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 30 days of the purchase date. Some Visa cards with price protection include the Rakuten Credit Card and the Wells Fargo Visa Signature® Card.
Cardholders can get a Visa credit card with price protection when the card issuer decides to include this benefit in the offer. However, price protection isn’t a standard benefit on Visa cards, so it isn’t common.
How Visa Price Protection Works:
Purchase an item with an eligible Visa credit card.
Find a printed advertisement for the purchased item (must be same make and model) at a lower price.
Submit a claim to the Benefits Administrator within 30 days of the purchase date.
If your claim is approved, you’ll receive an email through which you can choose to get reimbursed by check, bank transfer, or direct payment to your debit card.
Receive reimbursement for the price difference within one week of submitting a claim.
There are many eligibility requirements and other rules when it comes to actually using price protection, so make sure to look through the guide to benefits that comes with your credit card for exact details.
Visa purchase protection is a credit card benefit that covers stolen or damaged items bought with an eligible Visa credit card for 90 days following the purchase date. Purchase protection on a Visa can repair, replace, or reimburse eligible products, providing up to $10,000 in coverage per claim and $50,000 per year.… read full answer
It’s possible to get purchase protection, also called purchase security, on Visa consumer or business cards, but only when the issuer has included the benefit with the card. No matter which Visa card you have, you can call the number on the back of your card to speak with a representative about your card benefits. You should ask about the coverage timeframe, product eligibility, and other details, given that not all Visa cards that offer purchase protection will follow Visa’s standard policy.
How to Use Visa Purchase Protection
File a police report, if necessary. If the item was stolen, you’re required to file a police report within 48 hours of becoming aware of the theft. You don’t need to file a police report for damaged items that aren’t stolen.
File a claim with any other insurance provider. If your other forms of insurance might cover the purchase, you must file claims with them first.
Contact the Benefit Administrator within 60 days of the theft or damage. You can reach the Benefit Administrator at 1-888-221-3289.
Submit required claim forms within 90 days. Submit all claim forms required by the Benefit Administrator, including record of any settlements with other insurance companies, within 90 days of the theft or damage.
Collect compensation. If your claim is valid, Visa purchase protection will compensate you, up to your policy maximum.
As you might expect, there are a lot of eligibility restrictions that accompany Visa purchase protection. Items like motorized vehicles and computer software, for example, won’t be covered. Refer to the benefits guide that came with your Visa credit card for further information on these exceptions.
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