Credit card companies have new and unique ways to do well for their customers. Today, the lowest price guarantee option is one such benefit of having a credit card.

Here’s how lowest price guarantees work and why you might want a card that offers it:

1. Price matching – Lowest price guarantees automatically look for the lowest price for any product within a claim period. In most cases, the company looks for lower prices within 30 days. If the price differs by more than the minimum amount ($10-50, in many cases) the customer is eligible for a refund.

2. Keeping track – Programs will automatically track your purchases or require that you provide some information about each purchase that you make. When you sign up for the lowest price guarantee you can see how prices change within the tracking period to claim a lower price when you see it.

3. High maximums – Luckily for you, lowest price guarantees allow for some serious savings. Today, companies like Citi offer guarantees that allow customers to receive up to $250 per item and $1,000 per calendar year back in refunds from the guarantee. This can be useful for several high value purchases like electronics which are typically expensive and prone to rapid price decreases during periods of heavy promotion.

Signing up for a lowest price guarantee program can save you serious time and money when making big purchases. The credit card company does all the shopping around for you, and refunds any amount that you pay in excess of the original price when things you previously bought go on sale. Consider signing up for such a program to reduce shopping time and overpaying. Let the company do price comparisons for you!

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