Published on September 3rd, 2018 | by William Charles123
Credit Card Price Protection Policies Compared: Citi, Discover, Barclays, U.S. Bank & MasterCard
Recently a lot of card issuers have made changes to their price protection policies. Because of that we’ve fully updated this page.
What Is Price Protection?
Price protection is a benefit that some credit card issuers provide to their cardholders at no cost. It allows you to receive a refund if you make a purchase and then see the same identical item on sale for less within a specific timeframe (60-90 days depending on the card issuer).
There are some restrictions and limits on what you can claim, we will explain those below.
What Card Issuers Offer Price Protection?
Before we get started, let’s see what card issuers do/don’t offer price protection
- American Express: Does not offer price protection
- Bank of America: Does not offer price protection
- Barclaycard: Offers price protection on the Arrival Plus
- Capital One: Does not offer price protection
- Chase: In mid 2018 Chase removed price protection as a benefit.
- Citi: Offers price protection, calling it Price Rewind on all personal credit cards. Business & debit cards are not included. Citi made negative changes to this benefit on July 29th, 2018
- Discover: Offers purchase protection on all of their credit cards (e. Discover it, Discover it Miles, Discover it Secured). They will be removing this benefit as of October 31st, 2018.
- U.S. Bank: Offers price protection (they call it Best Value Guarantee) on the Cash 365 American Express Card
- Wells Fargo: Does not offer price protection
- Mastercard: Offers price protection, but varies via card issuer.
As you can see Citi will be the only issuer to offer price protection across all cards from October 31st, 2018 onwards.
|Citi||Discover (discontinuing on October 31st, 2018)||Mastercard||Barclaycard||U.S. Bank|
|Eligible Cards||All personal credit cards||All||Varies by issuer||Arrival Plus (AP)||Cash 365 American Express Card|
|Time covered||60 days||90||60 days||120 days (AP)||30 days|
|Maximum claim||$200 per item, $1,000 max annually||$500 per item, $2,500 max annually||$250 per claim, up to four claims per rolling twelve month period||$250 per claim, up to $1,000 per year (AP)||$250 per claim, up to $1,000 per year|
|Restrictions||Yes, see below||Yes, see below||Yes, see below||Yes, see below||Yes, see below|
|Black Friday Eligible||Yes||Yes||No||No||No|
- Boats, cars, aircraft, or any other motorized land, air or water vehicles and their original equipment. Tires are eligible.
- Products that can spoil or be consumed, such as food, fuel, or medications.
- Jewelry including loose gems, precious stones, metals and pearls. Watches are eligible.
- Tickets of any kind (e.g., for airlines, sporting events, concerts or lottery).
- Collectable items; including but not limited to, antiques, coins, art, sports memorabilia or stamps.
- Items purchased for resale use.
- Plants or animals, including stuffed or mounted animals or fish.
- Advice or services for a purchased item, such as product installation, labor, maintenance or repair.
- The lower-priced item requires a service contract, such as cell phones with a service contract.
- The lower-priced item is offered at no cost, or the lower price includes a bonus, free offer, special financing or a rebate.
- The lower priced item is a going-out-of-business sale item or from an internet auction site.
- The item is used, customized, altered, refurbished or secondhand.
- Items must be purchased and advertised in the United States, or its terroitories, including Puerto Rico.
- All services are excluded, this covers items only.
- Any used, rebuilt, remanufactured or second hand items are all excluded.
- Tires, watches, firearms, ammunition
- Lower prices offered through a warehouse club where the merchant requires customers to pay a membership fee
- Consumable and perishable items (e.g food, fuel, oil, household products & cosmetics)
- Travelers checks, tickets of any kind, jewelry, art objects, negotiable instuments, bullion, rare or precious coins or stamps, antiques cash and it’s equivalents
- Computer components including but not limited to external and internal hard drives, CPUs, power supplies, batteries, DVDs, video cassettes, CDs, audio cassettes, printed materials, or any other informational and recreational media (this was added in August)
- Motorized vehicles and their parts including, but not limited to, boats, airplanes, automobiles, trucks and motorcycles; and their parts and accessories including but not limited to tires and batteries
- Floor models, demonstrator models and one-of-a-kind items
- Live animals and live plants
- Negotiated sales, one-of-a kind sales, cash-only sales
- Close-out/liquidation/going-out-of-business sales but only as they relate to a business (not a particular item) going out of business
- Employee discounts
- Digital downloads including, but not limited to, music, movies, books, mobile apps and eCertificates
- Gift cards
- Special discounts offered through a specific retailer membership or rewards program
- Price differences involving manufacturer or merchant rebates
- Purchase transactions involving refunds, exchanges, trade-ins, layaways, gift cards, or store credits
- Items purchased and/or advertised as price quotes or bids from an Internet auction site
- If you return the item, Discover can charge back the amount you received from the Price Protection claim
- Any item purchased from an Internet site whose primary purpose is not the sale of the item or related items.
- Items purchased for resale, rental, professional, or commercial use.
- Jewelry, art, used or antique items; collectibles of any kind (such as items designed for people to collect or items that over time become collectibles)
- Recycled, previously owned, refurbished, rebuilt, or remanufactured items. • Customized/personalized, one-of-a-kind, or special-order items.
- Layaway items; items returned to any store.
- Any items purchased from an auction.
- Items for which the printed advertisement or non-auction Internet advertisement containing the lower price was published after sixty (60) days from the date you purchased the item.
- Items advertised or shown as price quotes, bids or final sale amounts from a non-auction Internet site.
- Items advertised in or as a result of “limited quantity,” “going out-of-business sales,” “close out”, or as “discontinued”.
- Printed advertisements or non-auction Internet advertisements that display pricing lower than your purchased item due to rebates, special offerings, bonuses, free items/giveaways, manufacturer’s coupons, or special financing.
- Professional services, including workmanship, installation, professional advice/counseling, and technical support, or help line.
- Plants, shrubs, animals, pets, consumables, and perishables.
- Motorized vehicles, including, but not limited to, automobiles, watercraft/boats, aircraft, and motorcycles, or their motors, equipment, or accessories.
- Land, any buildings (including, but not limited, to homes and dwellings), permanently installed items, fixtures, structures, or home improvement.
- Game animals, pets or specimens preserved for display (e.g., fish, birds, reptiles, or mammals).
- Traveler’s checks, tickets of any kind (e.g., for airlines, sporting events, concerts, or lottery), negotiable instruments, bullion, rare or precious metals, stamps, and coins, currency or its equivalent.
- Differences in price due to sales tax, storage, shipping, handling, postage, transportation, and delivery.
- Differences in price due to foreign exchange rates or fluctuation in foreign exchange rates
- Advertisements posted on the Internet.
- Advertisements of cash-only sales, close-out sales, flea markets, fire sales,
going-out-of-business sales, limited-quantity promotions, or liquidation sales.
- Advertisements of sales of seasonal or discontinued items including, but not
limited to, holiday decorations.
- Animals and living plants.
- Boats, automobiles, and any other motorized vehicles and their motors,
equipment, or accessories.
- Cell phone service agreements and cell phone contracts.
- Items purchased for resale, professional, or commercial use.
- Jewelry, antiques, and collectible items, rare or one-of-a-kind items, special
order items, custom items, or tailored items.
- Manufacturer and/or merchant rebates.
- Perishables, services, consumables, and limited-life items including, but not
limited to, rechargeable batteries.
- Real estate and items which are intended to become part of real estate.
- Traveler’s checks, cash, tickets, credit or debit cards, and any other negotiable
- Items purchased outside of the United States.
- Items without a manufacturer’s U.S. warranty (warrantable items only).
- Previously owned, sold “as is,” and refurbished items.
- U.S. Bank:
- animals and living plants; one-of-a kind items (including antiques, artwork and furs); limited quantity items; items that the advertisement states can be purchased with cash only; demonstration items; going-out-of-business sales items; “discontinued” items; consumable or perishable items with limited life spans (such as, but not limited to perfume, light bulbs, non-rechargeable batteries); jewelry (including, but not limited to loose gems, precious stones, metals, and pearls); watches; services and additional costs (such as installation charges, warranties, shipping, taxes, or car rentals); rare and precious coins; stamps; used; rebuilt and refurbished items; cellular phones; pagers; tickets of any kind; travelers cheques; motorized vehicles (such as cars, trucks, motorcycles, boats, or airplanes) and their parts; land and buildings; negotiable instruments (such as promissory notes); cash and its equivalent.
- Any store with an established best guarantee program
- Price comparisons found on the internet do not qualify
How To File A Claim
Regardless of who you claim with, you’ll always need the same things:
- Include a copy of the receipt of the item you purchase
- Include the advertisement you want to watch to
Remember that the items must be identical.
- You can also get automatically matched at citipricerewind.com or submit manually here. E-mails & faxes no longer allowed.
- Call 1-800-MasterCard or use the My Card Benefits website.
- Call 1-800-553-7520 within 10 days of the printed advertisement
Maximizing Your Price Protection
There are a few things you can use to your advantage with price protection, such as:
- Shopping portal rates
- Credit card categories
Neither of these discount your items on the receipt, but you will be getting the item at a discount. For example if there are two stores both selling the same item for, one is selling it for $5,000 and the other one is selling it for $5,500 it might make sense to purchase the $5,500 item and use your price protection to get $500 back if the more expensive store is offering a better shopping portal rate or codes more favorably when it comes to credit card rewards.
As mentioned before, I think Discover provides the best price protection policy (as long as the item you’re purchasing is covered). If you’ve used the price protection feature on your credit card before, please share your experiences in the comments below.