Compare credit cards with price protection

You bought a new smartphone and a week later it goes on sale with 30% off. This can be frustrating because you could’ve spent the difference in price on something else. Luckily, some credit card issuers offer price protection in cases such as this.

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 the difference.

Your refund will often come in the form of a statement credit.

Compare credit cards with price protection

There aren’t many credit cards with price protection these days. But you’ll find the few that offer this perk in the table below.

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Name	Product	Filter values	Rewards	Purchase APR	Annual fee
Amalgamated Bank of Chicago Platinum Rewards Mastercard®			1x points on all purchases and 5x points in quarterly rotating categories on up to $1,500 each quarter you activate, then 1x points	0% intro for the first 12 months (then 12.9% to 22.9% variable)	$0	Apply now View details	Earn 5x points in rotating categories and $150 after spending $1,200 in the first 90 days	Compare	loading Fetching your data...
Wells Fargo Visa Signature® Card			5x points up to $12,500 on gas, groceries, and drugstores for the first 6 months, then 1x points after that and on all other purchases	0% intro for the first 15 months (then 12.49% to 25.49% variable)	$0	View details	Earn 5x points on gas, grocery, and drugstore purchases for the first 6 months on up to $12,500 and 1x points on all other purchases.	Compare	loading Fetching your data...

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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.
  This means the item you purchase has to be charged in full on your eligible credit card.
• Protection time is limited.
  For many cards, the policies state you need to make a claim between 60 and 120 days of purchasing the more expensive item. The time frame limit varies between cards.
• You need proof of the cheaper item.
  Often you need to provide the same item with the same model number and preferably the same color that has 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 between $1,000 and $2,500 annually with a maximum between $200 and $500 per claim.

How to find out which items are eligible for price protection

The price protection terms and conditions list all exclusions from this perk. In most cases, you won’t get coverage for purchases of cars, boats, aircraft, jewelry, art, plants, animals, housing, various tickets and professional services.

How do you compare cards with price protection?

Comparing a card with price protection policy can be done in the following ways:

1. Find out what the annual fee is.
   It may not be worth paying an 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 manageable. 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 amount limitations.
4. Look for added features and extras.
   If two cards are equal after the above comparison, it’s useful to look for any added features and benefits. Look for bonus points or balance transfer deals.

Pros and cons of credit cards with price protection

Which providers have price protection?

At the moment, only a few card providers offer this perk and not on all of their cards. This may change, however, so make sure you read the terms and conditions before you apply for the card.

	Does it offer price protection?	How long does it last?	Cards with the perk
American Express
Amalgamated Bank of Chicago (ABOC)		60 days	Amalgamated Bank of Chicago Platinum Rewards Mastercard® Amalgamated Bank of Chicago Union Strong Mastercard® Credit Card
Amazon
Bank of America
Capital One
Citi
Chase		90 days	United Gateway℠ Card
Discover
Mastercard
Navy Federal
US Bank		30 days	U.S. Bank Cash 365™ American Express® Card
Visa
Wells Fargo		60 days	Wells Fargo Visa Signature® Card

Tips and things to avoid when it comes to cards with price protection

• If you’ll be paying higher annual fees because of this protection policy, make sure you’ll use the benefit.
• Read the terms and conditions before you apply for any card.
• Keep your receipt and other proof of purchase whenever you buy an important or expensive item.

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 the new discounted price within a set time frame, usually in up to 120 days.

Keep in mind that not all credit cards offer this perk. Compare credit cards that do or look for other credit cards.

Images: Getty Images