Most people know about purchase protection, car rental insurance, and the extended warranty benefits which are included free-of-charge on some cards. But there is another benefit that can be just as useful but is often forgotten about and that is credit card price protection. In a nutshell, if you make a purchase and the price drops afterward, you may qualify for a refund of the difference.

Who offers it and who doesn’t?

American Express

Being that they’re known for their premium benefits and support, one would think that they would offer price protection. Well they use to, but not anymore.

Several years ago their cards included the “Best Value Guarantee” program – if you bought an item and the advertised price dropped by more than $10 during the following 60 days, American Express would refund the difference up to $250 per item/$1,000 annually. Savvy shoppers would milk this all the time for airfare purchases, which I’m guessing is one of the reasons AmEx nixed the benefit. Being that it’s been gone since ‘06 – over 5 years ago – I think it’s unlikely they will be bringing it back.

Citi

Fortunately they still offer price protection on some of their credit cards.

As with the old AmEx Best Value Guarantee, Citi’s program applies to lower advertised prices within 60 days from date of purchase, up to $250 per item/$1,000 per cardmember year. The Citi website says there are restrictions and limitations but does not list them online. Instead they say “details of coverage will be provided upon cardmembership.”

Well that answer wasn’t good enough for me. I searched the Citi website extensively and could not find the credit card price protection rules. However thanks to Google I was finally able to track them down and here they are for your reference.

Only a few of the Citi cards offer the price matching benefit. As I write this here are a couple options that include it:

• Citi ThankYou Preferred: no annual fee, the rewards are 1 point for every dollar spent
• Citi Platinum Select / AAdvantage Visa Signature: card with good rewards and extremely generous benefits for American Airlines
• Citi Diamond Preferred: This card is usually known for offering excellent 0% balance transfer offers, but the drawback is that it falls short when it comes to rewards

Chase

A couple years ago Chase announced they added the price protection to their Freedom card. Unfortunately I have been unable to find the details on their website but Chase Protection Services (1-877-631-0920) was able to confirm that this benefit is included on both the Visa and MasterCard versions of the Chase Freedom card.

This coverage from Chase appears to be better than the Citi price protection. The phone rep from Chase Protection Services told me the coverage is up to $500 per claim/ $3,500 per year max and applies during the first 90 days of purchase.

To qualify, you need to call within 10 days of the price change and a printed ad is necessary. Internet and a few other types of purchases don’t qualify but all in all, it sounds like Chase is being fair with how they structured this benefit.

If you don’t have the Freedom I’m sure you’ve seen the commercials for its popular 5% cash back program. You can learn more about the Freedom card and get a special signup offer here.

Other Issuers?

To the best of my knowledge these are the credit cards with price protection that are currently available. If new ones come on board, please leave a comment to tell me.

As with all cardholder benefits, please understand that although I do my best to keep them up-to-date, benefits are subject to change without notice and I cannot guarantee accuracy.

Last updated April 2012.