CC Price Protection and Supporting your LGS

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  • erwos

    The Hebrew Hammer
    MDS Supporter
    Mar 25, 2009
    13,866
    Rockville, MD
    I saw a VERY interesting discussion on reddit about how to utilize your credit card's price protection to get close to Internet-pricing at your LGS:
    https://np.reddit.com/r/guns/comments/4ic2bz/supporting_my_lgs_and_saving_money_with_credit/

    Note that this only seems to work with a few credit cards, Mastercard, Discover and Chase Sapphire Preferred being the big ones. It does NOT work with Citi, as they exclude guns and ammo from their price protection program. There are also some limits with all the cards (generally $250 per claim), so read the terms carefully before you try exercising this feature.

    Still, this is a pretty neat trick to know about, and should help both buyers and the LGS's.
     

    protegeV

    Ready to go
    Apr 3, 2011
    46,880
    TX
    Doesn't that screw the gun shop?

    No, from my research the CC company pays the difference.

    I didn't even know this existed til now and the main cash back CC that I use has this feature with a $2500/year max. Thanks OP for the heads up!!!
     

    TylerFirearms

    , , Class-7 FFL, MRFD
    Industry Partner
    Dec 27, 2013
    1,952
    Halethorpe, MD
    I don't see how they could charge us for it. I don't deal directly with Citi or Capital One. My processor does. This is a feature provided to you from your bank or credit card company. You're not really saving money. The interest you pay goes to pay off other people's reimbursements. Other people's interest pays yours. If they didn't offer this feature, maybe they could lower the interest rates.

    Now chargebacks are a whole different ball game. If you claim you didn't receive the products or services, we get hammered in fees for that.
     

    protegeV

    Ready to go
    Apr 3, 2011
    46,880
    TX
    I don't see how they could charge us for it. I don't deal directly with Citi or Capital One. My processor does. This is a feature provided to you from your bank or credit card company. You're not really saving money. The interest you pay goes to pay off other people's reimbursements. Other people's interest pays yours. If they didn't offer this feature, maybe they could lower the interest rates.

    Now chargebacks are a whole different ball game. If you claim you didn't receive the products or services, we get hammered in fees for that.

    You are saving money if you don't pay interest. I pay for everything on my CC and I've never paid a cent of interest ;)
     

    TylerFirearms

    , , Class-7 FFL, MRFD
    Industry Partner
    Dec 27, 2013
    1,952
    Halethorpe, MD
    You are saving money if you don't pay interest. I pay for everything on my CC and I've never paid a cent of interest ;)



    You are definitely not the norm there. Most people carry thousands of dollars or more on their credit cards. Hell, when I was 22 years old I had probably $20,000 in debt, and I owned my car outright and rented an apartment. Took me 20 years to rebuild my credit... LOL
     

    erwos

    The Hebrew Hammer
    MDS Supporter
    Mar 25, 2009
    13,866
    Rockville, MD
    You are saving money if you don't pay interest. I pay for everything on my CC and I've never paid a cent of interest ;)
    Same here. That's why I found this a particularly interesting way of saving money. I think you'll still wind up paying more because of sales tax, but it'll at least be within the envelope of "Internet pricing" if your LGS can work with you to get within $250 of the Internet sale price.
     

    OrbitalEllipses

    Ultimate Member
    Jul 18, 2013
    4,139
    DPR of MoCo
    You are definitely not the norm there. Most people carry thousands of dollars or more on their credit cards. Hell, when I was 22 years old I had probably $20,000 in debt, and I owned my car outright and rented an apartment. Took me 20 years to rebuild my credit... LOL

    Wat

    I mean yeah, when I was 22 I had $18K of debt, but I paid it all off when my promotional APR went up from 0%.

    I can't actually comprehend people being tens of thousands in debt with plastic. If you're going to charge it and pay 12-25% APR on it, then you can't afford what you're buying and should walk out of the store.

    It does NOT work with Citi, as they exclude guns and ammo from their price protection program.

    That's a bummer, I was about to get a Citi Double Cash.
     

    TylerFirearms

    , , Class-7 FFL, MRFD
    Industry Partner
    Dec 27, 2013
    1,952
    Halethorpe, MD
    Wat

    I mean yeah, when I was 22 I had $18K of debt, but I paid it all off when my promotional APR went up from 0%.

    I can't actually comprehend people being tens of thousands in debt with plastic. If you're going to charge it and pay 12-25% APR on it, then you can't afford what you're buying and should walk out of the store.



    It was the early 90's, credit cards were everywhere, and I had a fiancé at the time that was quite high maintenance and liked to get things. Unfortunately, I was the one paying for it all. It was certainly a HUGE regret in my part, but after a few short decades, life is now good again. It is one mistake that I will not allow my son to make. He will be better than me.
     

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