As the world continues to become more digitalized, credit card companies are using more incentives such as cash back or discounted shopping. One of the benefits of the Citi Mastercard is the Price Rewind feature. It has been around for a few years. I recently started to use the Price Rewind feature and I have realized that there are restrictions, but there are also times when the benefit is a real advantage.
The Price Rewind process starts off online when you enter in the shopping information online. This will include the price you paid for whatever you bought, say a big screen TV, where you bought it, and the date that you bought it. Entering the information is straightforward, though, some user reviews indicate that a few users had a hard time entering the price information after they misplaced their receipt. I generally use receipts from online stores, such as Amazon.com or Jet.com, consequently, I do not have a problem entering the information, even 15 days later!
Once you enter the information, Citi will scan retailers for 60 days trying to locate a better priced product. If Citi is able to locate a better priced product, then they will refund the difference to you. However, here is where the restrictions start, Citi will only refund the amount in the form of a check or other payment if it is greater than $25. If the amount is less than $25, it will come in the form of a credit statement. I already shop around so that I do not have to pay an outrageous amount out of pocket, consequently, I have yet to receive a refund. Furthermore, there is a $300 limit per item and $1,200 price refund limit on an annual basis. There are also restrictions on what you can buy and get a refund. These items include (but are not limited to): motorized vehicles or boats, consumable products (like perfume or fuel), jewelry (aside from watches, which are covered), collectibles and event tickets.
Some of the best times to use the Citi Price Rewind is when you are doing any of the following: buying electronics, shopping for Christmas gifts or appliances like a dishwasher. Electronics, such as new big screen TVs, are commonly discounted when newer TVs come out. If you time your purchase right, then your purchase will be discounted within 60 days and you receive the refund. The same goes for Christmas gifts (or before Black Friday). After the season passes, a lot of the left over items will be discounted, thus the price difference will be refunded to you. New appliances are a mix between electronics and Christmas gifts. They are commonly discounted once new products come out.
The other companies that are offering a similar program include Capital One Platinum and Discover It Card. They are all worth considering for big purchases.
