Definition of Price protection:
Agreement whereby a buyer and seller fix the price of specified goods for the duration of a contract or certain other period. In some agreements, price fluctuations (as indicated by an agreed upon price index) beyond a certain range are taken into account.
Price protection is a little-known but common feature offered by most credit card companies that allow cardholders to receive a refund if an item bought with that credit card drops in price within a specified period. This period is usually within 30 or 60 days though some cards allow claims to be filed within 90 days.
To receive a refund, you must file a claim with the credit card company whose card you used to buy the item. You must also prove the new, lower price. For example, you can verify the original price by providing a printed advertisement showing the same item and the lower price.
How to use Price protection in a sentence?
- Credit card companies might only allow refunds for specific cards they provide or for particular types of large purchases.
- Depending on the company, some internet purchases might be excluded from price protection.
- Price protection programs vary depending on the credit card company. Some price protection programs only grant you a specific amount of money for a refund. .
Meaning of Price protection & Price protection Definition