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Top 5 Credit Cards with Price Protection in Canada for 2021

March 22, 2021
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®

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$205
+ Annual rewards
$340
- Annual fee
$0
Total first year value
$545
MBNA Rewards Platinum Plus® Mastercard®

card image
Welcome bonus
$205
MBNA Rewards points
Annual rewards
$340
MBNA Rewards points
Annual fees:
$0
Interest rates:
19.99% on purchases • 24.99% on cash advances
2024 Winner - Best No-Fee Travel Credit Card
Details at a glance Collapse details
Welcome bonus
$205
Annual rewards
$340
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$205
+ Annual rewards
$340
- Annual fee
$0
Total first year value
$545
Annual fees:
$0
Interest rates:
19.99% on purchases
24.99 on cash advances
2024 Winner - Best No-Fee Travel Credit Card
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

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$300
+ Annual rewards
$354
- Annual fee (First Year Waived)
$0
Total first year value
$654
Scotiabank Passport® Visa Infinite* Card

card image
Welcome bonus
$300
Scotia Scene+ Points
Annual rewards
$354
Scotia Scene+ Points
Annual fees:
$150 (First Year Waived)
Interest rates:
20.99% on purchases • 22.99% on cash advances
Enjoy comprehensive travel insurance and no FX fees
Details at a glance Collapse details
Welcome bonus
$300
Annual rewards
$354
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$300
+ Annual rewards
$354
- Annual fee (First Year Waived)
$0
Total first year value
$654
Annual fees:
$150 (First Year Waived)
Interest rates:
20.99% on purchases
22.99 on cash advances
Enjoy comprehensive travel insurance and no FX fees
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®

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

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$50
+ Annual rewards
$384
- Annual fee
$0
Total first year value
$434
Scotiabank®* American Express® Card

card image
Welcome bonus
$50
Scotia Scene+ Points
Annual rewards
$384
Scotia Scene+ Points
Annual fees:
$0
Interest rates:
19.99% on purchases • 22.99% on cash advances
Flexible rewards can be redeemed for travel, statement credtis and more.
Includes rare mobile device insurance on a no fee card
Details at a glance Collapse details
Welcome bonus
$50
Annual rewards
$384
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$50
+ Annual rewards
$384
- Annual fee
$0
Total first year value
$434
Annual fees:
$0
Interest rates:
19.99% on purchases
22.99 on cash advances
Flexible rewards can be redeemed for travel, statement credtis and more.
Includes rare mobile device insurance on a no fee card
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

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$309
- Annual fee
$228
Total first year value
$81
KOHO Everything Mastercard® Prepaid Card

card image
Welcome bonus
$0
KOHO Money Back Rewards
Annual rewards
$309
KOHO Money Back Rewards
Annual fees:
$228
Interest rates:
N/A on purchases • N/A on cash advances
A rare prepaid card with perks and great cash back rewards.
Enjoy no foreign exchange fees.
Details at a glance Collapse details
Welcome bonus
$0
Annual rewards
$309
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$309
- Annual fee
$228
Total first year value
$81
Annual fees:
$228
Interest rates:
0.0% on purchases
0 on cash advances
A rare prepaid card with perks and great cash back rewards.
Enjoy no foreign exchange fees.
Details at a glance Collapse details