Price protection credit card cover — always get the best price

If you buy something with your credit card, then find it advertised cheaper elsewhere, price protection cover means you'll get the difference refunded.

What is credit card price protection cover?

Price protection cover is a form of credit card insurance that helps you get the cheapest price on an item. If you buy something on your card, then find it cheaper somewhere else, you can get the difference in price refunded.

There's a time limit on this cover, and limits on the amount you can get refunded too. Price protection cover is sometimes called a guaranteed pricing scheme.

Only a few credit cards in Australia offer price protection cover.

How it works

You purchase a $600 item from a shop using a credit card with price protection insurance. A few days later you receive an email from a different store advertising the same product for $500.

If the item is identical and you meet all the other requirements (check your credit card's insurance booklet terms and conditions) you should be able to get a $100 refund.

Understanding price protection cover terms and conditions

If you have a credit card that offers some form of price guarantee, you will have to meet your card's eligibility criteria before you can make a claim. You can find this in the insurance policy booklet, but it's typically something like this:

  • Limited time to make a claim. The time between buying something with your credit card and making a price guarantee claim typically ranges from 21 to 60 days from the original purchase.
  • Proof of the cheaper item. You'll need an email or printed catalogue advertising a cheaper price.
  • Item requirements. The 2 items need to be identical in terms of model number, year and manufacturer.
  • Price differences. Some cards require a minimum price difference to qualify. For example, it must be greater than $75 or you won't get a refund.
  • In-store purchases only. Price guarantee policies don't typically apply if you're shopping online.
  • The location of the purchased and sale items. For example, the cheaper item may need to be from a store within 25km of the store where the original item was purchased.
  • Price limits. Some policies will also limit the value of the item to being no more than $10,000.

How much can you save through a guaranteed pricing scheme?

Here are some examples of when you could or couldn't use price protection cover:

Example 1: You buy a dress for $2,000 with your credit card and later that week see another local store advertising it for $1,800. If your credit card offered a price guarantee scheme, you could claim the $200 price difference.

Example 2: A few days after buying a TV for $3,000, you see another store holding a huge sale where the exact same TV is priced at $2,000. Based on most complimentary credit card insurance policies, you might not be able to claim the full $1,000 difference due to claim limits. But making a claim could give you a way to save up to $500 compared to what you originally paid.

Example 3: You buy a new watch for $200 then see another store selling it for $150 two weeks later. In this scenario, it's unlikely you'd be eligible for price protection cover as the price difference is only $50.

Pros and cons of price protection cover

Pros

  • Save money. A price protection or guaranteed pricing scheme gives you a way to save on items you buy with your credit card.
  • Peace of mind. If you're in a hurry to buy a product, price protection cover gives you a window of time when you can find it cheaper and make a claim.
  • The price protection is complimentary. This means you don't have to pay for the benefit of the insurance policy. This type of price protection cover doesn't typically have an excess you need to pay when you make a claim, either.

Cons

  • Very specific requirements. The conditions around timeframes, in-store purchases, geographic locations and price differences mean you probably won't use price protection cover very often. So make sure you consider a credit card's other features as well.
  • Higher annual fees. Credit cards with complimentary insurance can have higher annual fees than more basic cards, particularly if they are gold, platinum or black cards with other perks.
Richard Whitten's headshot
Our expert says: Is price protection cover worth it?

"Given that you only have a limited window to find a cheaper price and get a refund, price protection cover's usefulness is a bit limited. You're better off doing a thorough price comparison before you buy the item. But if your card has it, it's a nice benefit. Especially in those annoying situations where you don't find a cheaper offer until after you've hit the buy button."

Money Editor

How to compare credit cards with price protection cover

  1. Look at the annual fee. Credit cards offering this type of price protection for purchases typically have annual fees ranging from $0 to $700 or more. As there's no guarantee you'll benefit from this feature, weigh this cost against the card's other features and benefits to decide if it's worth it.
  2. Compare interest rates and interest-free days. You'll typically get more value from purchase insurance covers like a guaranteed pricing scheme when you pay off your card each month to avoid interest. But if you think you'll pay off purchases over a few months, look for a card with a purchase rate under 15%.
  3. Check the policy details. Credit card insurance policy booklets include full details of what's covered and how to make a claim. They'll typically list this cover as "guaranteed pricing scheme" or "price protection cover" but it does vary. Make sure you check these details to decide if it's a feature you're likely to be able to use.
  4. Look at other features and extras. In most cases, you won't make price protection claims that often. So consider other features you'll be able to use more often. For example, if you regularly spend with a credit card, rewards could offer points per $1 spent. Also, if you often carry-over a balance, a low rate can offer more consistent savings.

Which credit cards offer price protection cover?

There's only a handful of credit cards on the market that offer price protection cover now.

Product AUCCF Intro purchase rate Balance transfer rate p.a. Annual fee
Bankwest Breeze Platinum Mastercard image
Intro purchase rate
12.99%
0% for 24 months with 3% balance transfer fee, then 12.99%
Annual fee
$59
Get 0% p.a. interest on balance transfers for 24 months (with a 3% BT fee). Plus 0% foreign fees and complimentary overseas travel insurance.
CommBank Ultimate Awards Credit Card with Qantas Points image
Intro purchase rate
20.99%
Annual fee
$510
Opt-in to earn Qantas Points and get up to 1.2 points on eligible purchases. Plus, 0% foreign fees & included international travel insurance.
More Info
CommBank Ultimate Awards Credit Card image
Intro purchase rate
20.99%
Annual fee
$420
Get 10% back in Travel Credits (up to $500) when you use your new Ultimate Awards card to book flights or hotels in the first 3 months with Travel Booking.
More Info
Westpac Altitude Business Gold Mastercard image
Intro purchase rate
20.24%
4.99% for 12 months, then 20.24%
Annual fee
$0 first year ($150 after)
Save with a $0 annual fee for the first year and 4.99% p.a. on balance transfers for 12 months.
More Info
Bankwest Qantas Platinum Mastercard image
Intro purchase rate
19.99%
2.99% for 9 months, then 19.99%
Annual fee
$160
Earn up to 50,000 bonus Qantas Points when you meet the spend criteria. Plus, enjoy 0% foreign transaction fees & complimentary travel insurance.
More Info
loading

Frequently asked questions

Richard Whitten's headshot
Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise
Richard has written 581 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips
Rebecca Pike's headshot
Co-written by

Senior Money Writer

Rebecca Pike is Finder’s senior money writer, with over 10 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise, A Current Affair, 9News, and Sky News, and contributes expert analysis to publications like Yahoo Finance and The Latch. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

Rebecca's expertise
Rebecca has written 209 Finder guides across topics including:
  • Home loans
  • Cost of living
  • Budgeting

Ask a question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

More guides on Finder

Go to site
Get matched with the right card for you