Price Protection (MasterCard Benefits)

Are you taking absolute advantage of all of your credit card benefits? Do you know that by using price protection you will never have to overpay again? It guarantees a powerful incentive to consumers in this competitive market place where prices constantly change.

Price protection is a win-win situation for both the consumer and the retailer/manufacturer. How? It extends assurance to consumers against price falls; the vendor will refund the difference if the buyer finds a cheaper price for the same product elsewhere with another vendor. For businesses it offers a dynamic tool to retain and maintain their clientage.

Defining Price Protection

In this highly competitive market place, vendors are always devising marketing and sales strategies to increase their consumer base. As a result, one such benefit that arises from these gimmicks is the price protection. Some vendors even go to the limits of advertising 115% price protection guarantee; indicating that they will not only refund the price difference but also add 15% discount on the refund value.

Price protection is a brand and vendor loyalty program under which the consumer can claim a refund if they trip on the same product with a cheaper price tag sold by a different vendor. While this MasterCard program is extremely beneficial to consumers, nevertheless retailers must protect themselves against fraud. How? There are certain milestones which the consumer should meet in order to claim it.

The record must be verifiable, the product must be available in brand new unopened state, and should be in stock at the advertised price. Additionally, consumers must wait 30 days for the process to be verified and executed. Other factors like exact model match may also apply before the vendor would process your request. It is recommended that consumers must thoroughly read the price protection policy offered by their vendor, as each one has unique points.

How to Make use of the Price Protection

Usually vendors or companies allow consumers to reap the benefits of price protection only once. Wondering how to get it? It is recommended that consumers must check with their vendors regarding this policy just before the protection period expires. Assign a date on your calendar, day planner or alarm system to remind you making this important call. Industry experts recommend that consumers must maintain the records of their shopping like sales receipts in order to claim it.

To reap the price protection benefit, you must scan the sales flyers or the sales advertisement columns in the Sunday newspaper over the next 60 days for the same product that you have purchased. Upon finding a lower price sales advertisement secure that copy and present to your credit card company by dialing their toll-free number and answering their questions for acquiring the price protection form.

Upon receiving the price protection claim form, fill it out and attach the sales receipt and the flyer. Encase all these documents and mail them back to the credit card issuer. Patiently wait for your claim to be processed. Finally, you will receive a check for the difference.