If you make a purchase using a credit card with a price protection policy, and you later find the same item cheaper elsewhere, the policy kicks in to pay you back the difference in price so it’s as if you bought the item at the cheaper price in the first place. Your refund will often come in the form of a statement credit.
Price protection provides a refund for the difference between the purchased price and the discounted price of an item you bought. On the other hand, purchase protection covers items purchased with your credit card against theft or damage.
Each credit card issuer has its own specific terms and conditions, but they all follow similar rules. For example:
In most cases, all regular retail items in Canada are eligible for price protection except for the following: computers and certain electronics; vehicles such as cars, boats, aircraft; items used for business; tickets; second-hand or liquidated items; fine art; and animals and pets. The price protection terms and conditions list all exclusions from this perk so check your card’s individual policy.
Price protection is an excellent credit card perk that reimburses you the difference in the price of an item that you purchased and a cheaper price you happen to find within a set time frame. Not all credit cards offer this perk but there are many other kinds of credit cards that offer different kinds of rewards. Check out and compare the best of rewards cards here.
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