Price Protection - Five Myths That are Spread by a Few

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Price Protection also known as the Price Adjustment is a retail and travel practice that is followed by US and Canada based merchants to provide a price difference to their customers within a certain time period if the price drops from the original purchase price. Several mobile apps and websites that require you to signup with them by providing access to your email account claim to provide you the price protection. In order to succeed in sniffing through your emails several myths have been created by these companies with paid articles on some of the mainstream financial blogs and media websites. Bank Yogi is committed to bring Nirvana to your Wallet and would like to debunk these myths today.

Myth #1 - All online merchants offer Price Protection
Truth - Not all online merchants offer price protection. For example, Amazon doesn't offer price protection. More and more merchants are now eliminating or reducing the price match days to compete with Amazon and Walmart's of the world.

Myth #2 - Email Account access is required to get automatic price adjustment
Truth - This is not true. Services that claim to do so cannot monitor every price drop for every customer purchase because it is an impossible task. They can monitor price drops only for a handful merchants and their items.

Myth #3 - Email Account access is required to request a price drop
Truth - This is not true. More and more merchants either require you to call them or fill out an online form to request a price difference. The call must be made by you to get the price difference.

Myth #4 - Provide access to your Amazon Account to get price protection with your credit card
Truth - This is not true. Amazon doesn't have a price drop policy. Most of the credit card price protection plans require the merchant to have a price drop policy and then receive a refusal from the merchant to honor the price drop.

Myth #5 - If you shop with a credit card you can get the automatic price protection
Truth - Not all credit credits offer price protection A few days ago we talked about the changes in price protection for United branded credit cards by Chase. Similarly, American Express Cards and Amazon branded credit card by Chase do not offer price protection.

The Right Way to Get Price Protection - without compromising your privacy

Work with your merchant yourself to request a price adjustment. Most likely you will get it and save a percentage of fee you pay to third party services. If the merchant refuses it, file a claim with the Bank Yogi mobile app. You can also file claims for your offline purchases.

So what now?

Now that the myths are debunked you may want consider unlinking your Amazon and email account from these apps. Here is how to go about it:

GMAIL - Unlink Account under Account Security

Outlook - Unlink Hotmail / Outlook / Exchange Account under Manage

Yahoo & Oauth Accounts - Remove permission to a third party app

Other - Change your account password

Amazon - Change your password

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