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Top 5 Credit Cards with Price Protection in Canada for 2021

March 22, 21
13 mins
A woman pays for her purchases using her credit card at a boutique

Being money-conscious can sometimes feel like a waiting game — leaving you to flip through flyers or create alerts for when prices drop. But, how do you know you are getting the best deal when the sale finally arrives? Should you wait patiently for an even better offer?

You would hate to discover a lower price at another store just days or weeks after your purchase. Oh, the money you could have saved!

Fortunately, some credit cards offer a little-known feature called price protection. If an item goes on sale within a certain period, usually around two months, the cardholder can request the price difference, ensuring they are always paying the lowest possible price.

Here are the best credit cards in Canada that offer price protection.

Credit cards with price protection

Our top picks

Credit card

Price protection coverage

Welcome bonus

Annual fee

1. MBNA Rewards World Elite® Mastercard®

  • Up to $500 per item
  • Up to $1,000 per year
  • Earn up to 30,000 MBNA Rewards Points

$120

2. Scotiabank Passport™ Visa Infinite* Card

  • Up to $100 per item
  • Up to $500 per year
  • Earn up to 40,000 Scotia Rewards points
  • Offer expires July 1, 2021

$139

3. HSBC +Rewards™ Mastercard®

  • Up to $500 per item
  • Up to $1,000 per year
  • Earn up to 30,000 Points
  • Offer expires April 19, 2021

$25 (Rebated year 1)

4. Scotiabank
American Express® Card

  • Up to $100 per item
  • Up to $500 per year
  • Earn up to 5,000 Scotia Rewards points
  • Offer expires July 1, 2021

$0

5. KOHO Premium Prepaid Visa Card

  • Monitors the price match policy from stores
  • Get an additional 1% cash back on purchases for 90 days. Conditions apply.

$84 per year or  $9 per month

1. MBNA Rewards World Elite® Mastercard®

MBNA Rewards World Elite® Mastercard® credit card

card image
Welcome bonus
$300
MBNA Rewards points
Annual rewards
$480
MBNA Rewards points
Annual fee
$120

Flat rewards rate - Earn the same rate wherever you spend
Redeem points for travel, cash back, and more
Details at a glance Collapse details
Welcome bonus
$300
Annual rewards
$480
Flat rewards rate - Earn the same rate wherever you spend
Redeem points for travel, cash back, and more
Details at a glance Collapse details

Credit card summary

Apply for the MBNA Rewards World Elite® Mastercard® and earn up to 30,000 bonus MBNA Rewards points in the first year. Get 20,000 points when you spend at least $2,000 in the first 90 days of opening the account. Get another 10,000 points when you sign up for paperless e-statements within the same period.

Regular features and benefits of this card include:

  • Annual fee: $120
  • Annual fee for additional cards (up to nine): $0
  • Earn two points for every $1 spent on all eligible purchases.

Access the new MBNA Payment Plan feature with this card and make paying for larger purchases more manageable.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Offer expiry date: N/A subject to change without notice

Price protection service

Overview*

Coverage period:

Coverage is in effect for 60 days from the date of purchase.

Coverage amounts per item:  

$500

Coverage amounts per year:  

$1,000

Claim limitations:

The service will apply to a maximum of three identical items during the 60-day period.

*Conditions apply.

The MBNA Rewards World Elite® Mastercard® provides up to $500 per item in price protection for eligible new items purchased in Canada (maximum payment of $1,000 per calendar year).

The Price Protection Service doesn’t apply to price differences of less than $10 per item.

Cardholders must pay for the full price of the item on the card to be eligible for the service.

How it works

To use the Price Protection Service, you must keep the original receipts for your purchase and notify the credit card company by telephone as soon as you see the price difference.

The provider will give you a form to complete, and you must fill in the details within a certain period to receive payment.

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2. Scotiabank Passport™ Visa Infinite* Card

Scotiabank PassportTM Visa Infinite* Card

card image
Welcome bonus
$300
Scotia Rewards points
Annual rewards
$228
Scotia Rewards points
Annual fee
$139

Winner – Best Frequent Flyer Card
Premium card for travellers that includes strong benefits and insurance
Details at a glance Collapse details
Welcome bonus
$300
Annual rewards
$228
Winner – Best Frequent Flyer Card
Premium card for travellers that includes strong benefits and insurance
Details at a glance Collapse details

Credit card summary

New cardholders of the Scotiabank Passport™ Visa Infinite* Card can earn up to 40,000 bonus Scotia Rewards points in the first year (a $400 travel value). Earn 30,000 points when you spend at least $1,000 in the first three months. Get another 10,000 bonus Scotia Rewards points when you spend at least $40,000 annually.

Regular features and benefits of this card include:

  • Annual fee: $139
  • Annual fee for additional cards: $0 for the first supplementary card and $50 after
  • Earn two Scotia Rewards points for every $1 spent on eligible grocery, dining, entertainment, and daily transit purchases.
  • Earn one Scotia Rewards point for every $1 spent on all other purchases.

Pay no foreign transaction fees and save money as you travel. Get the Best Price Guarantee on airfare when you book through the Scotia Rewards Travel Service and travel insurance coverage. Plus, receive a complimentary Priority PassTM membership with six free visits annually.

Offer expiry date: July 1, 2021

Price protection service

Overview*

Coverage period:

Coverage is in effect for 60 days from the date of purchase.

Coverage amounts per item: 

$100

Coverage amounts per year: 

$500

Claim limitations:

The service will apply to a maximum of three identical items during the 60-day period.

*Conditions apply.

The Scotiabank Passport™ Visa Infinite* Card provides up to $100 per item in price protection for eligible new items purchased in Canada (maximum payment of $500 per calendar year).

The Price Protection Service doesn’t apply to price differences of less than $10 per item.

Cardholders must pay for the full price of the item on the card to be eligible for the service.

How it works

To use the Price Protection Service, you must keep the original receipts for your purchase and notify the credit card company by telephone as soon as you see the price difference.

The provider will give you a form to complete, and you must fill in the details within a certain period to receive payment for the price difference.

3. HSBC +Rewards™ Mastercard®

HSBC +Rewards™ Mastercard®

card image
Welcome bonus
$175
HSBC Rewards Points
Annual rewards
$144
HSBC Rewards Points
Annual fee
$25

Best Credit Card for Paying Down Your Balance
A rare low interest card earing you rewards redeemable on travel or statment credits
Details at a glance Collapse details
Welcome bonus
$175
Annual rewards
$144
Best Credit Card for Paying Down Your Balance
A rare low interest card earing you rewards redeemable on travel or statment credits
Details at a glance Collapse details

Credit card summary

Apply for the HSBC +Rewards™ Mastercard® to earn up to 30,000 bonus points when you spend at least $2,000 in the first 180 days of opening the account. Plus, get an annual fee rebate for the primary cardholder for the first year (a $25 value).

Regular features and benefits of this card include:

  • Annual fee: $25
  • Annual fee for additional cards: $10
  • Get two points for every $1 spent on eligible dining and entertainment purchases.
  • Get one point for every $1 spent on all other purchases.

Take advantage of the low-interest rate on purchases, balance transfers and cash advances — also, access shopping coverage and the price protection service.

This offer is not available for residents of Quebec. For Quebec residents, please click here.

Offer expiry date: April 19, 2021

Price protection service

Overview*

Coverage period:

Coverage is in effect for 60 days from the date of purchase.

Coverage amounts per item: 

$500

Coverage amounts per year: 

$1,000

Claim limitations:

The service will apply to a maximum of three identical items during the 60-day period.

*Conditions apply.

The HSBC +Rewards Mastercard provides up to $500 per item in price protection for eligible new items purchased in Canada (maximum payment of $1,000 per calendar year).

The Price Protection Service doesn’t apply to price differences of less than $10 per item.

Cardholders must not return the item.

How it works

To use the Price Protection Service, you must keep the original receipts for your purchase and notify the credit card company by telephone as soon as you see the price difference.

The provider will give you a form to complete, and you must fill in the details within a certain period to receive payment for the price difference.

4. Scotiabank American Express® Card

Scotiabank®* American Express® Card

card image
Welcome bonus
$50
Scotia Rewards points
Annual rewards
$240
Scotia Rewards points
Annual fee
$0

Flexible rewards can be redeemed for travel, statement credtis and more.
Includes strong travel perks for a no fee card, including full service travel agency
Details at a glance Collapse details
Welcome bonus
$50
Annual rewards
$240
Flexible rewards can be redeemed for travel, statement credtis and more.
Includes strong travel perks for a no fee card, including full service travel agency
Details at a glance Collapse details

Credit card summary

For a limited time, earn 5,000 bonus Scotia Rewards points when you spend at least $500 in purchases in the first three months with the Scotiabank American Express® Card.

Regular features and benefits of this card include:

  • Annual fee: $0
  • Annual fee for additional cards: $0
  • Get one Scotia Rewards point for every $1 spent on all purchases.

Get basic travel insurance coverage on the card and access travel offers with Scotia Rewards Travel Advantage.

Offer expiry date: July 1, 2021

Price protection service

Overview*

Coverage period:

Coverage is in effect for 60 days from the date of purchase.

Coverage amounts per item: 

$100

Coverage amounts per year: 

$500

Claim limitations:

The service will apply to a maximum of three identical items during the 60-day period.

*Conditions apply.

The Scotiabank American Express® Card provides up to $100 per item in price protection for eligible new items purchased in Canada (maximum payment of $500 per calendar year).

The Price Protection Service doesn’t apply to price differences of less than $10 per item.

Cardholders must pay for the full price of the item on the card to be eligible for the service.

How it works

To use the Price Protection Service, you must keep the original receipts for your purchase and notify the credit card company by telephone as soon as you see the price difference.

The provider will give you a form to complete, and you must fill in the details within a certain period to receive payment for the price difference.

5. KOHO Premium Prepaid Visa Card

KOHO Premium Prepaid Visa Card

card image
Welcome bonus
$44
KOHO Money Back Rewards
Annual rewards
$309
KOHO Money Back Rewards
Annual fee
$84

A rare prepaid card with low fees, perks and great cash back rewards.
Enjoy no foreign exchange fees.
Details at a glance Collapse details
Welcome bonus
$44
Annual rewards
$309
A rare prepaid card with low fees, perks and great cash back rewards.
Enjoy no foreign exchange fees.
Details at a glance Collapse details

Credit card summary

New cardholders of the KOHO Premium Prepaid Visa Card can earn an additional 1% cash back on all purchases for the first 90 days when they sign up with a referral code and refer a friend. Cardholders can earn up to 10% cash back for 90 days. Conditions apply.

Related read: Building Credit Just Got Easier

Regular features and benefits of this card include:

  • Annual fee: $84 per year or $9 per month
  • Annual fee for additional cards: $0
  • Earn 2% cash back on grocery, dining, and transportation purchases.
  • Earn 0.5% cash back on all other purchases.

Pay no foreign transaction fees on purchases abroad or online through foreign merchants. Plus, access free financial coaching via the app.

Offer expiry date: N/A subject to change without notice

KOHO Price Match

Overview*

Coverage period:

Coverage is in effect for 14, 30, or 60 days. It depends on individual store policies.

Coverage amounts per item: 

N/A

Coverage amounts per year: 

N/A

Claim limitations:

This feature only applies to transactions at stores with a price match policy.

*Conditions apply.

The KOHO Premium Prepaid Visa Card offers price matching, which is similar to price protection.

How it works

Cardholders can snap a photo of their receipts, and KOHO will monitor the items to see if they go on sale — ensuring the user pays the lowest price.

The cardholder can see a magnifying glass icon in their transaction history to see which purchases are eligible for the service. They can then send in a photo of their receipt, including the store’s name, purchase date and purchase price through the app.

The account will be automatically credited when KOHO finds a deal.

How does price protection work?

Cardholders with price protection may qualify for the service when they charge an item’s full price to their card.

If the cardholder discovers an identical product for sale in Canada (in Canadian dollars) at a lower price, they can submit a request for the price difference.

Additionally, items must be identical in brand, model number, features, and finer details to receive a payment.

The cardholder’s gifts may also qualify for the service; however, the account holder must be the person to make the request, not the recipient.

When are you covered?

Purchase protection typically stays in effect for 60 days from the date of purchase. Though, cardholders usually have anywhere from 60 to 120 days to contact the company and complete the price protection request.

In simple terms, if cardholders find an item drops in price within 60 days, they may be eligible for the price difference and should submit a request as soon as they can. Saving the details is a crucial step to getting a reimbursement.

What does the service include?

Price protection usually covers eligible new items. However, each credit card will offer slightly different services.

The following items don’t usually qualify for reimbursements under price protection:

  • Money or cash-like items such as travellers cheques, precious metals, or negotiable instruments
  • Tickets
  • Stamps
  • Plants and animals
  • Perishable items such as food
  • Motorized vehicles, including cars, planes, boats, scooters
  • One-of-a-kind items
  • Used goods, including refurbished items
  • Services related to items, including insurance or duty

Some things that don’t qualify for price protection may fall under one of the credit card’s insurance coverages like an extended warranty or purchase protection — although the item must typically be lost, stolen or damaged to qualify.

How to file a request

Read the insurance certificate that comes with your credit card to find the exact details pertaining to your card. It is a good idea to do this before you ever need to make a request.

You will need to contact your credit card company within 60 to 120 days from the purchase date to qualify for the price protection service. The specific period varies by company.

Gather the receipt, including the store name, purchase price, date and any other relevant paperwork about the sale or price reduction for your request.

Lastly, you will need to complete the request form and send it to the company within the time frame they provide.

Requests may be denied if the forms are late or you have reached your maximum payment amount for the calendar year.

How to be proactive with price protection

KOHO Price Match tracks cardholder’s recent transactions when they submit their eligible receipts. The service automatically credits the difference when a lower price is detected.

In terms of price protection, most credit cards require the cardholder to submit a request when they find the items they’ve bought at a better price. It can be beneficial to monitor your recent purchases with a price comparison app or a browser extension like Honey. Often these tools are free and can alert you when products go on sale.

You can track your small- and big-ticket items and submit a request as soon as you get the price drop notification.

Other shopping coverage

While price protection is a rare benefit found on a few credit cards, most cards offer some shopping coverage.

Purchase protection

Purchase protection, also known as purchase assurance or purchase security, typically covers lost, stolen, or damaged purchases within a specific period. Usually, the item’s total or partial cost needs to be charged to the card to qualify.

Related read: Credit Card Perks: Extended Warranty and Purchase Protection

Extended warranty

Many credit cards offer this benefit for purchases that have a manufacturer’s warranty. As the name implies, this coverage extends the product’s original warranty to cover flaws or defects for a few additional years.

Rates, product information, and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. The views and opinions expressed in this review are purely those of RATESDOTCA. Information in this article is accurate as of the date of this posting, March 22, 2021. Read our full disclaimer.

Hayley Vesh

Hayley Vesh is a creative, resourceful, and knowledgeable content producer who is passionate about financial literacy, storytelling, and generating ideas. She writes about credit cards, savings, debt management, and personal finance. In her spare time, Hayley can be found wandering in the woods, hunting for second-hand treasures, or curled up with a steeped tea and a good podcast.

Find Hayley Vesh on LinkedIn.

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