Amazon Prime Day usually offers a variety of deals, and this year will likely be no exception. There are several ways to use your credit card to take advantage of this sale, which will take place on July 12 and 13, 2022.
With inflation worrying you, you might be less inclined to spend money on such transactions. You can always benefit from lower prices. An often overlooked way is to use your card’s price protection feature to take advantage of the lower prices and merchant discounts that come with the sale.
Credit card price protection benefit
Since the smartphone era has spawned a variety of price tracking capabilities, card issuers have reduced their price protection offers to a large extent. American Express and Discover no longer offer price protection on any of their cards. But, although credit card price protection is becoming less common, there are still a significant number of cards that provide this functionality.
Price protection means that if you buy an item and then see it advertised for a lower price within a specified time, you can file a claim with your card issuer for a refund of the difference between the lower price high you paid and the lowest advertised price.
Since a variety of retailers typically run their own sales around Amazon Prime Day, you can keep an eye out for lower prices on all the items you’ve purchased, both on Amazon and from other retailers. , so you can apply for price protection. if you qualify.
Restrictions on Price Protection Benefits
Although the basic benefit is quite simple, you may find that qualifying for credit card price protection is not easy. and map network Precise visa this price protection only applies to a print advertisement quoting a lower price.
However, Mastercard, the other major card network, only excludes internet advertisements from auction sites. For example, you cannot make a price protection claim based on an advertisement from a site such as Ebay or Ubid or any other public or private auction.
Other restrictions generally apply. For example, Mastercard specifies:
- Price protection applies if you see an advertisement for the same product (with the advertisement specifying the same manufacturer and model number) for a lower price within 90 days of the date of purchase shown on your sales receipt. product.
- This protection only applies after the insurance or coverage provided by a retailer takes effect. For example, if the seller offers you a refund or store credit for the price difference, price protection will not apply.
- There is a limit to the number of times per year that you can purchase this protection.
- If you purchase an item from a website that is not primarily involved in the sale of that particular product or similar products, coverage for that product will not apply.
- Coverage will not apply to products purchased for resale, rental or other business or commercial purposes.
- Purchases of jewelry, artwork, recycled or refurbished items, collectibles and second-hand items are not covered.
- If an advertisement specifies a “out of stock” sale or a “discount” sale, this is also a disqualifier.
- Professional services and technical support services are also not covered.
- Price protection does not apply to purchases of pets or plants and anything you consume or that is perishable.
- Another exception applies to purchases of motorized vehicles, such as cars and boats.
Set up for price protection
Since there are a variety of retailers offering various deals around Amazon Prime Day, if you find that you are eligible for price protection, even with all the exemptions, you should take advantage of this benefit.
To do so, contact your card issuer to find out their procedure for filing a price protection claim. Typically, you’ll need to send a copy of the ad with the lowest price (or a link to an online ad) and a receipt for your original purchase. Your issuer may also need other documents.
The bottom line
With inflation weighing on consumer finances, you may be less inclined to open your wallet this year for Amazon Prime Day. But if you do, using the best credit cards for shopping on Amazon can help you save, as can taking advantage of various offers around this event to benefit from your card’s price protection feature. Although fewer card issuers offer this feature these days, it is by no means extinct. A significant number of cards still offer price protection.