Chase cuts benefits on 1 card, is reviewing other cards’ perks

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Issuer confirms perks are under review; time to watch for a notice in the mail

Senior Reporter
Expert on consumer credit laws and regulations

card benefit changes considered

The content on this page is accurate as of the posting date. Please see the bank’s website for the most current version of card offers.

Is Chase about to drop some of its benefits for credit
card users?

Bottom line – watch your mailbox and online account pages to
find out.

As reported by The Points Guy, United MileagePlus Explorer
cards will drop price
protection and return protection as
of June 1, 2018 and trip cancellation/interruption coverage will be reduced.

Price
protection
lets you recover a drop in price on items you buy if you see
them advertised for less later. Return
protection
covers you when the seller rejects your return of an unsatisfactory
purchase.

On April 9, Doctor of Credit reported that Chase is removing
at least some of those benefits from other cards as well.

“Shame on you @Chase for removing price protection and
return protection,” the credit card website tweeted
with a link to its article.

Chase evaluating
benefits offered on its cards

Chase confirmed that the United Mileage Plus Explorer card will change its benefit
lineup, The Points Guy reported. However, Chase was mum about
changes coming for other cards – if any.

“We want to tell our customers directly if we make decisions
about how best to address their card benefits,” spokeswoman Mary Jane Rogers
said.

So, should cardholders be watching their mailbox? “Sure, we hope
they’re always tuning in to what we’re focusing on,” she added.

Rogers initially characterized the reports of benefit cuts as
“speculation,” but said she was neither confirming nor denying the published report.

In general, Chase evaluates card benefits and tries to
come up with the right mix, she said. “We’ve been looking at these things
pretty hard … some benefits end up not being as valuable.” That was the sort of
evaluation that resulted in dropping price and return protection for the United
card, she said.

“We want to tell our customers directly if we make decisions about how best to address their card benefits.”

Benefit changes not clear on all Chase cards

The Doctor of Credit story cited the removal of price
protection from an online list of benefits on the landing pages for Chase cards,
with the exception of the Sapphire Reserve card.

However, some cards still list the benefits in their online
guides. A web page for the Slate card, for example, lists price
protection among its purchase benefits.

But that also is difficult to interpret. The United
MileagePlus Explorer Card web page still lists both price
protection and return protection among its benefits. The company’s mailing –
reproduced on The Points Guy website – clearly states that the benefits will be
dropped June 1.

Other Chase cards don’t come with the threatened benefits in
the first place. Chase’s Amazon Prime Rewards card lacks price protection or
return protection.

A customer service worker reached at Chase’s toll-free
number said he had no information about any benefits being dropped. The Amazon
card does come with purchase protection, which covers some items from loss or
damage.

Trend moves away from card benefits

Card issuers have been moving away from card benefits lately, which issuers say are not widely used. Discover dropped
five auxiliary benefits
in February, although it spared price protection.

Discover cut purchase protection, return guarantee, extended
product warranty, backup auto rental insurance and flight accident coverage.

Card issuers have been moving away from card benefits lately, which issuers say are not widely used. Discover dropped five auxiliary benefits in February.

Price protection on Chase cards

The terms for Chase’s price protection policy – still posted
online for its Slate card – reimburse you for a drop in price on products you
buy with the card if a lower price is advertised within 90 days.

The benefit is good on U.S. purchases in retail stores or
non-auction websites.

Ads must document the price drop and the benefit is limited
to $500 per item, with a total ceiling of $2,500 a year.

The limits are lower – $50 per item and $150 a year – for
items advertised as closeout, liquidation or going out of business.

A number of goods are excluded such as animals and plants, autos,
boats and other motorized vehicles, cellphone service and items sold as used,
refurbished or “as is.” Claims must be filed with documentation showing the
advertised drop in price.

Return protection on Chase cards

Chase return protection will reimburse you for
unsatisfactory purchases made with the card if the merchant rejects the return,
with a limit of $500 per item and a ceiling of $1,000 a year.

That’s according to the online description
of benefits for the Chase Sapphire Reserve card. Claims must be filed
within 90 days of the purchase.

A number of goods are not eligible for coverage including
animals and plants, autos, computer software, jewelry and art, tickets, gift
cards and travelers checks.

See related: Calculate your rewards card’s value: 8-point checklist, Compare credit card extended product warranties





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