Credit card price protection is a less well-known credit card benefit than saying, rewards, registration bonuses, and introduction rates. Price protection is a benefit that refunds your spread after the price of the item you recently purchased with your credit card has fallen. The difference does not have to be at the same retailer to get the benefit. So if you buy a laptop for $800 and then see it at another retailer for $600, you can file a claim with your credit card issuer and get $200.

Price protection can help you save hundreds of dollars if you use it if your credit card issuer still offers benefits. Some credit card issuers are shrinking their size and even canceling benefits.

How to use price protection

There is usually a time frame during which you can file a claim. For example, you can file a claim between 30 and 100 days. There may also be a limit for each claim, and there may be a limit on the amount claimed each year. Some items are not included. This includes motor vehicles, jewellery, tickets, collectibles, plants, animals and antiques. If the price decline is because the business is about to stop selling or the project has been discontinued, the project may also be excluded.

Many credit card issuers only ask you to submit a claim and supporting documents for a price refund. With Citi's price rewind function, you don't even have to look at the price yourself. You can register your product at www.citipricerewind.com after purchase. Once you have registered the item with the original purchase amount and receipt, Citi will automatically monitor the price and refund it within 60 days of the price drop.

Will the price protection of credit cards disappear?

Datong and Citigroup recently announced a reduction or cancellation of credit card price protection rights to cardholders. Chase has been canceling the price protection of credit cards one by one. Citigroup reduced its price rewind coverage to $200 per transaction and $1,000 per year. Visa and American Express do not provide price protection.

Some credit cards still offer price protection. If this is an extra benefit that you can take advantage of, it may be good for you to change your credit card. Barclays, Capital One, Chase, Citigroup, Discover, Bank of America and Wells Fargo still offer a certain level of price protection for specific credit cards. You can call your credit card customer service at the number on the back of your credit card to find out if your credit card is still good.

Save money without credit card price protection

Because the process of monitoring and filing claims is very cumbersome, many consumers are not fully utilizing the product. If your credit card issuer is getting rid of price protection, you can continue to find ways to maximize the value from your credit card by leveraging other offers and earning all rewards.

Shopping and paying attention to the sales cycle can help you get the best price for your product, especially when it comes to high-priced items. For example, you can plan to spend on big sales, such as Black Friday, to take advantage of lower prices.

Many retailers still offer price adjustments, even though the time period is much shorter. Simply bring the receipt back to the retailer and ask for a price adjustment. They either refund the difference between your original purchase method or give you a store credit card for future purchases.

Instead of manually observing the price drop, you can use the price tracking app to receive price reduction notices for purchased items or for purchases. Retain the purchase receipt, at least until the end of the price protection claim period. If you decide to file a claim, you will need a copy of the receipt. Price tracking is especially worthwhile for large ticket items where prices can drop by hundreds of dollars.

If you notice that the item has started to sell but has not yet been used, you can return the item and repurchase it at a lower price, provided that the cost saves it. Credit card issuers continually issue new credit cards and change existing reward programs. Stay up-to-date with the latest credit card products to ensure you get the best deals that match your criteria.