Citi Double Cash Price Rewind Benefit: What to Know and How to Use it
Citi has announced that Price Rewind will no longer be offered on purchases made on or after September 22, 2019.
In addition to the unique 2% cash back you get on purchases, the Citi Double Cash Card, a Credit Cards House advertiser, offers another compelling benefit: Price Rewind, which can get you a refund if something you buy drops in price later.
But in order to use this benefit to get money back, you need to know exactly how it works.
What is the Citi Double Cash Price Rewind benefit?
Price Rewind is Citi’s name for a benefit that other card issuers offer as well -- price protection, which refunds you the difference if an item you buy goes on sale after you bought it.
Price Rewind is offered across Citi’s credit card portfolio, including on the Double Cash Card. You don’t have to sign up or register for this benefit. If you have the Double Cash, you get it automatically. It works as follows:
- You buy something with your Citi Double Cash card. Save your receipt.
- Log in to online banking within 60 days of purchase, and click on “Citi Price Rewind.”
- Search for the item you bought in the Price Rewind database, enter purchase details and upload your receipt.
- Citi will track the price of the item and alert you if it finds a lower one within 60 days of the purchase date. You can also submit a Price Rewind claim if you find a lower price on your own.
- Once you’re aware of the price drop, place a refund request via Price Rewind and get the price difference credited back to your card.
Citi Double Cash Price Rewind fine print
As with any credit card benefit, Price Rewind has some limitations. Also note that Citi is changing the program in July 2018. Here’s the most important fine print you need to be aware of:
- The price drop must occur within 60 days of purchase.
- You can be refunded only for the lesser of $500 or the amount charged to your card. That maximum benefit is being reduced to $200 on July 29, 2018.
- You can get a maximum of $2,500 in refunds per calendar year. That drops to $1,000 on July 29, 2018.
- The lower-priced item must match the item you purchased exactly. That means same manufacturer, same color, same size.
- The lower price must be published and verifiable. In other words, it needs to be online, in an ad or in a catalog. Internet auction prices do not count.
- Lots of items are NOT eligible for Price Rewind, including (but not limited to): Boats, cars, food, tickets, certain jewelry, plants, collectibles, labor, items that require service contracts (such as phones), tires and firearms.
Can I get a Price Rewind refund if I used a gift card or store rewards points?
You can, but you must put at least some of the cost on your Citi Double Cash card. The refund you’re eligible for can be only up to the amount you put on your card. In other words, don’t put $10 of a $300 item on your card, use gift cards for the rest, and expect a $50 refund if the price drops by $50.
Getting the most out of Citi Double Cash Price Rewind
Follow these tips to make sure you’re squeezing every dollar you can out of this potentially lucrative benefit:
1. Register your purchase with Price Rewind right after the purchase. This gets Citi’s tracker started right away.
2. Concentrate on big-ticket items. The effort might not be worth it, if you’re using Price Rewind for every $10 T-shirt that may drop only a few dollars in price. Save your efforts for pricey items, especially those that are known to drop in price dramatically -- such as TVs and electronics.
3. Save your receipts and collect evidence. An original receipt is required for a Price Rewind claim. Plus, if the Citi database doesn’t find a lower price -- but you do -- you’ll need to submit evidence of the lower prices. So take a screenshot or save that circular ad you got in your mailbox.
4. Make sure to use your Citi Double Cash for the purchase. This tip seems obvious. But you wouldn’t be the first to absent-mindedly pull the wrong card out of your wallet to pay. If you didn’t use the Double Cash, your purchase is not eligible for Price Rewind benefits.
5. Time your purchases wisely. For the biggest returns, you need the biggest price drops. Black Friday and Cyber Monday are a great time for these. Consider buying an item on your gift list a couple weeks in advance and then waiting for the price to drop over Thanksgiving weekend.
Note that the make, model, color, size, etc. must match exactly. Just finding a lower price on a 65-inch 4K TV isn’t enough -- the particular brand and model you bought must be the one that goes on sale. That’s what makes holiday sales such a good time to get Price Rewind refunds -- practically everything is on sale.
6. Price Rewind isn’t a guarantee. Don’t gamble with price protection benefits. For example, don’t buy a pricey gaming system you can’t really afford with the assumption it will drop in price.
7. Be careful with bundled deals: If you bought a bundled deal (game system plus controllers plus games, for example) and then try to get a Price Rewind refund on that same system when it drops in price, you may out of luck if the discounted version is bundled with different items.
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.