Chase has decided to stop offering price protection as a perk on its Sapphire Reserve card.
According to Market Watch, the perk — which allowed cardholders to get reimbursed for purchases they have made if they were able to find the item for cheaper at another retailer — will cease on August 26.
It’s not surprising that many cardholders aren’t happy with the changes, with a few expressing their frustrations on Twitter.
“We’re always evaluating our products to provide the most rewarding and useful benefits to our customers,” Chase’s support staff responded on Twitter.
Along with price protection, the company is also cutting the number of guests cardholders can take with them to Priority Pass lounges. While the number was previously unlimited, there is now a limit of two guests per visit.
In addition, Chase is ending the ability to earn extra rewards on the $300 annual travel credit. The credit will remain, but customers won't be able to earn points on it.
“We are always evaluating our products to offer a great mix of rewards, benefits, and experiences that provide the most value to our customers — and those they tell us they value most. In order to do so we may need to occasionally retire lesser used benefits,” a spokeswoman for Chase said.
Last year, the company also announced that it was cutting the Sapphire Rewards card’s 100,000 points bonus in half. According to reports, the bank ended up handing out so many perks that it caused a $200 million to $300 million hit to its earnings.
Much of the company’s faith in Sapphire Reserve rests on how many customers will spend $450 on the card’s hefty annual renewal fee.
Trish Wexler, a J.P. Morgan spokeswoman, said the bank has seen renewals in excess of 90 percent, and has seen “strong retention, frequent card usage, and we’re beginning to deepen these relationships across Chase.”