Citibank has introduced Price Rewind, a price-guarantee program, just in time for holiday shopping. As Black Friday approaches, shoppers planning pre-dawn excursions to stand in line for rock-bottom prices on flat-screen TVs, laptops and other big-ticket items, can rest assured that if the price drops after they buy, they have recourse.
Citi Price Rewind lets customers “shop now and save later,” according to Ralph Andretta, Citi’s Head of Co-Brands and Loyalty. When eligible items goes on sale for more than $25 less than the price paid within 30 days, Citi will send cardholders a check for the difference. That means, for example, people can buy that home theater system, and they don’t have to worry about paying a premium if the price plunges next week when the traditional holiday buying season kick off.
Citi Does the Work
Andretta said the difference between Citi Price Rewind and similar programs from PayPal, Visa Signature, MasterCard and others is that “we do the looking for you. We search hundreds of online retailers for a lower price. If you buy an iPad and we find it cheaper, we send you a check.”
The program was designed to help holiday shoppers who might hesitate on buying while they wait for a better deal. “Don’t wait for the sale. Buy it now. Get it wrapped,” said Andretta. Customers can get up to $1,000 per year refunded through the program. The average amount refunded during the testing period was $80 per purchase, he said.
How it Works
After buying an item with their Citi credit card, customers simply log in to the website, and select the item/s they bought from a list of over 300 merchants including department stores, electronic stores, and more. If customers can’t find their product, they can submit it to the site.
Three pieces of information need to be plugged in:
- Date of purchase
- Purchase price
- Store where purchased
Then Citi hunts for a lower price for the next 30 days. At the end of that period, the customer will receive an email informing them if the item was on sale for more than $25 less than they paid. If it was, they submit a claim form on the site. They upload an image of their receipt, verify their identity, and a check will be put in the mail for the price difference. There are some excluded items such as personalized jewelry. Check their website for a list of eligible items.
Save Time and Money
Citi Price Rewind promises to save customers time bargain-hunting, as well as the stress of holiday crowds and the rush to be first through the door on Black Friday. With the potential to get $1,000 back each year, it’s a big money saver too. All Citi consumer cards, including co-branded cards from Hilton and AT&T, will carry the Price Rewind benefit.