Are there still any credit card products on the market that offer price protection/guarantee insurance?
I've done a search and looked at the Ozbargain Credit Card wiki - and so far have turned up nothing.
Looks like Coles Mastercard has removed this feature, while it's been grandfathered on the 28 Degrees Mastercard.
There was a forum topic on this about half a year ago, but thought I'd try again.
Any tips?
what is the limit?
$20k
To be fair, I don't think they monitor that limit because I am well above it
Yeah I very much regret giving up the 28D insurance when the Coles card came along as the Coles one at the time was objectively better. But then shortly after I cancelled my 28D the updated the insurance to make it quite different and possibly worth having both. Alas can't go back on it.
I agree though apart from pretty basic price protection on some cards (like 30-90 days, must find new price in catalogue etc) there isn't really anything else left.
Not surprising though I don't understand how they could possibly be making money on these types of insurances. Not quite at lifetime limit but I am at around $5k claimed on my Coles card plus maybe $1k prior to that on the 28D. Hit the yearly limit once and might again this year.
Was it ever better? IIRC Coles had 24-months cover but only if the item was reduced from the same store ie you can't claim if you see it cheaper somewhere else.
28d was only 6 months at first, now it's a year
surely this feature is very attractive benefit to card holders…. no idea why they dont offer it. Maybe the abuse factor?.
The top 5-10% users abused it so badly that they cancelled it.
Source please?
See the next comment down.
Lol I have 2x 28d, 2x coles. That averages to 11 claims a year per card. Big woop
Wow just looked up my number of claims since 2016 over our cards, 256 claims. Most on ps4 games, but new, resell and claim over 1/2 years.
Some Bankwest credit cards still offer price guarantee but the terms are not as good as 28d. The purchase security and extended warranty are some nice additional benefits though.
Page 93 in https://www.bankwest.com.au/content/dam/bankwest/documents/l…
Pretty poor compared to 28d - short timeframe, can't be an online store, whole amount needs to be paid with the card etc
Had a look through the terms - and you're right, the conditions are incredibly restrictive. Hard to imagine many people getting to make use of that cover, unless you planned it properly beforehand.
Still, it's the most promising lead I've seen, thanks.
what purchase "security ?
these days, all my claims are approved within 48hrs. It works wonders for clothing/shoes because they don’t check for style/colours/sizes etc.
My experience is that during covid/hard times their attitude changed and approved based in honesty system. I occasionally receive requests for proof but it's around the 5pc mark of my claims
I think there is a fee for it now, 0.5% of closing balance
Which card product are you referring to?
There has been an ongoing 1% fee on outstanding balance for 28 degrees. Not an issue if you just pay off your entire bill each month before the due date.
None
Been looking for a backup for 28 degrees for when I eventually reach lifetime limit for claims lmao