The Best Little Money Book
Tip of the Month
Credit Cards and Their Price Matching Plans
Recently there was a news segment on TV about price matching by credit card companies. Some companies call it price protection. These programs have been around for several years but few consumers know about them. We will give you basic information about price matching but you may need to research the plan for the credit card you use.
A price matching program means a credit card company will refund some of the purchase price if you buy an item and then find the exact same item at a lower price. Citi, MasterCard and Discover offer this, and it is likely that Visa does as well, but we cannot confirm this.
The refund can be as much as $500, depending on your card. The amount of time you have to apply for the refund varies from 30 days to 90 days.
We believe very few consumers know about this feature. In addition, some credit card users may know, but they find that using this perk is just too much trouble. For example:
Our advice: Whenever you purchase a large ticket item, continue to check ads. If you find the item at a lower cost, call your credit card company and ask about price matching.
The Money Team