Bye Bye Citi price rewind and most of their cards’ travel benefits

[Shadowfactor]

The travel insurance was part of the reason I got the Prestige as I plan to axe the CSR. I use my platinum for a lot of flights but in those times where it’s a personal trip I will usually use a card with insurance for peace of mind especially on separate tickets.

Between seeing how bad the TY 4NF portal really is for international trips and the loss of insurance. I’m not sure my Prestige will make it past year 1.

[calyx]

Well **bleep**.   
I was excited to get in with Citi when rebuilding, and appreciated the extras (even with the secured card), but now I'm a lot less excited about graduating/PCing the card.

[Anonymous]

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@wasCB14 wrote:

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@Anonymous wrote:

Very bad move on Citi’s part.  Going to be hard for them to compete especially in the high end travel card market.

https://www.doctorofcredit.com/citi-removing-most-benefits-from-all-cards-on-september-22-trip-cancellation-trip-delay-return-protection-car-rental-ticket-protection-etc/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+DoctorOfCredit+%28Doctor+Of+Credit%29

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For all the jabs I've made at Barclays for their Titanium/Black/Gold cards, those cards may end up being comparative bargains.

Two years ago, Prestige was arguably the best $450 card. About one year ago, it still had the 3-hour delay coverage. It's hard to make sense of where they're going with this.

I expect Costco required them to keep the extended warranty on that card. It's often used as a selling point on in-store advertising.

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I don't understand their thinking either.  It's one thing to take away these travel benefits from no or low AF cards but from the Prestige?  Give me a break.  I still get my $450 from them because of the 4th night free and travel credit but the card is so devalued over what it once was, they should rename the card to 'Less Prestigious'.  Makes no sense when their competitors in the high travel card market offer these benefits

[Anonymous]

womp womp! such a shame

[coreysw12]

I've had my Citi card w/ price rewind for almost a decade, and in all those years I've never had a single purchase get "rewinded".

[wasCB14]

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@coreysw12 wrote:

I've had my Citi card w/ price rewind for almost a decade, and in all those years I've never had a single purchase get "rewinded".

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How many purchases did you register on citipricerewind.com?

[yfan]

All this is almost undoubtedly a counterbalance against the rewards, which takes a bite out of Citi's margin.

I have 3 cards from Citi: the Double Cash (MC), a Diamond Preferred (MC), and Costco (Visa). The 3 cards all had notices, but the nerf extents were different. DC had everything cut like mentioned here, but the Diamond is only cutting "Worldwide Car Rental Insurance, Trip Cancellation & Interruption Protection, Worldwide Travel Accident Insurance, Citi® Price Rewind, and 90 Day Return Protection", for example, leaving things like Extended Warranty in place. Costco Visa had the least amount of nerfing, eliminating only "Trip Cancellation & Interruption Protection and Citi® Price Rewind", and leaving in place everything, including other travel and shopping benefits like travel accident insurance.

The DC is a 2% cashback card, which means that Citi basically makes no money from DC customers who PIF. Actually they might be losing money since on average, Mastercard has an interchange rate of less than 2%. So no wonder it sees the biggest drop.

The Diamond Preferred is not a rewards card at all (except for specific promos), and in theory Citi gets to keep all the swipe fee. So its benefits don't get nerfed as badly.

The Costco Visa is a different animal. While Citi gave up a ton in terms of in-warehouse swipe fees in order to get the Costco deal, the rewards on the Costco Visa is shared with - if not predominantly doled out by - Costco, so Citi doesn't have to eat all the cost. Plus, I am sure they can't actually make changes without getting Costco's approval. Not at all surprised to see that it's the one that got the least amount of benefit reduction.

So I'm pretty sure this is about the cost of benefits balanced against the net swipe fee (swipe fee - rewards) for each of the products. And my guess is Citi isn't the only bank that will be doing this.

[coreysw12]

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@wasCB14 wrote:

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@coreysw12 wrote:

I've had my Citi card w/ price rewind for almost a decade, and in all those years I've never had a single purchase get "rewinded".

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How many purchases did you register on citipricerewind.com?

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I didn't even know that was a thing, ha! I just assumed it was an automatic thing. That would explain it. Oh well, like I said I always shop around for best prices anyways so I doubt it would've helped me much.

[Brian_Earl_Spilner]

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@coreysw12 wrote:

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@wasCB14 wrote:

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@coreysw12 wrote:

I've had my Citi card w/ price rewind for almost a decade, and in all those years I've never had a single purchase get "rewinded".

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How many purchases did you register on citipricerewind.com?

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I didn't even know that was a thing, ha! I just assumed it was an automatic thing. That would explain it. Oh well, like I said I always shop around for best prices anyways so I doubt it would've helped me much.

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Lmao! I hate my PlayStation card because I have to fill out a form (a paper form, btw) every time I buy something sony, to get my 5x points. Didn't even bother with my last 2. Only reason I keep it around is because of the design.

[Shadowfactor]

Has anyone logged in and not been notified about the changes.

No notice on 4 separate Citi logins. AA personal, AA business , Premier and Prestige.

Kinda odd that I haven’t received a pop up yet