Guaranteed pricing cover: shop with more confidence using your debit card.
Shopping with your debit card means you’re using your own money and while guaranteed pricing cover is normally available on credit cards, this feature has now been introduced to eligible debit cards. You will also see this referred to as Price Protection Insurance or a Guaranteed Pricing Scheme.
What is a debit card with guaranteed pricing cover?
Generally, price protection insurance is activated when new covered items are purchased anywhere in Australia and the entire cost of item was charged to your eligible debit card. Depending on if you meet the policy’s terms and conditions, you will be reimbursed for the difference between the price of the covered item or the lower printed advertised price if its the same brand, model and product number - whichever is the lesser amount.
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How does a debit card with guaranteed pricing cover work?
When using your eligible debit card you have made all purchases using your debit card either by using the physical card or by providing the debit card number when paying for your purchases. Purchases made when using the linked transaction account with your debit card, for example, direct debit or BPay, will not be covered.
You must notify the insurer about the claim within the timeframe set out in your terms and conditions. Most claim payments will not include merchant’s credit such as shopping vouchers discounts or shipping and handling fees.
To make a claim, you will need to keep the relevant documentation and submit an original receipt showing that you’ve paid with your eligible debit card. You will also need to show the printed advertisement showing the difference in price between your item and the lower priced item.
How do I compare cards with guaranteed pricing cover?
- Transaction account. You will need a corresponding transaction account to be able to apply for a debit card. Opt for a fee-free transaction account, as there are still many that charge you an annual or monthly fee.
- Accessibility. Ensure that your debit card is accepted at most merchants as you will need to provide a receipt proving your purchase to eligible for guaranteed pricing cover.
- Security. Ensure that your debit card has CHIP technology, as it makes it extremely hard for others to fraudulently copy your details. It should contain encrypted data that protects your account details and allows the transactions to be completed in a more secure way.
- Terms and conditions. Always make sure that you’ve read through the terms and conditions of your price protection insurance before claiming.
- Financial institution. If you’re an existing member or favour a particular bank that already provides a debit card with guaranteed pricing cover, then you may want to stay or switch to that particular one.
What are the pros and cons?
- Peace of mind. Enjoy peace of mind when making your purchases with your eligible debit card and rest assured that you could be reimbursed for the difference if you find a cheaper version of your product.
- Using your own money. These type of insurances are often seen in high tier credit cards with a high annual fee. Now debit card holders can enjoy the same level of cover when shopping.
- Maximum amount. Your credit card insurance provider is likely to reimburse you for a maximum amount and there could be a maximum amount you can claim for the difference between the lower price and the original price you paid.
- Exclusions. A number of things may be excluded from your cover, such as cash, traveller’s cheques, securities, collectors items, perishable foods, medical products, items that are unique, organic items, services, items purchased from the Internet and others may be apply.
Things to avoid with debit cards with guaranteed pricing cover
- Ignoring the terms and conditions. Make sure that you’ve read the terms and conditions so you know what situations you’re covered for. For example, most insurers will state that the lower price will need to be displayed on an advertisements from a store within 25 kilometres of the store from where you purchased your item. There could also be conditions as to when the printed advertisement must have been published prior to the date of your purchase.
Frequently asked questions
- Who do I call to make a claim? You will need to find who is the issuer of insurance to your credit card provider. Once you’ve found the company that provides the purchase protection insurance for your debit card, contact them to file a claim. Commonly a claim procedure will be, Zurich is the issuer for HSBC, so if you hold a HSBC debit card, you will need to file a claim with Zurich.
- Where can I compare debit cards? Please see this page for our debit card comparison.
- Where can I find the best transaction account? Please see this page for our transaction account comparisons.
- Can I earn rewards on my transaction account There are now some cards and accounts that let you earn rewards. You can find out which ones these are on our rewards transaction account comparison page.