This Rare Credit Card Perk Could Save You Hundreds on Holiday Shopping

Imagine you buy something at full price -- say a kitchen appliance -- only to find it two weeks later at the same store but with a 35% discount. That's money you could have saved, you think, if only you had waited two weeks to buy it. Of course, there's no way you could have known the appliance would go on sale, adding to your frustration. But if you had a little perk called price protection built into your credit card, that sale might not have been lost at all.

Price protection is a little-known credit card perk that will refund you the difference for items that drop in price within a specific period, usually 30 to 90 days. The maximum amount that can be refunded varies, but you can often get at least $250 per item. Some items may not be eligible -- like those you buy from an online auction -- but more often than not it will protect you from losing out on a good deal.

That is, if your credit card has price protection. While this perk was common in years past, many credit card companies have eliminated it from their suite of benefits. In fact, at this point, only a handful of cards still offer price protection, and there's no guarantee these cards will keep offering it for long.

Which credit cards still offer price protection?

Very few credit cards still offer price protection, but one is the Navy Federal More Rewards American Express® Credit Card.

This card's price protection policy will refund you up to $250 per eligible item for a maximum annual benefit of $1,000 (terms apply). The policy, also dubbed "Best Value Guaranteed," lasts for 30 days and only applies if you spot a lower price in a printed advertisement. If the advertised price is at least $10 lower than what you paid for the same item, you might get refunded the difference. Just call the number on the back of your card to initiate the process, then send the ad (be sure it has a date) along with your store receipt and a record of the charge to the address provided.

To be clear, lower prices found online don't qualify, nor do general store discounts, like "40% off all store items." There are other exclusions, too, so check the Navy Federal More Rewards American Express® Credit Card's terms pages for more details.

Even with the exclusions, this rewards card could save you hundreds on your holiday shopping, especially if you like the Navy Federal More Rewards American Express® Credit Card's other perks, like 3 points per $1 back on restaurants, supermarkets, and gas. (Terms apply.)

What to do if your credit card doesn't have price protection

Though price protection is becoming a rare perk, you may not need a credit card that has it. Many stores offer price protection policies. Policies differ by store, but you can typically get a refund for a difference in price if you spot the lower one between seven and 30 days after purchase.

For example, Costco has a generous price adjustment policy of 30 days. This gives you a month to get a refund if an item goes on sale after you buy it. Likewise, Best Buy will also give you a refund if it lowers its prices during your return or exchange period (usually 15 days). Other stores that offer price adjustments include Kohl's (14 days), Macy's (10 days), and Target (usually 14 days, but starting on Oct. 22, you have until Dec. 24).

Of course, that's not to say you can't just buy the item again at the lower price and return the first one. But for items that are ineligible for this, check the store's price adjustment policy and see if you can't get refunded the difference.