Just had my first claim finalised and got back more than the price difference.
Item is a UE Boom portable speaker and the current price is $146 and my refund was $67. I did add replacement insurance at the time of purchase but the item itself was <$200
Anyone had a similar experience?
Thanks
Pay $0 for the premium.
Thanks, I just read the PDS which I should have read in the first place!
"Your premium is calculated monthly and is based on the closing
balance of your credit card account. So if your balance is zero on
the day your statement is printed, you will not be charged a
premium that month".
Also I don't know how to edit, but if closing balance was $1, it would actually be 0.5c. I was working it out at 5%, not 0.5%. Sorry to hijack your post OP, but thanks for the reminder about this option!
Your insurance cost is really the opportunity cost of paying off your balance early and forgoing the interest free period.
Just received a 2nd payment of $87.
I did submit a 2nd claim before the first was finalised as the price dropped further, but I ticked the box about having lodged earlier claims.
I didn't realise the price protection was so generous.
Interesting! I was offered this recently over the phone, but declined until I looked into it more, and haven't got around to it.
Can you pay off almost all of your card before the monthly statement is issued, so it would effectively have a closing balance of say, $1? And then the premium for shopper's protection is 0.05% of this, so 5c. So the shopper's protection would be 5c a month? If that works, I would definitely be taking it up!