Say it isn’t so, Citibank! The issuer is the latest to announce that it's eliminating a variety of credit card benefits. Perks being discontinued across its lineup of Citi credit cards include Citi Price Rewind, as well as trip cancellation and interruption protection. Depending on what Citi card you have, you could be losing a lot more, too.
The changes — which went into effect Sept. 22, 2019, and apply to cash-back cards and travel cards alike — are "due to sustained low usage" and are happening "so that we can continue providing key benefits our customers use and value most at no additional cost," according to a Citi statement. » MORE: Why credit card 'side perks' are disappearing
What's going away?
Citi cardholders who log into their accounts may see a pop-up detailing the exact benefits being removed from their cards, which will vary depending on the Citi card. You can also call the number on the back of your card, but Citi confirmed that all cards will lose the following:
Citi Price Rewind (a form of price protection).
Trip cancellation and interruption protection.
Other departing perks, depending on the Citi card, include:
Worldwide car rental coverage.
Worldwide travel accident insurance.
Baggage delay and lost baggage protection.
Travel and emergency assistance.
Roadside assistance dispatch.
Trip delay protection.
Damage and theft purchase protection.
Missed ticket protection.
90-day return protection.
Again, contact Citi to find out how your card may be affected.
All mentions of these benefits have already been scrubbed from Citi's website, including its Card Benefits page. Some perks will remain available on select cards, including Citi Identity Theft Solutions, Citi Entertainment perks and free access to FICO® Credit Scores.
Nerd tip: Citi confirms that the Costco Anywhere Visa® Card by Citi will be losing trip cancellation and interruption protection as well as Citi Price Rewind, but that it will continue to offer worldwide car rental insurance, worldwide travel accident insurance, roadside assistance dispatch, travel and emergency assistance, damage and theft protection, extended warranty, FICO Credit Score, Citi Identity Theft Solutions, and Citi Entertainment.
What this means for you
All Citi cardholders will experience a significant loss of value with this move, but the severity of the blow depends on which Citi cards you have and how often — or whether — you use these side benefits.
Citi Price Rewind, in particular, has long been a defining feature for the issuer, especially as cards have begun to eliminate price protection as a standard perk. With Citi Price Rewind, if you find an item online at a lower price within 60 days of your purchase made with an eligible Citi card, you may receive the difference, up to $200 per item, $1,000 per year. (Citi had already pared back this benefit in summer 2018 from a maximum of $500 per item, $2,500 per year.)
Unlike other price protection policies, Citi Price Rewind takes a lot of the work out of the process, tracking online prices for you, as long as you've registered the purchase.
If you have a credit card with this benefit, you will still have coverage for purchases made prior to Sept. 22, 2019.
As for the loss of other purchase and travel protections, you may miss some more than others. In particular, the loss of car rental coverage may sting, especially since — unlike with a benefit such as price protection — there's typically no tracking or paperwork involved to receive the coverage. You merely have to pay for the rental with the eligible credit card and then decline the rental car company's collision coverage.
Perks like rental car coverage, extended warranty and other protections are standard on many competing travel credit cards, so if these side benefits are important to you, it's worth researching your options.