Sue Patterson, WalletHub Analyst
@sweetsue
The American Express Platinum Card® no longer offers price protection. American Express discontinued the price protection benefit, which provided coverage up to $250 per item and $1,000 per year, for the Platinum Card® in 2002. Prior to that, if a cardholder purchased an eligible item with the Platinum Card® and any retailer reduced the price of the item within the next 30 days, American Express would have refunded the difference between the purchase price and the sale price.
The Platinum Card®’s lack of price protection is not uncommon these days, as more and more issuers are choosing not to include this benefit on any of their cards. Recent advances in price-tracking technology have led to a dramatic increase in price protection claims, making the benefit too expensive for issuers to sustain.
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Mastercard price protection reimburses you when an item that you bought with your card goes on sale later. You can get back the difference between what you paid and the new sale price, up to $250 per claim, within 60 to 120 days from the date of purchase as indicated on your receipt, depending on the issuer. You are entitled to a maximum of four claims every 12 months.
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Visa price protection helps eligible cardholders get the best price on certain items by refunding the difference if the cardholder finds the same product at a lower price within a certain amount of time of the purchase date. You must pay for eligible purchases with a Visa card that offers this benefit in order to qualify for it. A good option is the UBS Visa Infinite Credit Card.
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The best credit card benefits include rewards, price/purchase protection, airport lounge access, hotel perks and concierge services. Other benefits of using a credit card include the chance to build credit, the ability to pay off purchases over time, and the convenience of not having to carry cash.
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