Citi Price Rewind, a price-guarantee program, was recently updated to make it more lucrative to cardholders. It now searches longer for the lowest price, the amount you can get back annually has been raised, and there is no longer a $25 minimum price difference required to get the refund.
The program was introduced during the 2012 holiday season. It let customers shop, register their purchase, and then if the item went on sale anywhere within 30 days of the date of purchase they could get the better price as long as there was a $25 minimum price difference.
This fall they have upgraded Rewind to search out the best price for 60 days rather than 30, and it no longer matters what the price difference is. It used to be a minimum of $25 to get a refund. Also, people can now get up to $300 back per item, and the amount cardholders can get back annually went from $1,000 to $1,200.
Here’s how it works
For example if an iPad costs you $699, and the price drops to $650 within the 60-day window, you get the difference back as a statement credit. The same holds true whether it’s electronics, clothing or something else, as long as it’s on their list of eligible purchases. On average consumers who enrolled in the program saved $85.
This is not an automatic program. People must register each purchase with Citi Price Rewind and check with the site to make sure the purchase is eligible. If it is, the customer keys in specific information about the transaction including the date they bought the item, the store where they brought it and the purchase price. When Citi finds a better sale price for that item, they send an email to let the cardholder know that they need to submit a claim form. People can also log onto the website and track the items they are watching for price drops.