Changing times and changing consumer behavior means that credit card companies will no longer be providing their previous range of benefits. Learn what you're missing and take advantage of resources that keep you one step ahead of the change.
What Am I Missing?
As of February 2018, Discover cardholders were no longer granted return guarantee, purchase protection, extended warranty protection, auto rental insurance and flight accident insurance.
In April 2018 Chase ended price protection, return protection and trip cancellation coverage.
As of July 2018, Citi terminated roadside assistance and lost baggage protection on some of their cards.
Discover, Chase and Citi all cited "lack of use" as a primary reason for discontinuing benefits. Take the "best price guarantee" benefit, for example. Best price guarantee ensures the credit card company will pay the difference in price on a product already purchased by the cardholder if the cardholder finds the same product at a cheaper price. Programs like this cost credit card companies money, and if cardholders aren't taking advantage of the benefits, it doesn't pay to keep them around.
To be fair, this "lack of use" probably isn't a result of lack of interest. According to Marketing Strategies, 80% of consumers are unclear on their card benefits, and over half "know little to nothing" about their additional credit card features.
There's an App for That
It's no surprise that in the digital marketplace, apps have replaced credit cards to provide similar benefits to consumers. With Paribus, you're given a refund. Earny takes a quarter of the refund, but Paribus is free. These apps are automatic and easy and therefore preferred over credit card benefits by consumers. us and Earny both look for better prices on items you've purchased. If they find a better deal
Better for You
Don't worry, credit card companies are using their additional resources to bring you benefits you'll actually enjoy. Perks like cash back rewards, low interest rates and no annual fee are making their way onto the scene.
If you're worried about what credit card benefits you still have available, log in online or sign into your account's/credit card company's mobile app and see for yourself. Benefits like car rental insurance and flight cancellation insurance can still come in handy and save you money when you travel. Stay informed and happy swiping!