CC Price Protection Firearm Purchase

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Anyone else ever use price protection on one of their credit cards? I bought a Ruger LCP from a LGS for $279 and sent in a scanned copy of my receipt along with the Palmetto Arms posting for a $169 LCP. I am expecting a $110 check from Chase.

I just started using price protection on my Chase and CIti cards and this is the first time I used it for a gun. Hopefully from now on I can buy firearms from my friendly local gun shop and use cheap web pricing to get a refund for the difference.
 
I am expecting a $110 check from Chase.
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Well, since the program specifically excludes the cost of shipping (which the LGS already paid, but you would have had to have paid if you bought from PSA) and other costs (such as paying an FFL to transfer the gun shipped from PSA) it will be interesting to see if they are savvy enough to deduct those costs from the price difference.

Each Visa affiliates decides on their own whether to offer price protection. A friend of mine went to work for a Visa affiliate bank last year and one of the things he noticed was they weren't charging for shipping or the FFL fee. He suggested they add a deemed $35 fee for shipping and a deemed $35 fee for FFL transfers (which would make your check $40). But rather than make that change, the bank's management decided that so few people were asking for the benefit on guns they wouldn't lose any business to just exclude them, so they revised their list of exclusions.
 
Anyone else ever use price protection on one of their credit cards?
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No.

My credit card is issued by my credit union and charges a 6.9% interest rate if I don't pay my balance off in full each month (which I almost always do). With that as an operating margin, they do not offer "purchase protection".
 
hdwhit said:
Well, since the program specifically excludes the cost of shipping (which the LGS already paid, but you would have had to have paid if you bought from PSA) and other costs (such as paying an FFL to transfer the gun shipped from PSA) it will be interesting to see if they are savvy enough to deduct those costs from the price difference.

Each Visa affiliates decides on their own whether to offer price protection. A friend of mine went to work for a Visa affiliate bank last year and one of the things he noticed was they weren't charging for shipping or the FFL fee. He suggested they add a deemed $35 fee for shipping and a deemed $35 fee for FFL transfers (which would make your check $40). But rather than make that change, the bank's management decided that so few people were asking for the benefit on guns they wouldn't lose any business to just exclude them, so they revised their list of exclusions.
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I don't think they will deduct any shipping or FFL fees based on a data point from a user on a CC forum. I will let the group know. I wanted to test the price protection on a smaller transaction before I went to bigger and better things. Academy was running a buy a Taurus PT111 and get a free Heritage .22 for $249 in last weeks ad. I was tempted to buy the Taurus from Academy for $249, get the .22 and price match it for $179 from an online dealer. I do however like the idea better of supporting my LGS with price match purchases.

One more thing. It is not the bank issuing the refund on the price protection. They contract out to an insurance company. Chase uses Allianz and the eclaim form I filled out was to them.
 
Price Protection is just another gimmick, like "rewards club membership," used to generate sales. When it's pointed out it's affecting the bottom line then corporate profit managers change the rules to gut the program and some other new incentive is invented. By all means take advantage of it while you can, we'd like to hear how much back they send. Just don't forget - it didn't exist before, there is no free lunch, and most of these programs eventually fade away. Instead of lowering prices to all, it spreads them onto all those who don't participate.

Frequent flyer miles, or points for redeeming merchandise from catalogs were once common. A lot of us were raised in the days of Green Stamps at the grocery store, if you haven't heard of them, it's because they passed into history long ago. Sales incentives are legion and there's another participant born every minute according to attribution from the 1860's. That's how long it's been going on.
 
Tirod said:
Price Protection is just another gimmick, like "rewards club membership," used to generate sales. When it's pointed out it's affecting the bottom line then corporate profit managers change the rules to gut the program and some other new incentive is invented. By all means take advantage of it while you can, we'd like to hear how much back they send. Just don't forget - it didn't exist before, there is no free lunch, and most of these programs eventually fade away. Instead of lowering prices to all, it spreads them onto all those who don't participate.

Frequent flyer miles, or points for redeeming merchandise from catalogs were once common. A lot of us were raised in the days of Green Stamps at the grocery store, if you haven't heard of them, it's because they passed into history long ago. Sales incentives are legion and there's another participant born every minute according to attribution from the 1860's. That's how long it's been going on.
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I disagree with the premise of your response. Premium credit card issuers have offered this service for years and almost all farm it out to an insurance company (with the exception of Amex). I just never thought to use it for gun purchases and now I am giving it a try. Also, I could not care less about Chase or Citi's margin or profitability. What I do care about is extracting as much value out of each card as I am contractually allowed.

Frequent flier programs and associated credit cards have never been more popular. Just look at the launch of the Chase Sapphire Reserve.

I will keep the board posted on what Chase (or Allianz) sends me. If it works I am going to be buying a lot more guns through my local mom and pop gun dealer.
 
I'm certainly not trying to dissuade you from what seems a profitable practice on your part. But having been engaged in retail sales for over 45 years off and on - I perceive it as just another "sales incentive program."

Please do report your experience. There are many here who would like to take advantage of the huge discounts available.
 
As a follow up Chase paid the entire $110. I am really excited that I get to support my LGS with my purchases going forward.
 
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