The Credit Card Perk You Need to Know About!

Price Protection: The Credit Card Perk You Need to Know About!

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Last updated on August 22, 2022 Comments: 4

Many credit cards come loaded with phenomenal perks and benefits, unfortunately, the majority are unknown and unused by most Canadians.

We all look for the popular perks like free lounge access and insurance. However, there’s one benefit, far less known and far less common, that may be worth more than any other credit card benefit offered in the Canadian marketplace—Price Protection.

Price protection allows you to claim the difference between the price you paid for a product and the sale price you may have found for the same product within 60 days after your purchase!

So, imagine you buy a BBQ from Home Depot for $500, only to find the exact same BBQ on sale at Home Hardware the following month for $400. You’d be entitled to claim the $100 difference if you bought the BBQ with a credit card that includes a price protection feature.

The amazing thing is, it’s not a one-time benefit. Depending on which credit card you have, you could be refunded up to $500 per occurrence, up to a maximum of $1,000 per year! That’s a huge saving and a constant price guarantee of the best price around.

Price Protection Definition

Price protection is basically defined as follows: if you make a qualifying purchase with your card and find the same product advertised in Canada at a lower price within 60 days of purchase, the difference will be refunded, up to $500, subject to a calendar year maximum of $1,000 per account. Certain conditions and exclusions apply.

How to Make A Claim

Making a claim is pretty easy. All you have to do is call the number provided by your credit card company to file a claim as soon as you discover the lower advertised price. The administrator will then send you a request form, and you’ll need to provide three things:

  1. A customer and merchant copy of your sales receipt
  2. A copy of your credit card statement in which the purchase transaction was made
  3. A dated advertisement/flyer to prove that the identical item was offered in Canada at the reduced price within 60 days of the date of your purchase

After you first call the administrator, they will determine whether they want to pay you the difference or buy back the original item from you at the original price.


In general, most retail items purchased in Canada are covered by credit card price protection. All issuers offering price protection will only cover items that were fully purchased with their card, however, so no paying in cash. Other typical exclusions include computers and electronic devices, vehicles (cars, riding lawnmowers, motorcycles, RVs, etc.), gift cards, fine art, anything living (like pets), insurance, any kind of ticket (airfare, entertainment, common carrier), and items bought for business. Items bought at second-hand/refurbished stores are also ineligible, as are those that were marked down for being “gently used” or a “floor model”.

Also, you can’t double-dip. Some stores offer price match policies where you can get the difference refunded, so in that case, you can’t make an additional claim with your credit card. Lastly, as with most credit card perks, benefits, and rewards programs, you’ll only be eligible if your account is in good standing, i.e., don’t be late!

Which Canadian Credit Cards Offer Price Protection?

Interestingly, most of Canada’s best credit cards don’t offer price protection. The cards we know of that do offer price protection are the Capital One® Aspire Travel™ Platinum Mastercard® (as do other Capital One credit cards), the MBNA Rewards World Elite® Mastercard® and not many others.

The MBNA Rewards World Elite® Mastercard® price protection goes a lot further than CapOne’s Aspire card because it offers protection up to $500 per occurrence with a $1,000 per year cap, while CapOne only offers $100 per occurrence with a $500 yearly cap.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

How to Exploit Price Protection

One way to help you find out if your item has gone on sale after purchase is to use a price-checking tool or app. Simply plug the identical item into your price checker and let it work its magic. If you’re lucky, within the next 60 days, you’ll find the item at a steep discount. Check out, or to help you get started.


Price protection is an unbelievably powerful tool. Even if you’re buying items for the holidays, if you find the same item advertised for sale in Canada on Boxing Day, Black Friday, Cyber Monday, or any other deep discount day, you can still take full advantage and end up with a best price guarantee.

So, the next time you see something that catches your eye, don’t get stressed over whether you’re getting the best price. Buy it, then take the next 2 months to see if you can find a better deal. Enjoy!

Author Bio

GreedyRates is Canada’s go-to resource for all things personal finance. Our expert articles and videos cover every topic under the financial sun, including credit cards, credit scores, loans, bank accounts, budgeting, investing, RSPs, TFSAs, GICs, taxes, and more. Want our advice on a personal finance issue? Send us an email at [email protected] and we’ll gladly give you some free tips.

Article comments

S says:

Scotia amex does not have price protection

Nate Siegel says:

Hi S,

Correct. We’ve gone ahead and made the appropriate changes to the article, and appreciate you helping us out in this matter. Indeed, the Scotiabank Gold Amex card did used to have Price Protection for 60 days, but in mid-2019 this perk was dropped when the card went through an overhaul. It’s still quite valuable but if you’re looking for price protection, it’s no longer a candidate. Instead, we recommend the other cards in this article. You should also look at Capital One if you’re hunting for a card and desire this feature, as most Capital One cards feature it alongside extended warranties and purchase protection (damage, theft, etc.). This is unique among issuers and quite notable. Thanks again.


Mohamed says:

Hi Guys please see the Scotiabank Amex website … price protection is still one of the perks!!

Aaron Broverman says:

Hi Mohamed,

Thanks for bringing this to our attention. I’m glad to see they’ve added price protection back on this card since removing it in 2019. We may add it back into the article at our discretion.