Credit card companies are taking a hatchet to their benefits for customers — and there’s no end in sight.
Chase gets ready to eliminate Price Protection and Return Protection
As of Sunday, August 26, Chase no longer offers Price Protection or Return Protection to its customers. Customers were informed of the changes earlier this summer.
Price Protection is a beloved benefit that’s available across several card networks. In general, it promises to refund the difference in price between an item you buy and an advertised sale price that may pop up on that same item anytime between 60 and 90 days down the road.
But Chase went one step further than Citi did and axed its version of price protection completely.
Also shut down at Chase is Return Protection, which makes it up to customers if they buy something they’re unhappy with and the merchant refuses to take it back and refund their money. Chase previously offered up to $250 for each eligible item with a $1,000 annual maximum as part of its current return protection policy — but all you’ll get is a big, fat goose egg now.
Yet as Chase taketh away, the card issuer also giveth. Cardholders of select products like the Chase Freedom Visa Platinum now have Trip Cancellation/Interruption Insurance added to their card.
The added coverage will provide reimbursement of up to $1,500 per person and $6,000 per trip for pre-paid, non-refundable passenger fares. To meet the criteria to get the money, your trip must be canceled or cut short by sickness, severe weather or other covered situations.
Money expert Clark Howard has long recommended trip insurance for cruises and for when you’re going to be touring or traveling on a trip that requires prepayment of thousands of dollars.
So on the plus side, Chase’s addition of cancellation/interruption insurance for some customers could negate the need for them to buy third-party trip insurance. Just be sure you read through Chase’s policy carefully to see what it covers and what it excludes before deciding to forego traditional trip insurance you might buy elsewhere.
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