Price assurance is one of the hottest credit card rewards. The “price assurance” benefit allows you to lock in prices and ensure that the price will not change in the 30-90 day period following your purchase.
Several credit card companies offer price assurance on every purchase that you make. Here’s the short story on how price assurance works in a step-by-step format:
- 1.Pay with a credit card – The whole transaction starts when a customer purchases any consumer product with their credit card.
2.Price assurance kicks in – The purchase is automatically recorded. In the next 90 days, if the price changes you simply have to call the merchant for a price adjustment down to match the sale price.
3.Denied adjustment – If a merchant does not reduce the price of a previous purchase to match the current price, your credit card company will make up the difference. So, if you were to purchase $100 shoes and see them on sale for $70 the next week, either the merchant or the credit card company will refund you for the $30 difference.
Price assurance is most common on high-end luxury credit cards which often carry an annual fee. However, people with good credit can really work the system to get huge savings from a benefit like price assurance. One company in particular, Master Card, has a “Price Assurance” database to track the changes in airfare pricing and other common but expensive consumer purchases.
Always be sure to record your transactions as best as possible to get the full discount. In general, it would be wise to hold onto a dated original receipt for every purchase, so that the credit card company can confirm how much you spent on the item as well as the date of the purchase.