How to Protect Your Money Now That Chase Price Protection is Gone
Chase recently announced it would be removing price protection from all its credit cards. Many Chase cardholders were understandably upset about the change. The good news is, you still have other ways to benefit from price protection. The Cheat Sheet spoke with Oded Vakrat, co-founder and CEO of Earny, a consumer advocate service that claims refunds for shoppers when prices drop. He explained the new landscape and how consumers can use Earny to save money on future purchases. Here’s what he had to say.
The Cheat Sheet: Can you explain to our readers what price protection is and how it works?
Oded Vakrat: Price protection is a benefit that some credit card issuers provide to their cardholders at no cost. It allows cardholders to be reimbursed for the difference between what they paid and the better price they found. If they make a purchase and then see the identical item on sale for less within a specific time frame (60-90 days depending on the card issuer), then they will be refunded.
CS: Why is Chase canceling price protection?
OK: We can’t speak to why Chase is canceling price protection. What I can share is that at Earny, we’ve seen our shoppers become obsessed with price protection. Our app has been downloaded millions of times by customers who care about price protection. Roughly 40% of Earny customers who did not previously have a price protected credit card open up a new card with price protection after discovering Earny. According to a recent third-party survey we did, 73% would apply to a credit card if they knew its price protection benefit could offer up to $2,500 back per year.
CS: Now that Chase price protection is gone, what other options do consumers have?
OK: Citibank has a great price protection policy and our Citibank cardholders are really engaged with their card benefits.
CS: What are some common ways consumers are using price protection?
OK: Consumers use price protection to get money back on items they bought that later go on sale or dip in price. However, the process of filing the claim by hand is tedious and inefficient. It can take as long as an hour to file one claim. Since Earny automated this filing process, millions seek automated price protection. Earny’s automation of price protection eliminates the stress of trying to shop only during sales or shopping for overpriced seasonal items that will later be on sale. With Earny, consumers no longer have buyer’s remorse knowing they will get their money back as soon as the price drops.
CS: What is Earny and how does it work?
OK: Earny is a consumer advocacy service that automatically gets shoppers’ money back on almost every item they buy by finding better prices, tracking price adjustments, and getting back the difference. When users receive an electronic receipt after purchasing an item at major stores such as Target, Amazon, Best Buy, Bloomingdale’s, Nordstrom, and more, the Earny bot automatically analyzes the information from the receipt in their inbox to see what item was bought and starts searching for a better price.
Earny will then reach out to the retailer on the user’s behalf to claim the difference. Currently, Earny covers all credit cards from Citibank, and all Mastercard for Bank of America, US Bank, Capital One, Barclays, and First Premier Bank credit cards.
CS: Anything else to add?
OK: We’ve seen a huge increase in consumer interest in price protection. We’ve submitted millions of price protection claims in the past year. Some Earny shoppers have gotten more than $2,200 back in a year and more than $800 back in a single refund.
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