Do you know him price protection insurance🇧🇷 This is a benefit that almost every credit card on the market has, but it is still unknown by many customers. In short, this service works as a refund of the difference in the amount paid, if the customer finds the same product at a lower price, within a period of 30 days.
Keep reading to understand how to use this benefit to your advantage.
What this article covers:
What is price protection insurance?
When buying a product using a credit card, the customer is assured of protection in case he finds the same product being sold cheaper within 30 days of purchase. Another highlight is that the service has no additional cost.
Keep in mind that the price protection insurance experience differs little by brand. With Mastercard cards, the process of opening a claim is simpler and requires less documentation. However, the indemnification limits are lower and limited to the brand’s Gold cards.
As for cards with the Visa brand, the process, although a little more complex, has a higher limit and applies to Gold, Platinum, Signature and Infinite cards.
Finally, in the Elo brand, it is necessary to activate the insurance among the Elo Flex benefits. It is available for Graphite and Nanjing variations.
Conditions for applying for price protection insurance
Be aware that some rules and conditions for using price protection insurance vary according to the card brand.
But, in general, the requirements for requesting the service are that the purchase has been paid in full with the card on which insurance is requested and the presentation of documents that prove the purchase and the new offer with a lower value. Remembering that the coverage ends in 30 days after the purchase of the product.
It is also important to point out that for the protection to be valid, the offer found with the lowest price must have the same payment terms as the one you purchased. If approved, the price difference is credited to up to two invoices.
What documents are needed to apply for insurance?
It is worth noting that to activate the price protection insurance, the user must notify the card brand. As we have seen, the rules can change according to the company. Therefore, the ideal is always to check the conditions offered by your credit card. Check out some examples below.
Price Protection Insurance on Visa cards
If your card is a Visa brand, to be entitled to insurance, you must register on the Visa Benefits Portal and issue an Insurance Ticket. Also, to request a refund, there will be a minimum amount of USD 25.
Another important point is that the coverage is valid for purchases made in Brazil and in other countries, but the value considered is the country where the product was purchased.
To request the price protection insurance, the customer needs to contact the Visa Call Center by telephone or request the claim through the Visa Benefits Portal. When reporting the claim, the following documents must be presented:
- Completed and signed Application Form;
- Copy of the purchase invoice;
- Copy of your card statement showing the purchase on your Visa card;
- Printed copy of the promotion showing the date of publication, the name of the store, the product (including model information) and the new price;
- Copy of the Insurance Bill.
Please note that the refund request must be sent to the call center within 4 calendar days after finding the cheapest product in a print advertisement or on the internet. It is also worth noting that coverage varies by credit card.
- Visa Infinite: Limit of $4,000 per 12-month period for reimbursement
- Visa Platinum: Limit $2,000 per 12-month refund period
- Visa Gold: $400 cap each 12 month period for refund
Price Protection Insurance on Mastercard cards
As for cards with the Mastercard brand, to ask for price protection insurance, the rules are simpler. The item purchased must also have been paid for in full with MasterCard Gold, and receipts and warranty documentation are still required. Check out the coverage conditions:
Purchase made with a Mastercard Gold card;
- The Insured Purchase must cost a minimum of USD 50 (fifty dollars);
- The print ad or virtual ad must have run within 30 days of the date of its original purchase (as indicated on the receipt);
- The maximum benefit amount is up to USD 100 (one hundred dollars) per occurrence, subject to a maximum of up to USD 200 (two hundred dollars) per account during a 12-month period;
- Purchases made in physical stores and Brazilian websites are valid (the reseller or website must be registered in Brazil).
In addition, the company advises customers to keep their purchase receipts and check the list of eligible products in the brand’s Guide to Benefits.
What is not part of price protection insurance
Also check what is not part of the insurance:
- any item with the original purchase price less than US$†50.00.
- cash, travelers checks, transportation tickets, concert tickets, securities and other negotiable instruments, precious metals, stamps, lottery tickets or tickets to events, tickets or entertainment;
- art, antiques, firearms and collectibles;
- animal skins, jewellery, precious stones and articles made of or containing gold (or other precious metals and/or stones)
- perishable items including food, drink, tobacco and fuel;
- pharmaceutical and medical products, optical products and medical equipment;
- unique and exclusive custom/made-to-measure items;
- any illegally acquired item;
- live plants and animals;
- motor vehicles including cars, boats and planes, and equipment and/or parts necessary for their operation and/or maintenance;
- permanent lots, structures, and fixtures (including, but not limited to, buildings, houses, residences, and home and building renovations);
- any services you have purchased (including but not limited to performing or providing labor or maintenance, repair or installation of products, goods or property or professional advice of any kind);
- internet purchases or advertising whether;
- a) Any difference in price for less than USD 50.
- b) Any products purchased from an Internet site whose primary purpose is not the sale of goods
- c) Any products purchased from an Internet site that is not registered in the cardholder’s home country
- d) Any products purchased from an internet auction or discount website
- e) Products purchased outside the country in case the retailer or website is not registered in the cardholder’s country of origin
- shipping and/or transportation costs or price difference due to shipping and handling costs and sales tax;
- the difference in price between an advertisement outside the cardholder’s country of residence or in a duty-free shopping area;
- used, antique, recycled, refurbished, and rebuilt items, whether or not you know the items have been used, antique, recycled, refurbished, and rebuilt;
- items advertised on or as a result of “limited quantity”, “closed store sales”, “cash only” or “sale”, items displayed in price lists or quotes, discounts as a result of a bundle offer, manufacturer coupons , employee discount or free items or where the advertised price includes free bonuses or offers, special financing, monthly fees, rebates, or limited one-time offers;
- any price difference found with an item sold as a special deal available only to members of specific or non-public organizations, such as clubs and associations, other than those available with your payment card;
- items purchased for resale, professional or commercial use;
- advertised items with rebates, manufacturer redemption coupons, or any type of refund, in which case the purchase price will be determined taking into account such discounts and refunds.
- cards in conjunction with stores, distributors, wholesalers, product manufacturers, purchasing clubs and associations, traditional or online associations.
- AIG and/or Corresponding Reinsurer, if any, shall not be obligated to provide any coverage or make any underpayment if to do so would be a breach of any law or regulatory sanctions which would expose AIG and/or Corresponding Reinsurer, if so case, its parent company or its last controlling entity to any sanction under any sanctions law or regulation.
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