What is credit card price protection?

Most savvy shoppers carefully compare prices before making a purchase – whether it’s searching online, buying in person, or buying from retailers like wholesale clubs, which often offer greater discounts than traditional retailers.

But if you find a lower price on an item after you buy it, it might be inconvenient to return it and then buy it back from another seller. It can also be frustrating trying to get a price adjustment from the retailer who sold you the original purchase.

When you choose the right credit card, you can protect your purchase price. Read on to find out how.

What is price protection?

Price protection is a perk offered by some credit cards that will give you the option to seek help if you see the price of something you’ve bought drop. If you pay with a credit card that offers a price protection benefit, you may receive a refund of the price adjustment to your account.

This benefit is often overlooked because cardholders may not be aware that it is being offered. And it’s usually a free service if your credit card offers it. Knowing how to take advantage of this can save you significant money, especially when buying expensive tickets.

If the price reduction occurs within an acceptable time frame – typically within the first 60-120 days after you made the original purchase using the qualifying credit card – you may be refunded the price difference.

While some credit card issuers have removed price protection benefits from their products over the past few years, some still offer them. Check your credit card manual carefully to see if you have a card with them in your wallet.

How does price protection work?

Each issuer has a claim protocol. Typically, it takes 60 to 120 days from the date of purchase to apply, and this may vary depending on the credit card.

Another term that may vary for qualifying purposes is whether the price of the item has dropped or if you found a lower price than what you paid. Price protection technically belongs to the former, although you can find a price negotiation clause with the seller you bought the item from.

Filing a claim involves providing both proof that you paid for the purchase and where the item is listed at a lower price, such as a copy of a print ad or a screenshot if you found it online.

Which products are not eligible for price protection?

It is important to be aware that you cannot apply for price protection on all purchases. Most credit cards have exceptions, and these can usually be found in the fine print on your benefits overview. Many card issuers have the following exceptions:

• Cars, boats, air and water vehicles
• Medication
• Shopping for food and drinks
• Jewelry that includes gemstones, diamonds and other precious stones without a setting or in a setting (watches are allowed in some cases).
• Antiques, stamps, collectibles, art or coins
• Animals
• Plants
• Tickets for sporting events, concerts or shows
• Airplane tickets
• Currency or travelers checks
• Auction Items
• Secondary sales

Which products are eligible for price protection?

In addition to the exclusions listed above, you must ensure that your purchase is eligible. However, it’s best to contact your issuer to confirm if your purchase will be covered.

For credit cards that offer price protection, the exact coverage varies.

For example, there may be limits on claims. Credit card issuers don’t allow unlimited price adjustments, so be careful to make sure the match is worth it. The range is wide, as limits can range from $250 to $2,500, depending on the card. There may also be a limit on the number of claims per year per cardholder.

Be organized. Documents are required to file a claim. This usually includes your credit card statement showing your purchase, the original itemized receipt, and an advertisement or online listing of the item and a lower price.

Which issuers still offer price protection?

Price protection is a valuable perk, but many issuers have stopped offering it, so finding a card that offers it can be tricky.

Many credit card issuers such as Chase, Citi, and Discover have dropped this benefit entirely.

However, there are some issuers that have retained price protection for certain credit cards, such as Capital One, which offers price protection for certain cards.

Since price protection can save you money just by filing a claim, looking for a price protection card might make sense for you.

Here are three credit cards that still offer price protection:

Map	Interest rate	Price Protection Advantage
Capital One SavorOne Cash Rewards Credit Card	3% cashback at restaurants, entertainment, popular streaming services and grocery stores 8% cashback on Vivid Seats tickets 1% cashback on other purchases	If, within 120 days of purchase, you find a lower price for the eligible items, you can refund the difference.
Capital One Walmart Rewards® Mastercard®	5% cashback on Walmart.com including pickup and delivery orders 2% cashback on purchases at Walmart stores, restaurants and travel 1% cashback on other purchases where Mastercard is accepted	If, within 120 days of purchase, you discover that eligible items are advertised at a lower price, you may be eligible for a refund of up to $250 per claim. Maximum 4 claims per year per cardholder.
Rakuten Cash Back Visa Credit Card*	3% Cashback on qualifying purchases made through Rakuten.com, In-store Cash Back offers, Rakuten Hotels and Rakuten travel. 1% cashback on all other purchases	If you find a suitable item at a lower price within 60 days of purchase, you may be refunded up to $500 per claim and up to $2,500 per year.

How to file a claim

Filing a price protection claim is not difficult, but there are some steps involved.

It is usually necessary to complete and sign a claim form, as well as filing documents, including:

• Your itemized dated receipt for your original purchase
• A copy of a print ad or a screenshot of an item on sale or on sale; must include the date, the name of the store or seller, and an overview and description of the product.
• Your credit card statement showing purchase

You can download the documentation or send it by mail: Check with your issuer for their requirements as they may differ.

bottom line

Is it worth it to buy a card with price protection? The answer is probably yes: price protection is a notable benefit. Just be aware that you may have to look for one and that the benefits may vary depending on the card, but if you find one that suits your needs it can result in big savings if you buy something and find it’s cheaper elsewhere.

Erika Lamberg is a business and travel writer whose work has also appeared in Gannett, US News & World Report, MSN, The Ladders, Reader’s Digest and NBC News. She lives in suburban Philadelphia.