Here is something that you might not be aware of; many credit cards offer a feature called price protection. The exact details vary by Issuer but the general idea is that after you make a purchase, for a specific and limited period of time up to 50 or even 80 days depending on which card issuer you go with), your credit card company will refund the difference if your purchase drops in price. Very few people take advantage of this feature because
a) they probably don’t know the feature exists and
b) no one has time to constantly monitor price changes.
Let’s begin by tackling issue #1
Our friends at CardRatings have compiled a list of credit cards that offer price protection so go here to find out if your card offers this feature. And if you don’t have a card that offers price protection you might want to check out the Chase Freedom card.
What is the Chase Freedom card?
Chase Freedom offers price protection as well as 5% cash back on select categories. From now until Sept 30th you can get 5% cash back on purchases made at restaurants as well as purchases made at wholesale clubs like Costco. So you can sleep easy knowing that you’re getting 5% cash back on your toilet paper purchases, and if the price drops, you’re covered! And if that wasn’t good enough, on October 1st the 5% cash back category “switches” to Holiday Shopping, and while the exact details have not been released, price protection coupled with 5% cash back is a pretty enticing offer to minimize holiday shopping buyer’s remorse. In other words, the Chase Freedom has you covered.
Now that you have a card that offers price protection how do you take advantage of the feature? Enter Paribus. Paribus is an app that will detect the receipts in your mailbox and track your purchases and monitor price drops, missed coupons and price match opportunities to save you money. If a price drops, Paribus will check it against the issuer’s policies and communicate with their customer service on your behalf to get you paid.
A card that offers price protection coupled with the Paribus app can really save people some money. Now that you are in the know, leave a comment in the space below if this worked for you and let us know how much money you saved.