Here we will tell you all about credit card price protection and what the best credit cards with price protection are. Have you ever bought an item and then notice it goes on sale right after you purchased it? Most of us have. It can be really frustrating. However, if you purchased the item with a credit card, your credit card company might be able to refund you the difference.
What Is Price Protection On Credit Cards and How Does It Work?
Price protection on credit cards is when you buy something with your credit card and you later find it advertised for a lower price, within a certain timeframe, you can file a claim with the credit card company asking to be refunded the difference in price. For example, you buy a new laptop for $1,200 and the next day you see the same laptop selling for $900 you can file a claim with your credit card company stating that this item is now $300 less and you would like a refund for the difference.
The item that is lower priced must match the item you purchased. It needs to be the same brand, model, manufacturer, and year. Depending on the terms of your specific card, you might need to register the item and file paperwork yourself in order to get your refund.
How Do I File A Refund For Price Protection?
Each card has a different policy that they follow in order to file a refund. Typically, the timeframe to file a refund is 30-120 days in which the price has dropped on the item from the date you purchased it. When you file a claim you will need to have the receipt for the purchase of item as proof for the date you bought the item and the price. You will also need to show proof of the item that is listed for a lower price like a copy of the advertisement or a screenshot if the item is online.
Items Not Eligible for Price Protection:
Most services such as haircuts or oil changes
Going Out Of Business Sales.
What Credit Score Do I Need To Apply For A Credit Card Offering Price Protection?
Most credit cards do not offer price protection, so the ones that do offer it consider it has a huge benefit. With that said, you will need to have good to excellent credit in order to apply for credit cards that offer price protection.
Related: Guide To Credit Score Levels
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Which Credit Cards Have Price Protection?
Here is a list of some of the best credit cards that have price protection.
Price Protection: When you buy an eligible item within the U.S. and see the price is less in another retail store’s printed advertisement within 60 days of the date of purchase, you may be refunded up to $500 per item and up to $2,500 a year.
Paribus: Sign-up for Paribus from Capital One to get a refund. Simply shop online using your Capital One Card, Paribus will track your email confirmations and watches for price changes so you don’t have to. When they detect a price drop they will let you know and help you get your money back.
Other Features: 2% cashback on purchases, No annual fee for the first year and only $95 after that, extended warranty, free employee cards, $0 fraud liability.
Price Protection: If you find eligible items advertised for less within 60 days of your purchase, you can be reimbursed the difference up to $250 and up to $1,000 a year.
Other Features: 5x rewards points for up to $12,500 spent on gas, groceries, and drugstore purchases for the first 6 months, 1x points on other purchases, no annual fee, and cellphone protection
Price Protection: Up to $250 per eligible item for price drops within 30 days of purchase, with a maximum of $1,000 in claims per year.
Other Features: No annual fee, 3 points per dollar at supermarkets, restaurants, gas and transit, no foreign transaction fees, and roadside assistance.
Price Protection: Up to $250 per eligible item for price drops within 60 days of purchase, with a maximum of four claims per year.
Other Features: Unlimited Rewards Points with no expiration, 50k introductory offer, 3x travel points, 2x points for dining purchases, $395 annual fee, no foreign transaction fees,
As you can see, there are only two major credit card companies that offer price protection for their credit cards, Capital One and Wells Fargo. In order to get approved for these credit cards you will need excellent credit so now is the time to fix your credit.
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