Everyone likes a good deal. However, not everyone has the time to sort through coupons and flyers or check out every store. Sometimes you might settle for a price and then find the item on sale two weeks later. Simply by paying for the item using your credit card you might be protected under credit card purchase protection. If your credit card has price protection insurance, you’re in luck.
If you buy an item and then either the price for the same is reduced or you find an identical item at a lower price, price protection insurance will reimburse you the difference in price. Typically, this will be restricted to a given time period. For example, you must find the lower priced item within 60 days of making the purchase in order to be reimbursed.
Not many credit cards offer this great perk. If you’re looking for a card with price protection insurance, you’re covered with the Scotiabank Gold American Express card.
Scotiabank®* Gold American Express® Card
Earn 5x the points on groceries & restaurants + earn up to 40,000 bonus points within your first year.
- Receive $10 to $100 per item on all eligible purchases
- Payment is based on the price excluding applicable taxes, manufacturer’s rebates, store rebates, shipping, and installation charges
- Coverage extends within 60 days of purchase
With the insurance coverage on the Scotiabank Gold American Express card, you can be reimbursed between $10 and $100 on retail items. But you’re not eligible to receive a reimbursement when the price difference is under $10 or above $100.
As with most insurance plans, there are items excluded from this coverage such as cash and cash equivalents, motorized vehicles, one-of-a-kind items, and living things. Be sure to check out the full list of exclusions and how to make a claim.
Note that you must find the lower price of an item within 60 days of making the purchase and complete a request form within 90 days of the purchase date. Overall, this is a great feature to have on your credit card and it may a good reason to choose the Scotiabank Gold American Express credit card.