Get the best price on eligible purchases. Compare credit cards with a price protection guarantee to make sure you don’t overpay for important things you buy in stores.
Credit cards with a price protection guarantee scheme (or “best price guarantee scheme”) will give you a refund when you buy an item with a credit card and find a lower price elsewhere within a specified period of time. The refund available is only the difference in price and this will not include costs like shipping and taxes. The lower-priced item triggering the refund is expected to exactly match the item you purchased, including model number and manufacturer.
There is usually no cost for credit card price protection. In this case it is a complimentary policy whose cost is included in the card’s annual fee, if there is one. However, the full price of the item must have been charged to the card for the price guarantee to come into effect.
Some cards do offer price protection insurance as an optional extra in return for a small monthly premium. These policies may have more generous and less restrictive provisions than the complimentary policies.
There are several things to keep in mind about credit card price protection guarantees.
Cover extends to bricks-and-mortar store prices only
Price protection guarantees do not provide cover for lower prices advertised online, or if you bought the item online in the first place. The item against which you are seeking a price difference refund must have been bought in a physical store, and the lower advertised price must also be in a bricks-and-mortar store not more than 25km distant from the original store, with the advertisement appearing in print.
You can’t get a refund if you see a lower advertised price months later. The lower price must be current within a time limit of 21 days after the initial purchase, and you will usually need to lodge your claim within this time period as well.
Only large price differences are covered
In most cases there will be a minimum allowable claim of a $75 price difference. This means that the item in question will probably have been substantial and expensive. It’s understandable that there is a sizeable minimum, otherwise both the card issuer and cardholder could get bogged down in a morass of small claims.
Maximum claim limits apply
There will also be a maximum claim limit per item in place, usually a figure between $300 and $1,000, depending on the insurer.
Read the fine print
In addition to the limits and exclusions already described, the fine print is also likely to exclude perishable items, services, jewellery, art, collectibles, furs, customised items, antiques, motorised vehicles and equipment. It could also limit the number of times you can make price a guarantee claim in a 12 month period, and the maximum amount claimable in any one year. Read the conditions provided when you first received your card, before you make your claim.
Keep evidence of your purchase and the lower price
To make your claim you need to prove that your card was used to purchase the item in question at a specific price point. Original receipts will be required in most cases. You will also need to provide a copy of the printed advertisement in which the identical product is offered at a lower price not more than 25 km away.
All the cards found on this page have a complimentary price guarantee scheme for cardholders.
No. A price protection guarantee scheme is normally just one item in a suite of insurance policies often accompanying premium cards with a high annual fee. However, some lower-priced cards, or even cards with no annual fee at all, may have a price protection program as part of a “shoppers’ insurance” group of policies alongside purchase protection and extended warranty. But many cards have no insurance cover at all.
Most unlikely. Price protection schemes are designed for purchases made from a bricks-and-mortar retail store located in Australia.
No. The scheme’s conditions will normally exclude any prices advertised only online. However, you may see a price advertised online by a retailer who also has a physical store within 25 km of your original purchase, so it’s worth checking to see if they have issued a printed catalogue specifying the same low price.
You probably won’t be able to make a claim. Most policies specify that the item must be available at the lower advertised price in a store not more than 25 km from the store where the original purchase was made.
You will not be able to make a claim. The item in question must be identical to the one you purchased in all respects: the same manufacturer, and exactly the same model number.
Most policies will specify that the price difference refund claim must be submitted no more than 21 days after the original purchase.
No. Motor vehicles are usually amongst the items specifically excluded from the policy (along with jewellery, collectibles and works of art).
The policy applicable to your card will have a maximum claim limit, often as low as $300 but occasionally as high as $1,000. Being able to make a claim for more than $1,000 on a single item is unlikely, unless you have a policy for which you have paid a premium.
Very unlikely. Most policies will have a minimum claim limit involving a price difference of at least $75.