In a surprising move, Capital One has added a Price Protection benefit to their personal cards which are Mastercard World or Mastercard World Elite. (Their business cards already have the benefit.)
The benefit offers customers a refund for products purchased which subsequently drop in price – you get refunded the difference. For example, if you buy a laptop for $500, and it later becomes available from the same retailer or a different retailer for $400, Capital One will refund you $100.
- Max $250 per claim.
- Max 4 claims per 12 month period.
- Purchases must be made entirely with your eligible Capital One card.
- Price Protection is for one hundred twenty (120) days from the date of purchase.
- Capital One cards which are Visa branded do not have a Price Protection benefit.
- There are many exclusions, such as: items purchased for resale, lower prices which are due to rebates, taxes and shipping fees, personalized items, auctions, and more.
- File a claim by visiting www.mycardbenefits.com or call 1-888-531-4227. You must report the claim within one hundred twenty (120) days of the incident or the claim may not be honored.
Price Protection used to be a ‘thing’, until credit cards one-by-one slowly removed the benefit from their cards. Mastercard specifically removed the Price Protection benefit just a number of months ago, but now Capital One is bringing it back on World Mastercards.
The presumed reason for the demise of Price Protection on other cards was automation services, such as Paribus, which scoured the internet to find lower prices and get consumers refunds. The irony here is that Capital One bought Paribus a couple of years back, and now they are adding Price Protection to their personal cards. Hmm…
Other cards that have Price Protection:
- Capital One Visa or Mastercard business cards, such as the Spark line of cards
- Rakuten Visa card
- Wells Fargo Visa Signature
- A few others
Hat tip to Econ0mist