(NEW YORK) — Citi credit card users will now be able to avoid a shopper’s greatest fear: bad timing.
“Price Rewind,” a new service by Citi, protects customers who buy an item just before its price drops — by sending them a check to make up the difference.
If you buy $750 worth of holiday gifts — the amount the National Retail Federation says the average shopper will spend this year — and pay with your Citi card, you can register the purchases on Citi’s Price Rewind site. After that, for 30 days, Citi will scour hundreds of websites looking for a lower price on your item. If it finds one, it will refund you the difference up to $250.
The giant credit card company is shrewdly kicking off this service during the hot-and-heavy holiday shopping season, but says it’s here to stay and will be available year-round.
“We’ve found a lower price for one-out-of-four registered purchases over $100,” said Ralph Andretta of Citi. “During the holiday season when the clock is ticking on getting popular gifts and toys, our customers can make their purchases…with more confidence.”
Under the new plan, an item’s price must drop $25 to qualify for repayment.
Copyright 2012 ABC News Radio
Cristina Alesci Seth Fiegerman and Charles Riley, CNN
Jeff Peterson, Deseret News
Ahiza Garcia, CNN
Susie East, CNN