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Credit Cards with a Guaranteed Pricing Scheme

Australian credit cards that offer a guaranteed pricing scheme

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What is guaranteed pricing?

Guaranteed pricing is a feature many credit cards today come with, especially if they come with other complimentary insurance policies.If you make a purchase using a credit card with a guaranteed pricing policy, and then later find the same item cheaper elsewhere, this policy kicks in to pay you the difference.

Important information

The service is generally free provided certain conditions are met.

Compare credit cards with guaranteed pricing scheme

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 22 months
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. for 22 months on balance transfers and a reduced first-year annual fee. Plus, earn up to 30,000 bonus Velocity Points. Ends 30 Nov 2020.
Bank of Melbourne Amplify Signature
19.74% p.a.
0% p.a. for 6 months
$139 annual fee for the first year ($279 p.a. thereafter)
Up to 200,000 bonus points (130k in the first year & 70k in the second year) when you spend $12k/year for the first 2 years.
Citi Simplicity Card
0% for 6 months, reverts to 21.49% p.a.
0% p.a. for 6 months
$0
Get 0% p.a. interest for up to 6 months on purchases and balance transfers. Plus, a $0 annual fee for life.
Citi Rewards Card
21.49% p.a.
0% p.a. for 30 months
$49 annual fee for the first year ($149 p.a. thereafter)
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
St.George Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
6.99% p.a. for 12 months
$49 annual fee for the first year ($99 p.a. thereafter)
Features an introductory 0% p.a. purchase rate, $49 first year annual fee and complimentary travel insurance covers.
St.George Amplify Platinum
0% for 7 months, reverts to 19.74% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($99 p.a. thereafter)
Save with 0% p.a. interest rates on purchases and balance transfers. Plus a $0 first-year annual fee.
ANZ Platinum Credit Card
0% for 17 months, reverts to 20.24% p.a.
20.24% p.a.
$0 annual fee for the first year ($87 p.a. thereafter)
Receive a 0% purchase rate offer for 17 months and a $0 first-year annual fee. Plus, complimentary overseas travel and medical insurance.
Suncorp Clear Options Platinum Credit Card
20.74% p.a.
$129
Earn 100,000 bonus points when you spend $3,000 in the first 90 days. Plus, complimentary insurance covers included.
St.George Vertigo Platinum - Cashback Offer
12.99% p.a.
6.99% p.a. for 12 months
$99
Get $300 cashback when you spend at least $900 in the first 90 days. Plus, platinum perks and a low variable interest rate on purchases.
BankSA Vertigo Platinum - Cashback Offer
12.99% p.a.
6.99% p.a. for 12 months
$99
Enjoy a $300 cashback when you spend at least $900 in the first 90 days. Plus, a low ongoing 12.99% p.a. purchase interest rate.
Bank of Melbourne Vertigo Platinum - Cashback Offer
12.99% p.a.
6.99% p.a. for 12 months
$99
Enjoy $300 cashback when you spend at least $900 in the first 90 days. Plus, a low ongoing 12.99% p.a. purchase interest rate.
HSBC Platinum Credit Card - Bonus Points Offer
19.99% p.a.
$129
84,000 bonus Rewards Plus points ($350 worth of gift cards) when you spend $3,000 in the first 90 days. Plus, travel insurance & lounge passes.
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How do credit cards with guaranteed pricing work?

blonde woman thinking while holding a credit card

Credit cards today come with a diverse number of features to get you interested in them. Some offer reward programs with bonus points, some offer low purchase rate deals, and others offer complimentary insurances which may protect you and your family when travelling internationally, domestically, or in the event an item you purchase gets lost or stolen.

Guaranteed pricing is one such feature, and is generally found on gold, platinum and black cards. It can also go under the moniker of price guarantee cover in the case of Westpac, guaranteed pricing scheme when dealing with ANZ, and other names.

Guaranteed pricing conditions

Guaranteed pricing schemes usually set out the following conditions before you're qualified to be reimbursed:

  • You need to have bought the item with your eligible card. This usually means that you need to have used your physical credit card to make the purchase.
  • You have a limited time to make a claim within. For many cards, the policies state you need to make a claim within 21 days of purchasing the original, more expensive item. This can be longer, with some policies offering up to 60 days.
  • You need to provide proof of the cheaper item. This is generally required to be a printed catalogue, also printed within a set number of days of buying the item.
  • Proximity qualifications. The cheaper item needs to be found from a store within 25 km of the store where the original item was bought from.
  • Specification qualifications. The two items need to be identical, in terms of model number, year and manufacturer.
  • Other qualifications. Some card providers will allow you to claim for business or personal items, and others will limit the items to being solely personal, or solely business. Some policies will also limit the value of the item to being no more than $10,000.
  • Minimum price difference. Most cards have a minimum price difference you can claim on - usually $75.

If these conditions are met, you'll be reimbursed up to maximum set amount. This is usually $300 - $500.

How do you compare cards with guaranteed pricing?

Comparing a card with a guaranteed pricing scheme can be done in the following ways.

  1. Find out what the annual fee is. As always, compare the value of the guaranteed policy scheme and any other complimentary insurance policies with the annual fee you'll be paying each year. If you can't justify the annual fee then it may be time to look at another card. It's also useful to compare the fees you may pay for other transactions such as buying something overseas, making a late payment etc, if these fees are likely to apply to you.
  2. Compare the interest rates and interest free days. If you plan to make purchases and carry a balance from month to month, ensure the interest rate is manageable. If you intend to pay your card off each month, then it may be useful to compare cards with 55 interest-free days.
  3. Compare the guaranteed pricing scheme. Many of the credit cards in the market have their insurance provided by Zurich, meaning their policies are almost identical. Still, check that the maximum amount you'll be refunded you different for one card provider to another. Read the insurance terms and conditions.
  4. Look for any added features and extras. If two cards are equal after the above comparison, it's useful to look for any added features and benefits. Look for rewards programs, bonus points or balance transfer deals.

Pros and cons of credit cards with guaranteed pricing

Pros

  • Potential to save money. A guaranteed pricing scheme could save you money and turn an embarrassing situation on its head.
  • Peace of mind. If you're in a hurry and buy a product you can rest easy knowing you have 21 days to find it cheaper and make a claim.
  • The pricing scheme is complimentary. This policy is a complimentary incentive to cardholders, so you don't have to pay for each claim.
  • No excess. This type of policy usually doesn't come with an excess, although this isn't a hard and fast rule.

Cons

  • Higher entry requirement. Many of these cards are platinum cards, meaning they have higher annual fees and income requirements.
  • Could be paying for the scheme with higher annual fees. Some of these cards might add the cost of the policy to the annual fee of the card, meaning if you don't make a claim/claims in a year you could be paying for nothing.
  • The policy typically doesn't cover items bought on the internet. Most, if not all cards don't cover items bought on the internet.

Tips and things to avoid when it comes to cards with guaranteed pricing

  • If you'll be paying higher annual fees because of this insurance policy ensure it's a policy you'll be likely to use.
  • Read the terms and conditions before you apply for any card - don't be surprised.
  • Keep your receipt and other proof of purchase whenever you buy an important or expensive item.

Frequently asked questions

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Credit Cards Comparison

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Citi Rewards Card
21.49% p.a.
0% p.a. for 30 months
$49 annual fee for the first year ($149 p.a. thereafter)
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months with 1% balance transfer fee
$199 annual fee for the first year ($299 p.a. thereafter)
Get 100,000 bonus Qantas Points, 75 bonus Status Credits and a 0% p.a. balance transfer rate for 18 months (with a one-time 1% BT fee).
Coles No Annual Fee Mastercard
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
Save on new and existing interest charges with 0% p.a. on balance transfers and purchases for 12 months.
Citi Rewards Card - $500 Voucher Offer
21.49% p.a.
0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points/$1 spent. Ends 30 Nov 2020.
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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