item.
    This means the item you purchase has to be charged in full on your eligible credit card. You can’t use cash or debit or a combination of payment methods.
  • Protection time is limited.
    For many cards, the policies state that you need to make a claim between 60 and 120 days of purchasing the item if you find a cheaper price elsewhere. This time frame limit varies between cards.
  • You need proof of the cheaper item.
    You need to provide proof of the same item with the same model number at a lower price.
  • Claim amount limitation.
    All credit card providers limit the amount you can claim. Depending on your card, the maximum amount you can claim is usually between $100 and $500 per occurrence to a maximum of $1,000 annually.

Tip:

  • Always keep your receipt or other proof of purchase whenever you buy an important or expensive item.

How to find out which items are eligible for price protection

In most cases, all regular retail items in Canada are eligible for price protection except for the following: computers and certain electronics; vehicles such as cars, boats, aircraft; items used for business; tickets; second-hand or liquidated items; fine art; and animals and pets. The price protection terms and conditions list all exclusions from this perk so check your card’s individual policy.

How do you compare cards with price protection?

  1. Find out what the annual fee is.
    It may not be worth paying the annual fee if price protection is the only perk you’re interested in. You should also weigh the card’s other benefits to see if the annual fee is worth it.
  2. Compare the interest rates.
    If you plan to make purchases and carry a balance from month to month, ensure the interest rate is right for you. If you intend to pay your card off each month, then it may be useful to compare rewards credit cards.
  3. Compare price protection policy.
    Price protection is similar between card providers. The only difference you may find is the length of your covered period and the dollar amount limitations.
  4. Look for added features and extras.
    It’s useful to look for any additional features and benefits like bonus points or balance transfer deals.

Pros and cons of credit cards with price protection

Pros

  • Potential to save money. A price protection policy could save you money by making sure you never miss out on a deal for an item you purchase.
  • Peace of mind. If you’re in a hurry to buy a product, you can rest easy knowing you have 60-120 days (depending on the card) to find it cheaper and file a claim.
  • Price protection is complimentary. You don’t have to pay extra to use this perk.

Cons

  • Not many credit cards offer price protection. There isn’t a huge variety of credit cards that currently offer this perk.
  • Coverage amount is limited. Maximum coverage is usually up to $500 per claim and $1,000 per year. But this amount varies between cards.
  • Not all retail items are covered. All card issuers have a list of items and services that aren’t covered with price protection. Make sure you review your card’s policy.

Bottom line

Price protection is an excellent credit card perk that reimburses you the difference in the price of an item that you purchased and a cheaper price you happen to find within a set time frame. Not all credit cards offer this perk but there are many other kinds of credit cards that offer different kinds of rewards. Check out and compare the best of rewards cards here.

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