I recently got my self a Hisense 75" in the recent price drop only to find it drop soon after again. I got it on my credit card but they told me i need a copy of a catalog to claim the price protection, which was no go as their was no catalog. Are other companies easier than Bankwest to claim ?
Im now looking for a card that offers the longest price protection, so what do you know?
I believe that they have since updated their conditions. It is now up to 12 months from date of purchase, with claims of up to $600 per item, up to $2000 total per year (See their PDS for more info).
To qualify for this, you have to opt in for 'Accounts Cover Plus'. This costs about 1% of your monthly closing balance, and is capped at about $50. So if you pay off your balance every month like a good OzBargainer would, then this feature costs you $0 per annum.
I believe you can still get Accounts Cover Plus if you are on the fee-free card.
What I'm not sure of, is whether or not you can get access to Accounts Cover Plus without having a Platinum version of the credit cards (Rewards or Fee-Free).
The Coles website still states 24 months (source: https://financialservices.coles.com.au/credit-cards/about-ou…). Perhaps you're thinking of 28 Degrees (also backed by Latitude Financial), who went from 6 months to 12?
The Coles website also seems to indicate that the "Coles Shield", which encompasses Account Cover Plus, is not a platinum-exclusive feature.
I also pay off the balance on my card immediately (or as soon as I can) - I use it primarily for the insurance.
In order not to pay the 1% fee you have to pay the balance before the statement is issued. Closing balance on the statement has to be 0
The 28 degrees PDS still states 6 months for price protection.
@psyren89.
Thanks for the info regarding not putting a link into the description. I tried to claim recently on 28 degrees (the same system as Coles Mastercard) and included a link. I couldn't for the life of me figure out why it wouldn't work to submit. I had to resort to filling in a printed paper form and lodging that.
It seems the person you were talking to is misinformed, a catalog is one method of proof. They should also take receipts, or photos of the advertised price instore. There are many ways to prove your price. Unless they specifically state they only accept catalogs as proof of price reduction in their small print somewhere it makes no sense.
Bankwest credit card cover PDS states it has to be in a printed catalogue.
I recently made my first price protection claim for a price drop of $60.00 on a smartphone that I purchased from Officeworks on my Coles Mastercard back in July last year.
Submitted the claim online and the difference in price was refunded back onto my card within 2 working days.
I didn't need to produce any proof of the price drop (however it would have been easy for them verify it just by checking the Officeworks website)
I was highly impressed at the ease of the whole process
Thanks! Time to get me one of these
Can confirm that claiming price protection from Coles MC is an extremely easy and painless process. Hopefully they stay that way…
Do you pay your balance in full before the statement is issued or do you pay the 1% price protection insurance fee?
In order not to pay the fee you need to be really timely and on the ball to pay all the balance on time. Also you lose the benefit of an extra 30 days free credit on the balance every month.
@maxi
Yes, that's a great point that you raise.
I do the pay the balance in full before the due date to avoid the 1% fee (capped at $50) for the Shoppers Protection feature (price & merchandise protection)
If it's a planned purchase I want to make that is close to my statement date, then i'll make a payment of that amount towards the card on the same day.
I will say that I only use this credit card for purchases where I think I'll get some use out of either the price protection or merchandise protection components of the Shoppers Protection.
I don't use it for everyday purchases such as food etc..
So essentially you pay the $89/year fee for the Shoppers Protection feature?
Any way to avoid the annual fee?
Luckily I don't pay an annual fee on my card.
I've had the card since the early-mid 2000's when it was known as the Coles-Myer Source Mastercard and there was never an annual fee on that card.
Thankfully when it changed to the Coles Mastercard it remained without an annual fee.
Of the current range of Coles Mastercard's - there is the 'No Annual Fee' card - maybe you could have that card and add the Shopper Protection feature to it.
https://financialservices.coles.com.au/credit-cards/compare-…?
Great, Coles card it is then. Thanks all for your help.
Agree with all re: Coles MasterCard's price protection insurance.
It is definitely 24 months. I recently claimed for a pair of shoes I bought in April 2015.
I have never paid any interest or fees for the insurance because as others have pointed out, you just need to pay the outstanding balance just before the statement comes out.
A good tip, I put all my purchases in a spreadsheet and sort them in date order, so I always remember what I've purchased and when I've purchased.
I'm almost at my annual limit for both the Coles MasterCard and 28Degrees card, and they have only asked me to provide proof once for a TV because the reduction was over $200.
Coles Mastercard offers 24 months. It's valid if it's a store with the same name (whether online or physical), at any location, with proof only being required if the claim is large (the only time I've been asked was when I claimed $400 on a TV - it was paid).
EDIT: the online claim system is also pretty easy to use, provided you don't try to add any links to the item description; it doesn't tell you there's an error, it just fails to submit the form.