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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.
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.
The service is generally free provided certain conditions are met.
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.
Each credit card issuer has its own specific terms and conditions, but they all follow similar rules. For example:
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.
Price protection provides a refund for the price difference between the discounted and the old price of an item you bought. Purchase protection, on the other hand, covers items purchased with your credit card against theft or damage.
Comparing a card with price protection policy can be done in the following ways:
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 |
|
Amazon | ![]() | ![]() | ![]() |
Bank of America | ![]() | ![]() | ![]() |
Capital One | ![]() | ![]() | ![]() |
Citi | ![]() | ![]() | ![]() |
Chase | ![]() | 90 days | United Gatewayâ„ 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 |
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
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