There are undoubtedly a lot of charge card options out there, but in relation to high-end cards that offer a return on their investment, the options get fewer and farther between. Of all the premium credit cards available, the Chase Sapphire Reserve is undoubtedly one of the best known- and for good reason. Having a list of benefits a mile long, it's without question one of the most rewarding (and brag-worthy) cards available on the market. It also happens to be one of the most expensive for maintain – with a $450 annual fee, this isn't the kind of card you want to join without doing your research first. Up to now, one of the card's key attractions was its Price Protection Plan. Unfortunately, August 2021 saw Chase join the ranks of the many other credit card providers to decrease price protection from their list of benefits. Here's why you should be bothered-.
What Was The Chase Sapphire Reserve Price Protection Plan?
In very basic terms, the Chase Price Protection Plan offered cardholders the opportunity to claim the difference between the actual cost of an item and a lower advertised price (if spotted either online or perhaps in print within 90 days from the purchase date). In essence, which was it- although of course, there were several extra little considerations to bear in mind-.
Terms And Conditions
To be eligible to assert reimbursement under the Price Protection Plan, cardholders needed to abide by a few basic terms and conditions.
- They needed to be a cardholder (so far, so obvious).
- The item had to be purchased with an eligible Chase card (which, fortunately, the Sapphire Reserve so happened to be one of), or via rewards with an eligible Chase card.
- The sale date within the advertisement had to be dated within 3 months of the original purchase price.
- You (assuming you were the cardholder) would need to inform the advantages Administrator of your claim within A 3 week period of the date of the advertisement.
- All documents relating to the claim would need to be submitted within 45 days of requesting a claim form.
- The advertisement had to include a description identical to the purchased item, combined with the store/ dealer's details and date(s) of the sale period.
The beauty of the cost Protection Plan was its flexibility- and its high coverage. The plan capped out at $500 per item, having a maximum reimbursement of $2,500 each year. If you were claiming reimbursement against an advert of cash, close-out, liquidations, and going-out-of-business sales, the cap stood at $50 per item and $150 each year.
What Wasn't Covered
The Price Protection Plan was good, the cost Protection Plan was generous. What the Price Protection Plan wasn't was all-inclusive. If you would paid over the standard retail value for the below items, then too bad- the Price Protection Plan wouldn't get you your money back.
- Boats, automobiles or any other motorized vehicle or their accompaniments
- Cell phone contracts
- Items purchased for commercial purposes
- Items purchased outside the US
- Antiquities, jewelry, custom made or bespoke items, special, one-of-a-kind rarities
- Merchant rebates, shipping and delivery fees, sales tax
Why It Was Great
Why exactly was the Price Protection Plan so great, why is it so sorely missed? Consider the last time you spent months scrimping and saving for a longed-for item, the many weeks spent seeking out the cheapest price, the joy of taking it home (even if it was a few dollars over your budget) – and then the crushing frustration 2 weeks later when you saw it again, this time at half the price. Be aware of feeling? That, my friends, is why the Price Protection Plan was so great- it took a common problem and effectively eliminated it (well, less eliminated it, but at least mitigated its effect on your wallet). \”Price protection is a free benefit that some credit card issuers offer. It doesn't cost you anything, but sometimes it can save you a substantial amount of money when you are in a situation where the price drops soon after you make a purchase,\” Joe Ridout, manager of consumer services at Consumer Action, summed some misconception.
When (And Why) Was It Removed?
The Price Protection Plan was quietly dropped from the list of Chase Sapphire Reserve benefits in August 2021. Chase still had (and it has) plenty of other nice little tricks up its sleeves (including exceptional rewards on travel and dining, Extended Warranty Protection, Purchase Protection and Return Protection), but the loss of the popular Price Projection Plan from its arsenal is undoubtedly a sore point among its many loyal (and potential) customers. Why did it do it? Unquestionably, financial loss was a big factor. As Ask Sebby explains, because of mobile apps that automate the cost protection process (by effectively linking for your credit card and seeking out cheaper deals), Chase (along with other credit card companies providing the same benefit) were losing money hand over fist by continuing to offer the service. And as we all know, there is nothing a bank hates quite as much as losing money.
Is The Chase Sapphire Reserve Still Worth It?
The answer, in honesty, is \”it depends\”. Losing the Price Projection Plan has undoubtedly detracted in the overall attractiveness of the card, however it still constitutes one of the best travel cards out there. No, it's not cheap, and with an annual fee of $450 to consider, the loss of one of its key features causes it to be especially important to consider whether the card's other (admittedly extensive) benefits are sufficient to justify the cost. That said, by using it becoming an ever-increasing rarity to find any premium card that also offers price protection, it may just be we need to accept the problem, move on, and start to see the Reserve for what it is (an excellent, multi-purpose travel card with one of the most extensive and flexible benefits packages of premium cards) rather than for which its missing.