There aren't that many posts about using the price protection benefit some credit cards have, so I figured I'd provide some data points from my experience. This is about my Capital One Quicksilver World Elite Mastercard.
The background: I bought a couple phones around the end of June off Amazon for my parents along with a 2 year extended warranty/accident protection plan using my Capital One Quicksilver, since it has a warranty benefit that doubles warranties up to 2 years in length and includes extended warranty plans and the like. They don't buy new phones often and pretty much only do when they are just about broken. It is fairly likely one of the phones will break before 2 years is up and almost definitely before 4 years, so probably a good call for them.
The price drop: A couple weeks go by and the mostly dissapointing Amazon Prime Day rolls around. Purely by happenstance, I see the same phones I just bought for $90 less each! Now I've already throughly read the benefits terms on my Quicksilver, so I know it offers price protection as well. I decide to give it a shot.
The claim: The price protection benefit is administered by Mastercard, so I enter my card number on their site and get to the claim form. Most of it is basic info questions like how much I paid for it and what the price is now, etc along with some documents proving as such. There are a series of yes/no screening questions before the claim even gets to a human. I get tripped up on one that asks if the new price is a "bid amount, in price quotes, or final sale amount". Not knowing what "final sale amount" means, I answer yes, fill out the rest of the form, and get an auto-denial a few hours later. Now I'm quite sure this is a valid claim, so I check the terms again to figure out where I went astray and try the form again. This time, I correctly answer no to that question.
The approval: A few days later get an email saying my claim has been approved and I'll get $90 credited back to my Quicksilver in 7 days. Awesome, but I bought 2 of these phones and want price match on both of them. So I reply back, but the email address apparently doesn't accept incoming messages. They did provide an email for if I had any questions though, so I go through that and nicely ask that I bought 2 phones and want price matching on the other one too. I don't hear anything for a week and a half and then finally get an almost identical claim approval email again, but with a different claims adjuster listed. Taking that as a good sign, I keep anxiously checking my Quicksilver account and, 3 days later, finally see the second claims credit! Hooray! 🎉🥳
The whole process was relatively painless overall, altough a few of the screening questions seem worded specifically to trip up claims. The documents they needed were pretty basic, really just credit card statement, invoice, and copy of the current price. There was no way to specify in the form that I had two of these and wanted price matching on both, though this is probably a pretty rare situation and a follow-up email cleared that up with minimal difficulty. I will definitely be sure to take advantage of this benefit in the future!
