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Ancillary benefits such as price protection don't sound quite as sexy as free flights or five-star hotels, but there's every possibility you’ll receive more dollar value from card benefits than credit card rewards over the life of your card. Provided you know what items your card covers and you can navigate the claims process, price protection can potentially save you thousands of dollars per year.
Unfortunately, Discover, Chase, and Citi have devalued the Price Protection policies across the board, with Citi lowering the coverage per claim and the maximum claimable per year, Chase eliminating the policy on all Visa cards, and Discover scrapping the benefit altogether. The negative changes from Chase rolled out over the last few months, with the Sapphire Reserve Guide to Benefits stating the benefit was dropped as of August 26, 2018. Discover dropped the benefit as of October 31, 2018.
What Is Price Protection and How Does It Work?
At its core, price protection is price matching for items you purchase using your credit card. If you find a lower advertised price for exactly the same item within the specified timeframe, the card issuer will refund the difference. For example, on the Citi website it states:
“Did you get the lowest price on your Citi® card purchase? Let's find out. Citi Price Rewind does a 60-day search for a lower price on your purchases. And if we find one, you may receive the difference in price. Citi Price Rewind does the hard work for you.”
The policies are effectively the same as low-price guarantees offered by retailers, covering items purchased in the U.S. using an eligible credit card, or in some cases purchased using rewards points earned on an eligible card. The claim windows range from within 60 days of purchase on the low end, up to 120 days from the date of purchase at the high end. There are plenty of restrictions on what you can claim, and limitations on the dollar value and number of claims you can make each year, which we dig into in more detail below.
You’ll notice some pretty big players in the credit card space are missing off this list, including Discover, American Express, and Bank of America. That's because they don’t offer price protection on any of their card products. Chase made the decision to cut Price Protection benefits on its entire range of Visa cards in late 2018, with only the co-brand IHG Mastercards still providing Price Protection as a listed benefit.
Credit Cards Offering Price Protection Policies
We’ve only included credit providers and specific cards which we could find written price protection policies for, either in guides to benefits or covered on the issuer’s website, and included updates when new policies are announced. If we’ve missed a card and you can provide links to a price protection policy, please get in touch via the comments so we can get it added to the list.
|Credit Provider||Cards Offering Price Protection||Max Claim Value||Claim Window||Example of Policy|
|Barclays||AAdvantage® Aviator® Red World Elite Mastercard®|
Barclaycard Arrival Plus® World Elite Mastercard® (See Terms)
Uber Visa Card
|Up to $250 per item and max 4 claims in 12 months per account||120 days||Barclays World Elite Price Protection
Barclays Visa Price Protection
|Capital One||Capital One® Savor® Cash Rewards Credit Card||Up to $250 per item and max 4 claims in 12 months per account||120 days||Capital One Price Protection|
|Chase||Applies only to co-brand IHG Mastercards like the IHG® Rewards Club Premier Credit Card||Up to $500 per item and $2,500 per year||90 days||Chase World MasterCard® and World Elite MasterCard® Guide to Benefits|
|Citi||Applies to all personal Citi credit cards issued in the United States to residents of the 50 United States, the District of Columbia, American Samoa, Puerto Rico, Guam, the U.S. Virgin Islands and Northern Mariana Islands||Up to $200 per item and $1,000 a year per account||60 days||Citi Price Rewind|
|Wells Fargo||Wells Fargo Visa Signature® Card||Up to $250.00 per item and $1,000.00 per year||60 days||Wells Fargo Visa Signature Price Protection|
|U.S. Bank||U.S. Bank Cash 365™ American Express® Card||Up to $250 per item and $1,000 a year per account||30 days||U.S. Bank Amex Price Protection|
What Purchases Are Excluded from Price Protection?
The list of exclusions differs for each provider but is fairly consistent across different cards from the same issuer. Common exclusions include:
- Boats, cars, or any motorized vehicle (motorbike, truck, tractor, etc)
- Cell phones purchased on contract or as part of a service
- Secondhand or refurbished items
- Any item purchased to resell for profit or for commercial use
- Items purchased outside the U.S.
- Collectables, jewelry, rare, custom, or tailored items
- All fees and taxes, rebates, or incentives from the manufacturer
- Any kind of live animal
This is by no means an exhaustive list, for precise exclusions on each card you’ll need to read the credit card guide to benefits. If you’re unfamiliar with your card benefits, we’ve compiled a handy list of guides to benefits from major credit providers.
Which Card Issuer Provides the Best Policy
With Chase wiping the benefit from Visa cards, Discover wiping the benefit from its listed card benefits, and Citi devaluing the Price Rewind benefit, the best card for Price Protection depends on your needs. Chase provides a higher maximum claim value and a higher annual claim limit, but you'll get an additional 30 days by swiping the Barclaycard Arrival Plus® World Elite Mastercard®.
How to File a Price Protection Claim
- Chase – Call the Benefits Administrator on 1-888-880-5844 within 21 days of the advertised lower price and return all required documents within 45 days
- Citi – Go to www.citipricerewind.com/how-it-works or call 1-866-918-4670 for instructions on how to submit a Citi Price Rewind benefit request
- Barclays – Mastercard holders can visit MyCardBenefits.com or call 1-800-Mastercard to open a claim, Visa cardholders need to call the Benefit Administrator on 1-844-252-7831 within 60 days of finding a lower price
- Capital One – Call 1-800-MC-ASSIST to request a claim form
- U.S. Bank – Call 1-855-327-1424 to initiate a request for a refund
- Wells Fargo – Contact the Benefits Administrator on 1-800-553-7520 within 10 days of finding the lower advertised price
If you haven’t used the price protection policy on your credit card(s), you're potentially missing out on thousands of dollars a year in savings. Provided the items are an exact match, and the claim meets the all the issuers' criteria, the process is relatively straightforward, and you can rest easy knowing that if there is a sale on the item you’ve just purchased, you can claim back the difference.
If you’ve had experience making a price protection claim through your credit provider, we’d love to hear from you in the comments below.
For rates and fees of the cards mentioned in this post, please visit the following links: Barclaycard Arrival Plus® World Elite Mastercard® (See Terms)
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