Guaranteed pricing schemes give cardholders the opportunity to claim the difference if they buy a product and then see it at a lower price. Generally this cover is only available within 21 days of making a purchase using a credit card, and requires proof of purchase and proof of the lower price.
If you bought a tablet for $1000 on your credit card and then saw the same make and model on sale in a different store for $800, you could claim the difference and get $200 credited to your account.
Let’s say you buy a handbag for $200 using your credit card. Two weeks later, the store where you bought it has that bag on sale for $100. If you have a guaranteed pricing scheme on your credit card, you can claim the difference to match the sales price.
This type of insurance – also known as a “Best Price Guarantee” – often has strict conditions, such as making sure the product is exactly the same and that the lower price is printed in a physical catalogue. Just as the Lowest Price Guarantees you see in some stores are not all they’re cracked up to be, the value of this credit card extra is questionable.
TIP: Check out this video from The Checkout to learn more about Lowest Price Guarantees