ladies and gentlemen I've got some sad news for you today Citi is taking the
flamethrower to its previously superb purchase protection offered to most card
holders benefits are being gutted to just about nothing and the points in
miles community is rightfully in a tizzy hopefully I'm going to make today's
video short so let's get to it for those new my name is Aaron also known
as A-A-Ron and as always if I can make sense of the points and miles game you
can make sense of the points in miles game what we've got is a massive
devaluation across nearly all Citi cards in the form of a huge nerf to various
purchase protections and insurances according to memos being sent to current
card holders here's what's being cut effective September 22nd 2019 world wide
car rental insurance trip cancellation and interruption protection worldwide
travel accident insurance trip delay protection baggage delayed protection
lost baggage protection medical evacuation city price rewind 90 day
return protection and missed event ticket protection will be discontinued
and will no longer be provided for purchases made on or after that date
coverage for purchases made before that date will continue to be available and
you may continue to file for benefits in accordance with the current benefit
terms roadside assistance dispatch services and travel and emergency
assistance will be discontinued and will not be available on or after September
22nd 2019 we are making these changes so that we can continue providing the key
benefits that our customers use and value most at no additional cost this
change requires no actions on your part see FAQ is under card benefits for
answers to frequently asked questions regarding these changes
as a card member you will continue to receive a range of other card benefits
included FICO credit score Citi identity theft solutions and Citi entertainment
in addition we will soon be announcing exciting new card benefits this is a
massive blow to the value of affected cards as of filming we know the City
prestige and premier Citi American and Airlines AAdvantage cards Citi dividend
Citi double cash and AT&T access cards are all being effective the most
mind-boggling thing to consider here is that some of the best travel related
protections are being removed from cards that specifically target the travel
center crowd I just get the sense that either Citi thinks their clients are
really dumb or they're hoping this goes unnoticed when pressed by TPG Citi
responded Citi continuously evaluates our products to ensure that associated
benefits best meet the needs of our customers due to sustained low usage we
will no longer offer select credit card benefits such as city price rewind and
trip cancellation and interruption protection as of September 22nd 2019 so
that we can continue providing key benefits our customers use and value
most at no additional cost that sounds like a lie wrapped in a turd burrito if
I've ever heard one this is insurance is it a low number of
claims exactly what one would want if one was the underwriter this would be
like a health insurance company dropping coverage for a rare disease because not
that many people are affected by it their response makes no sense and leads
me to believe that in addition to being dumb Citi thinks their customers are
also gullible well none of this is good news the most devastating dingleberry in
this number 2 sandwich has to be the loss of price rewind it's particularly
heartbreaking because it's a benefit not really duplicated elsewhere by any other
issuers if anyone was unfamiliar with this perk it essentially reimbursed card
holders the difference in price if an item went on
sale or was later offered at a lower price within 60 days of purchase it was
fantastic and now it's gone shame on you Citibank as far as effects
on valuations I've previously placed a value of two hundred dollars annually on
price rewind and $100 on miscellaneous insurances I've always felt these were
conservative values considering each could be theoretically milked for
thousands furthermore when evaluating the best travel cards of 2019 a video a
link to below I calculated a year one Netafim of two thousand three hundred
ninety-eight dollars for the city prestige and one thousand seven hundred
thirteen dollars for the Citi Premiere these now dropped to two thousand ninety
eight dollars and a one thousand four hundred and thirteen dollars
respectively but there's another potentially
overlooked side effect from the disappearance of trip protection and
rental car insurances the bonus earned categories of travel are now less
valuable because it's less tempting to put spend on a Citi card
I'd much rather get three Ultimate Rewards per dollar on my Sapphire
Reserve that still comes with excellent coverage then five thank you points that
not only are worth less on a per point basis and that now come with nothing in
the way of peace of mind like I said I wanted to keep this a short video so I
won't go further into the weeds the Citi Prestige is still a valuable card but
its overall value especially compared to its direct competitor the Chase Sapphire
Reserve has taken a hit its fourth night free perk despite being limited to two
uses per year and its 250 dollar annual travel credit can still cover the cost
of the cards annual fee alone on the other hand I can see no scenario in
which I'd rather have a Citi Premiere over its direct competitor the Sapphire
Preferred though the premiere earns three points per dollar on travel as
opposed to chases to ultimate rewards are worth more than thank-you points I
now consider the Citi Premier the least compelling
travel card from a value proposition in the semi-premium category and that will
about do her for today if you found any of this useful a like share or sub would
be greatly appreciated okay take care