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Key takeaways
- Credit card price protection is a benefit that will reimburse you for the price difference if you find the same product you bought advertised for a lower price within a specified time period.
- Since Amazon Prime Day and Prime Big Deal Days promote a variety of sales, keep an eye out for deals and take advantage of your card’s price protection feature if any of your purchases qualify.
- Price protection has become a less common benefit, and there are a variety of conditions your purchase has to meet to use it.
Amazon Prime Day typically brings a variety of deals, and this year was no exception. There are many ways to use your credit card to benefit from this sale, which fell on July 16-17 in 2024. Prime Big Deal Days, which are similar to Prime Day, are on October 8-9 of this year.
Although inflation appears to be slowing, you might still be feeling the pinch of higher prices. That could mean you’re less likely to spend money, even during a big sale. However, it doesn’t mean you can’t still benefit from the sale’s lower prices. One way to save that is often overlooked is to use your card’s price protection feature to take advantage of the lower prices and merchant discounts accompanying the sale.
Credit card price protection benefit
Price protection means that, if you buy an item and then see it advertised at a lower price within a specified period, you can put in a claim with your card issuer to reimburse you for the difference between the higher price you paid and the lower advertised price.
Given that the smartphone era has spawned a variety of price-tracking capabilities, card issuers have cut back on their price protection offerings to a significant degree. For instance, American Express and Discover no longer offer price protection on any of their cards. But although credit card price protection is becoming less common, there are still some cards that offer this feature.
Considering that a variety of retailers typically run their own sales around Amazon Prime Day or Prime Big Deal Days, it’s worth keeping an eye out for lower prices on any items you bought — both on Amazon and from other retailers — so you can put in a claim for price protection if you qualify.
Restrictions on price protection benefits
Even if you have a card that offers price protection benefits, you might find it’s not easy to qualify for this benefit. For example, the Visa card network specifies that price protection only applies to print advertisements citing a lower price.
Mastercard, another major card network, does apply price protection to internet advertisements; however, it rules out internet advertisements from auction sites. For instance, you cannot put in for a price protection claim based on an advertisement from a site such as eBay, AuctionNinja or any other public or private auctions.
There are other restrictions that typically apply, as well. For instance, among other restrictions, Mastercard specifies that:
- Price protection applies if you see an advertisement for the same product (with the advertisement specifying the same manufacturer and model number) at a lower price up to 120 days (or less) from the date of purchase shown on your product receipt.
- This protection only applies after insurance or coverage provided by a retailer kicks in. For instance, if the seller offers you a refund or store credit for the price differential, price protection will not apply.
- There is a limit of four times per year that you can put in for this protection.
- Coverage does not apply to products bought for resale, rent or other professional or commercial purposes.
- Purchases of jewelry, art, recycled or refurbished items, collectibles and previously owned items aren’t covered.
- Advertisers specifying a “going-out-of-business” sale or a “discontinued” sale are also disqualified.
- Professional services and technical support services are not covered.
- Price protection doesn’t apply to purchases of pets, plants, anything that you consume or is perishable and motorized vehicles, such as cars and boats.
Putting in for price protection
Remember, there are a variety of retailers offering various deals around Amazon Prime Day and Prime Big Deal Days. If you find that you qualify for price protection on an item you recently purchased, despite all the exemptions, you should take advantage of this benefit.
To do so, contact your card issuer to determine its procedure for putting in a price protection claim. Typically, you will have to send in a copy of the advertisement with the lower price (or a link to an online advertisement) and a receipt for your original purchase. Your issuer might need other documentation, too.
The bottom line
With higher prices still weighing on consumers’ finances, you may be less inclined to open your wallet this year for Amazon Prime Day. But if you do, using the best credit cards for shopping on Amazon can help you save money.
Using your card’s price protection feature to take advantage of deals surrounding Prime Day and Prime Big Deal Days can also help you save. Although fewer card issuers offer this feature nowadays, it is by no means extinct, and several of the best credit cards still offer price protection. If this benefit is available to you, make sure you take advantage of it.
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