Price protection insurance: how does it work and how to use it?
Have you heard of price protection insurance? Find out how it works and when it can be used!
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Price protection insurance is a benefit available on many credit cards.
However, although this tool is very useful, it is unknown to most customers.
With that in mind, we’re going to tell you everything you need to know about this service and when it can be used.
How does price protection insurance work?
Have you ever made a purchase and, a few days later, found the same product in another store, but for a lower price?
Probably yes!
And this is the main function of price protection insurance: to offer protection to the customer, in case they find the same product for a lower price within 30 days after purchase.
In other words, this benefit works by refunding the difference in the amount paid.
What are the conditions for requesting price coverage?
The rules and conditions for using this insurance may vary depending on the card brand.
However, in general, the requirements are that the purchase must have been paid in full by the credit card with which you will request the insurance and that you must present documents that prove the purchase and the new promotion with the lower value.
In other words, to be able to access the benefit, the product cannot have been purchased using another card.
Coverage is valid for up to 30 days after purchasing the product.
Furthermore, it is important for you to know that for the protection to be used, the offer found with the lowest value must have the same payment conditions as the one you purchased.
Once approved, the price difference will be credited to you in up to two invoices.
Mastercard Price Protection Insurance
As we said, each flag has its own rules.
Therefore, let’s talk in more detail about how the service works in each of them.
Coverage conditions for purchases made with the Mastercard card they are:
• The purchase was made with your Mastercard® Gold card
• The print or web ad must be published within 30 days of the original purchase date.
• The maximum benefit amount is limited to US$100.00 (one hundred dollars) per occurrence, subject to US$200 (two hundred dollars) per account within a one-year period.
• Purchases made in physical stores and Brazilian websites are valid.
It is very important that you keep your purchase receipt and check the eligible products in the Benefits Guide.
Visa Price Protection Insurance
Visa customers also have several advantages, such as price protection insurance!
Visa will refund the difference in value if you purchased a product with your eligible card and find the same item for a lower value within a period of up to 30 days.
To use this benefit, you must have a Visa Gold, Visa Platinum or Visa Infinite card.
It is important to remember that product availability and features vary depending on your card issuer.
For coverage to apply, the price difference must be greater than R$ 150.
Refund requests must be submitted to the Customer Service Center within four calendar days after the advertisement was found in print or on the internet (except for auction sites).
How do I apply for price protection insurance?
The rules and conditions, as you can see, vary according to the card brand.
However, most of the time, it is extremely easy to activate.
To apply for the benefit, you must have completed the purchase by card in which you will request the claim.
In relation to documents that prove the purchase and offer, such as the product invoice and the advertisement, in a physical store or on a website.
Is it easy to get insurance approval?
Yes, it is easy to get insurance approval.
However, as it is necessary to request the service and wait for approval, the process may take a while.
If you opt for insurance, whenever you purchase a new item, check that it is eligible under the rules.
If it is a virtual purchase, you can take a screenshot of the entire purchase process, such as the date and conditions.
If the purchase is made in a physical store, make a photocopy of the receipt.
Price Protection Insurance Visa or Mastercard: which one to use?
Both flags offer this service.
However, the rules and conditions are a little different.
Each of the flags offers its own specific advantages. Therefore, if you believe that this benefit is interesting for you, it is worth analyzing the conditions and rules of each one.
This way, you will be able to identify which one will best serve you in this process.
What is the difference between Price Protection Insurance and Purchase Protection Insurance?
Both benefits are offered by Mastercard and Visa.
However, with purchase protection insurance, you can be reimbursed in case of accidental damage or theft.
In this case, the conditions also vary according to the flag.
But in general, to request purchase protection insurance, you must have made the purchase in full using the card you are going to use to request the claim.
Additionally, the incident must have occurred within 30 days of the date of purchase (the date is stated on the receipt).
Purchases made in physical stores and Brazilian websites are valid.
Conclusion
Now you know how Price Protection Insurance works.
This tool, without a doubt, can be extremely advantageous.
After all, if you make a purchase and, a few days later, find the same product for a lower price, you can be refunded (as long as the product is eligible and you request the service within the deadline).
To use this benefit, keep your purchase receipts and in the case of online purchases, take a full print screen of the item page, with all the necessary information!
Credit cards offer several benefits in addition to convenience and more advantageous payment terms. Therefore, be sure to find out about the services you can use!
