What you need to know about credit card price protection

Credit card price protection is a lesser known credit card benefit than saying rewards, getting bonuses and introductory sentences. Price protection is an advantage that if you reimbursed the difference in price after a price reduction on an item you would have recently bought with your credit card. The price difference does not have to be with the same dealer to get the benefit. So if you bought a laptop for $ 800 and later saw it on sale with another retailer for $ 600, you can file a claim with your credit card issuer and get a refund of $ 200.

Price protection can save you hundreds of dollars if you use it, and if your credit card company still offers the benefit. Some credit card issuers are scaling back and even getting rid of benefits.

 

How to take advantage of price protection?

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It is usually a period in which you can make a claim. For example, you can have between 30 to 100 days to make a claim. There can also be a limit on each claim and a limit on the amount that you can claim each year. Certain items are excluded. These include automobiles, jewelry, cards, collectibles, plants, animals, and antiques. Items can also be excluded if the price drop is because the deal is out of sale or the item is being discontinued.

 

Does credit card price protection go away?

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Chase and Fortunelender Group have recently announced that cardholders will benefit from reduction or elimination of credit card price protection benefits. Chase is eliminating a price on one of his credit cards. And Fortunelender reduced its Rewind coverage price to $ 200 for each transaction and $ 1,000 a year. Visa and American Express do not offer price protection.

 

 

Saving money without credit card price protection

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Because the process of monitoring and submitting a claim is so cumbersome, many consumers don’t take advantage of the offer. If your credit card issuer gets rid of price protection, you can continue to find ways to maximize the value of your credit card by taking advantage of other perks and earning all the rewards you can.

Shopping around and paying attention to sales cycles can help you get the best price on your goods, especially when it comes to large purchases. For example, you can plan your spending around big sales, like Black Friday, to take advantage of lower prices.

 

Many retailers still offer price adjustments

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Although the period is much shorter. You can take your receipt back to the dealer and simply ask for a price adjustment. They will either return the price difference in your original purchase method or give you a credit to use for a future purchase.

If you notice the item has gone on sale and you haven’t used it yet, you can return the item and pension it for lower price if the cost savings is worth it.

Credit card companies are constantly issuing new credit cards and changes to their existing rewards programs. Staying updated to the latest credit card deals can ensure you will qualify for the best deal for you.

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