Credit card price matching an alternative to retailer options

Price matching has become a common way for retailers to compete with one another, particularly during the holidays, but there are other ways to make sure you never overpay for the items you purchase. Some credit card issuers offer the same type of price protection to their members.

Charles Tran, founder of CreditDonkey.com, a credit card comparison website, says many companies including Discover and issuers such as Citi and Chase offer the option on certain cards, but it isn't necessarily advertised.

“A lot of people already have cards that have that benefit, and they just don’t realize it,” Tran says.

Contact your card issuer to determine if your particular card qualifies for price matching, then note the following:

• How much time do you have to make a claim? Generally, you have 30-90 days to find a lower price and file a claim, but some may require it in as little as a week.
• The minimum difference needed to file a claim. No one is going to give you a few dollars back on your purchase. Expect to see a difference of about $25 before you can make a claim.
• Refund limits. These amounts will vary by card, but several card companies set refund limits of $250 per purchase and $1,000 per calendar year.
• What are the exclusions? Prices from liquidations, coupons, closeouts, etc., may not be valid for price matching, and certain items, such as cars, may not be covered.
• What is needed to make a claim? In some cases, you may have to produce a printed or online advertisement showing the lower price.