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News: Price Protection Becomes Extinct, But Options Still Exist - Credit-Land.com

Many credit card issuers have been removing some credit card perks recently and price protection is one of those disappearing perks.

Price protection is a benefit that allows cardholders to get the difference if the price on a purchased item drops within usually 30-90 days period after the purchase. The benefit can save you hundred of dollars throughout a year and, unfortunately, it is one of the benefits that are being removed. Among major credit card issuers, Discover became one of the first banks who removed price protection and four other benefits in February of 2018.

Later that year, in June and August, 2018, Chase dropped price protection for United MileagePlus Explorer cardholders and Chase Sapphire Reserve cardholders correspondingly.

This year, 2019, three issuers decided to drop this perk - USAA, Citi, a Credit-Land.com advertising partner, and Barclays. The news was especially frustrating for Citi members as the issuer had a special portal, Citi Price Rewind, which would monitor the prices for the cardholders, whereas other issuers didn't offer such convenience.

The growing tendency of removing credit card benefits like price protection is frustrating, especially for those who are using them. However, nothing can be replaced. There are already several apps that allow to take advantage of the price protection perk. Those apps help to monitor merchant's websites for a lower price and if the price drops, file a request for a refund. The service works for online shopping primarily and for merchants that have a price drop policy.

Some of the popular price protection services are Paribus (owned by Capital One), Earny, and Sift. The first one is completely free and the last two charge 25% of refunds.

Some of the credit card issuers, who still offer price protection are Capital One (on their Spark cards) and IHG (on their Rewards Club Premier card). If you are a lucky owner of a credit card with price protection perk, you may not want to upload any additional apps. If not, you may want to give them a try.

tags : Rewards Program Shopping

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.