How does Mastercard price protection work?

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.

Keep in mind that price protection has become a rare benefit in recent years, as many major credit card issuers have discontinued it. There are also some smaller banks, credit unions, and at least one major issuer that still offer this coverage on certain Mastercard credit cards, so it’s worth checking whether your specific card includes it. 

How Mastercard Price Protection Works:

• Mastercard price protection reimburses you for the difference between the price you paid for an item and a lower price you find afterward.
• You’re covered up to $250 per claim, and you can make a claim four times in a 12-month period.
• Mastercard offers price protection coverage for 60 to 120 days from the date of purchase as indicated on your receipt, depending on the issuer.
• You must have a receipt and a print or digital advertisement with the date, the retailer’s name, and the sales price as proof.
• Purchases that aren’t covered by Mastercard price protection include jewelry, art, antiques, pre-owned items, custom-made items, plants, animals, items bought at auctions, and more. Read your benefits guide for the full details.

You can file a claim either online or by calling (800) 627-8372. Make sure you request a claim form as soon as possible to ensure you don’t miss the deadline. Then, submit the form and any other requested documentation within 180 days of the advertisement’s publication.

After you buy something with your card, always keep an eye out for lower prices. You could save yourself up to $1,000 total per year with Mastercard credit card price protection.