Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected benefit that, however, can help save you hundreds of dollars annually.
Price protection is a credit card feature that allows you to refund the price difference. In other words, if you use your card to purchase an item and then find the same item at a lower price, you can cash in the difference. However, credit card price protection is not available with all credit cards. For example, Amex and Visa credit cards come without this benefit. Here are some of the credit cards and issuers that do provide it.
Not all Capital One credit cards come with the price protection benefit. The set of protections and benefits will depend on what kind of card it is – Visa or Mastercard. In fact, Capital One does not provide coverage, but it is provided by Mastercard. Therefore, all claims should be sent to this organization.
For instance, the Capital One® SavorOne® Cash Rewards Credit Card has price protection. The purchases are covered for 120 days from the date of the purchase. The coverage is limited to up to $250 per item, and there is a maximum of four claims per 12-month period. The items that are not covered are jewelry, used items, special-order items, any items purchased from an auction and some other items. To get more details about Mastercard Price Protection, call 1-800-MC-ASSIST for assistance.
Price protection is a good feature, but you should follow the rules to refund the price difference. In addition to the terms provided above, you should:
- pay for an item with a credit card that has price protection;
- track the price change (price protection is not automatic and you need to do all tracking and paperwork yourself);
- file a claim within the allotted time period and provide all information required.
Price protection can save you hundreds of dollars per year depending on the coverage and purchases. Review your credit card benefits to see what you are covered for and if price protection is included. If not, you may want your new credit card to have this benefit.