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On the heels of a few disappointing changes to Chase credit cards last month (the bank suddenly and silently) and rumors that the , there’s more bad news for Chase cardholders.
According to a, the card will undergo a significant devaluation on August 26 — just over two years after .
There are three key aspects to this update:
This announcement appears to be an internal document, as it references early May as the time customers will be notified. The changes are scheduled to go into effect on August 26. The Points Guy has reached out to Chase for confirmation.
Depending on how you use the card’s benefits, these modifications could have a major impact on your experience with the card.
The first change noted should hit everyone about the same: a loss of 900 points ($300 x 3 points) per year. At the very least, that’s a loss of $9 cash back, or $13.50 in travel purchases made through the Chase travel portal. At current, that’s a loss in value of $18.90 per year.
The Priority Pass Select benefit really stings for those that were drawn to thefor its unlimited guesting feature, including those that frequently travel with large groups of friends or family. Cardholders who typically travel with only one or two companions — or travelers who have multiple Priority Pass memberships from other cards — won’t be seriously impacted.
The elimination of price protection is a major loss for those who utilize this feature. As, this benefit currently provides up to $500 refund per claim, up to $2,500 per year:
It’s disappointing to hear that Chase is making these changes. After all, one of the key selling points of thehas been that its Priority Pass membership includes unlimited guests.
If this was being abused by some cardholders, why not settle for a high-but-reasonable number of four or five guests? Dropping it all the way down to two feels punitive for cardholders that may have relied on this benefit when traveling with family.
Also, it’s understandable why Chase might be interested in cutting the price protection benefit on low or no annual fee cards such as the, and . The , however, is meant to be a premium card (and with an annual fee of $450, it certainly has a premium price tag). It seems like a cheap cutback to remove this benefit entirely.