Citi Price Rewind – Credit Card Price Protection on Steroids

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One of the hidden perks of credit cards is price protection. Offered by some of the major card issuers, you are guaranteed the lowest prices on purchases charged to your credit card. Find the item for less within a certain number of days, and your credit card company just may refund the difference. But there’s a catch.

You have to find the lower price. Wouldn’t it be great if your credit card company did all the leg work, searching the internet on your behalf for a better deal? Enter Citi Price Rewind.

How Citi Price Rewind Works

First, you need a Citi credit card. Price Rewind only applies if you make the entire purchase on a Citi card. Here are my three favorite Citi cards, each with no annual fee:

$100 cash back after $500 in purchases within the first 3 months of account opening 0% Intro APR on Balance Transfers and Purchases for 12 months. After that, the APR will be 12.99%-22.99% variable based on your creditworthiness* Earn 5% cash back from Citi at Home Depot, Home furnishing stores and home and garden stores between 4/1/13 and 6/30/13, with enrollment Enroll at no additional cost each quarter for new categories that earn additional cash back Full 1% cash back on all other purchases and eligible cash advances No annual fee*

Get 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the APR will be 11.99%-21.99% based upon your creditworthiness.* There is a balance transfer fee of either $5 or 3% of the amount of each transfer. Citi® Price Rewind searches for a lower price. Learn how you can get lower price after you purchase an item. Let our 24/7 concierge service help book your hotel rooms, flights and more. Enjoy special access to presale tickets, preferred seating, VIP packages, and unique entertainment experiences through Citi Private Pass®. $0 liability on unauthorized purchases and Citi® Identity Theft Solutions No annual fee*

0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 12.99% - 21.99% based on your creditworthiness. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. No late fees - EVER No penalty rate - EVER No annual fee - EVER Save time when you call with fast, personal help, 24 hours a day.

Once you make a purchase on your Citi card, initiating the Price Rewind is very simple. Citi automatically tracks the prices on certain products for 30 days. You can monitoring the tracking online in your Citi account. When the tracking period is over, Citi will notify you as to whether you qualify for a refund.

What Qualifies for a Price Rewind

There are some limitations, as you would expect. Here are some of the key things to keep in mind:

• The price drop must be at least $25
• Cardmembers are limited to refunds up to $250 per item and up to $1,000 annually.
• You must save your receipt because you’ll need it to claim a refund
• Not all purchases are elgiible for Citi’s Price Rewind. Examples of items not eligible include boats, motorized vehicles, items purchases for resale, and live plants or animals.

So this leaves us with two questions. First, have you ever used Citi’s Price Rewind? And second, will this feature make you more likely to use a Citi credit card for your next purchase? Share your thoughts in the comments below.