How to Request a Refund if Your Credit Card Has Price Protection
Let's say last week you caved and bought that fancy espresso machine you've been eyeballing. You're happy and caffeinated, but then you see it's $50 cheaper this week. Bummer. The good news is, if you paid with the right card, you might be able to enjoy that price drop after all.
There are usually quite a few restrictions, though. Typically, the time period for a drop is between 30-60 days, depending on the card. And as ValuePenguin points out, there are limits to how much you can get back, usually between $250-$500 per claim. They add:
Second, not all purchases are eligible for credit card price protection. Most issuers have a long list of exclusions in the fine print of their benefits guides. Some of the most common exclusions include:
- Boats, cars, and aircraft
- Food, drinks, gas or medications
- Tickets for shows, flights, concerts and sporting events
- Items for resale, rental, professional or commercial use
- Plants or animals
- Professional services
- Refurbished, secondhand, customized or special-order items
- Traveler's checks, precious metals, coins or any currency
That said, tools like Paribus and Earny , both of which we've written about , can help monitor your purchases and alert you if anything you've bought has dropped in price recently. Of course, you can monitor purchases yourself, too, and track prices using a tool like CamelCamelCamel.
Once you see that something you've bought has dropped in price, you typically have to call your credit card company to request the refund. Here are the policies and phone numbers for a few numbers of popular carriers:
Of course, they're not just going to take your word. You'll probably need to fill out a claim form, along with a receipt and proof of reduced price. If you have a Citi card, you can file a claim via their Citi Price Rewind site and they'll track the price for you.