It’s another week of bad news in the elite credit card sphere. Last week, Citi Prestige® Card announced it would slash seven major cardholder benefits with new policies in effect from July 29, 2018.
Now, Chase Sapphire Reserve Card has announced it will remove two major cardholder benefits: Price Protection and its unlimited complimentary guest policy at Priority Pass™ lounges and restaurants. This change in benefits goes into effect on August 26, 2018. What you need to know below.
Surprisingly, Chase Sapphire Reserve Card is ditching its Price Protectionpolicy entirely.
Price Protection is an insurance that covers price drops, insomuch that cardholders can be reimbursed the difference in price on most products if recorded at a lower price in a printed advertisement at any retail store or nonauction Internet advertisement.
Currently, if you pay for an item entirely with your Chase Sapphire Reserve Card or use the card’s rewards points for the purchase, you are entitled to the card’s Price Protection. Meaning, if the same item is found at a lower price within 90 days of purchase, it meets the eligibility requirements for you to be reimbursed the price difference with a maximum coverage of $500 per item and $2,500 annually.
Starting August 26, cardholders will lose this benefit completely. The Platinum CardTMfrom American Express and the American Express Gold Card revoked this benefit long ago. U.S. Bank Altitude Reserve Visa Infinite® Card never offered it.
Citi Prestige Card is devaluing its Price Protection policy, effective July 29, to $200 per item and $1,000 per year. Chase Sapphire Preferred Card is rumored also to be removing Price Protection in July, though this has yet to be confirmed. That said, it is no longer being listed as a benefit on the Chase Sapphire Preferred website.
This means that as of August 26, within the elite credit card sphere, the Citi Prestige Card and the trio of Luxury Cards (Mastercard® Black Card™, Mastercard® Gold Card™, and Mastercard® Titanium Card™) will be the only credit cards offering Price Protection. The Luxury Cards will have the most generous policy. If the same item is found at a lower price 120 days after purchasing on one of the Luxury Cards, it meets the eligibility requirements for you to be reimbursed the price difference with maximum coverage per item of $250 and annual coverage up to $1,000.
Priority Pass Select Access
Chase Sapphire Reserve Card will soon be putting a limitation on its as-of-now exceptionally generous unlimited guest policy with Priority Pass.
The Priority Pass lounge network is the largest independent airport lounge access program in the world. Priority Pass Select membership is complimentary for cardholders of the Citi Prestige Card, Chase Sapphire Reserve Card, Mastercard Black Card, Mastercard Gold Card, The Platinum Card from American Express, and U.S. Bank Altitude Reserve Visa Infinite® Card.
Currently, holders of the Chase Sapphire Reserve Card, Mastercard Black Card, and Mastercard Gold Card are able to bring an unlimited number of guests into a Priority Pass lounge or restaurant on a complimentary basis.
Effective August 26, Chase Sapphire Reserve cardholders will be allowed to bring only two complimentary guests per visit. This is the same policy in effect currently for the Citi Prestige Card and The Platinum Card from American Express. Each additional guest will cost $27. This leaves Mastercard Black Card and Mastercard Gold Card as the only two cards in the credit card market offering an unlimited guest policy.
In a bad attempt to soften this harsh news, the Chase Sapphire Reserve Card has reannounced digital Priority Pass membership for its cardholders. However, digital membership is not accepted at all lounges, so you still would need to carry your membership card with you. This makes the digital card a bit pointless, in our opinion.
On a more positive note, Chase promises enhancements to its Chase Ultimate Rewards® portal to be unveiled on August 26. Details are vague at this point. Chase says there will be expanded travel options, and new, unique events and experiences bookable with points.