Chase adds Price Protection to credit cards starting in August
Chase credit card members are being sent a letter by Chase notifying them that they are making additions and changes to credit card benefits. One of the additions is a new "Price Protection" program that sounds similar to what some other credit cards (eg American Express) are offering. The letter says these should go into effect on August 2, 2010.
We are only summarizing it here, for all the details, exclusions and fineprint, be sure to check the Chase documentation - it is nine pages long with tiny fonts!
Chase Price Protection
If you purchase qualifying items with your credit card (cameras are not excluded, but software is), and pay them in full with your credit card, and you see the item advertised in print for less within 60 days of purchase, you can get the difference, up to $250 per item. The lower price must be in print, such as in-store flyer, newspaper Sunday ads, newspaper ads, magazines, catalogs, etc. Internet prices are specifically and categorically excluded.
You need to save both your receipt and also the original US warranty that comes with your product. Rebates, used items, closeouts, liquidations and other promotions of that nature are excluded from this benefit. Items are also excluded if they are purchased for professional or commercial use or for resale.
Perhaps a good use of this program is when you purchase products that have the same prices across all retailers, such as Sony digital cameras. When there is a discount, just about every network/authorized dealer lowers the price, so you can easily find a print ad to get your price-protection refund.
Return Protection benefit
Also of interest to camera shoppers, they have a "Return Protection" feature with up to $250 per return for an eligible return within 60 days of purchase that a store won't accept. Again, be sure to read the detailed provisions of this benefit, it has plenty of exclusions and exceptions.
Doubling original warranty and Theft/Damage protection
They are also doubling the original US manufacturer's warranty by up to a year with the "Extended Protection", and have a 60-day "Purchase Protection" for theft of damage. Again, it has its caveats and exclusions, so be sure to read all the details when you receive them.
With Chase being a mosaic of credit cards and credit card companies, we do not know what percentage of Chase card owners will receive these benefits or when. Please direct those questions to their customer support :)