Only 1 Month Left to Use Discover Card Price Protection

Oct 1, 2018

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Update: Citi has announced most of its credit card benefits and protections will end on September 22, 2019, including some of the benefits or protections described in this story. For more details, see this story.

Price protection has long been a popular credit card benefit that’s saved consumers thousands of dollars per year on everyday purchases. The premise is simple: If the price of an item you purchase drops within a specified period of time, you can file a claim for the difference between what you paid and the better price found.

Unfortunately, though, most card issuers have been cutting back on this benefit. In April, Citi significantly devalued its Citi Rewind purchase protection, and in August, Chase eliminated the benefit from almost every one of its cards. In just one month, Discover will join that list and stop offering it as a benefit altogether.

Discover cardholders only have until October 31 to file for a difference in price if they find a cheaper price of an item purchased with the card. To file a claim, you must contact Discover at 1-800-347-2683 and submit documentation including a completed and signed claim form, your card statement with the original purchase price, the sales receipt for the item and a copy of a dated, printed lower-priced ad. This benefit is capped at $500 per claim and $2,500 per year.

With this change, the only issuers and networks continuing to offer price protection as a benefit will be Barclays, Capital One, Citi, Mastercard (including IHG co-branded Chase credit cards) and USAA.

Issuer Maximum Claim Benefit Yearly Maximum
Barclays $250 $1,000
Capital One $250 Four claims per 12-month period (so $1,000 max)
Citi $200 $1,000
Mastercard $250 Four claims per 12-month period (so $1,000 max)
USAA $250 Four claims per 12-month period (so $1,000 max)

Although Citi’s Price Rewind program is at the bottom of the price protection programs offered when it comes to maximum benefit per claim, it’s often considered as the best because of how easy it is to file a claim onlineWhenever you purchase an item with a Citi card and register it on the Price Rewind website, the program will track prices online with over 500 retailers and automatically refund you the difference (up to $200 per item and $1,000 per year) if a lower price is found within 60 days. This benefit comes with just about all personal cards from Citi, including no-annual fee ones like the Citi® Double Cash Card— one of our top picks for cash-back cards.

This isn’t the first devaluation Discover cardholders saw this year. In February, Discover completely axed its Extended Product Warranty, Return Guarantee, Purchase Protection, Auto Rental Insurance and Flight Accident Insurance perks from all of its cards.

Featured photo by JGI / Jamie Grill / Getty Images.

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