Price Protection Cover ensures you remain covered in case of price drops for your purchase. It provides compensation for the overpaid difference amount, which is reimbursed either through cash or store credits. This service helps you save money by assuring that you are not affected by a sudden change in prices.
Additionally, it helps you avoid the hassle of returning products to get a refund when prices drop. It is a reliable way to protect your investments and save money.
What is price protection cover?
Price protection cover is an insurance policy that protects you from losing money when an item you purchased drops in price. With this type of coverage, if an item you bought drops in price within a certain period, typically 60 to 90 days, you may be eligible for a refund of the difference in price.
Many credit card companies offer this type of coverage as a perk to cardholders. By buying with a credit card that offers price protection cover, you can ensure that you are protected against any price drops.
How does price protection cover work?
To benefit from price protection, you need to have purchased the item directly with a credit card that offers this service. If the price of the item drops within the predefined period, you simply submit a claim for a refund of the difference. The credit card company will examine your claim, and if it is found to be valid, they will refund you the difference between the purchase price and the reduced price.
Which credit cards offer price protection cover?
In India, credit card companies like HDFC Bank, Kotak Mahindra Bank, and ICICI Bank offer price protection coverage as part of their credit card benefits. Each credit card comes with its own set of terms and conditions, so you need to check these before signing up for a card. The coverage offered depends on the card's terms and conditions, and some cards may offer more extensive coverage than others.
What items are covered by price protection cover?
The items that are covered by price protection cover can vary from one credit card to another. However, the coverage provided generally applies to purchases made within India. Some exclusions may apply, such as purchases of second-hand items and purchases made on auction sites. Additionally, the price drop must be in the same currency as the original purchase.