TODAY   |  December 28, 2013

The secret to getting money back on Christmas purchases

There’s a little-used credit card feature called “Price Protections,” which enables customers to get money back on a purchase if the price drops within a certain time period. TODAY’s Erica Hill interviews USA Today’s Regina Lewis.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> one of the frustrating things about that holiday shopping is that just the day after you hand out most of your gifts, everything goes on sale. well, how about a little late christmas present for you, the buyer? turns out you might be able to get some of that money back. regina lewis is a personal financial expert and contributor to " usa today ." you have fantastic tips. this is not about a price match guarantee or something you see at the store and you bring in your flyer. this is your credit card giving you a price difference back?

>> yes. they have up the ante. normally, stores offer price protection and the window is short and you have to go back to that store. the credit card companies are saying it can go down at any store or online and they will reimburse you the difference.

>> there has to be a catch on two here. it sounds too good to be true. which cards are offering them?

>> not all of them. discover hat most liberal policy. you see the list here. they will give you 500 dollars back. let's say you buy a 200 dollar television and goes down 70 and you get money back. sometimes you have to ask your bank. whoever you're banking with say do i have price protection? and if you're in the market for a card, this is the number one thing i would ask for.

>> you have a limited window as we just said. amex cards are no comrepgs. is there a limit on eligible items?

>> yes, there are pr fine jewelry or pets or one of a kind items and that may mean something that is extreme close-out or limited quantity. when i talked to the companies they said the items that people are taking advantage of this on are clearly electronics. designer jeans. shoes. the things we buy all time!

>> i know!

>> i'm so into this. i need to look this up. in terms of the process is it a real pain?

>> it takes a little doing. so the program is great because you buy the items and enter them and they will track it for you and they will send you an e-mail if the price goes down. to put this in perspective, they told me for items over a hundred dollars, 1 out of 4 of them will end up qualifying and the average refund people get back, 80 bucks. not chump change.

>> this all sounds so great. but i don't see -- if it's so great for us, why would any credit card company want to do this? what is it it for them?

>> we think loalike. i asked that question. people have multiple credit cards and they have choices to make and if it's a big ticket item they want you to pick their card and if you're buying a washer and dryer, why wouldn't you pick a card with price protection knowing they could drop a thousand dollars?

>> in their own mind they hope you won't pay to have and still make some money.

>> they assure against people filing these claims so they have that in place. plus have you together website and call them and you'll run into other things. the next thing you know you're taking out a college savings plan.

>> you're getting money back.

>> i got off the phone with discover and i got transferred six or seven times but i got there and they are sending me a form.

>> a little perseverance goes a long way.