Price Protection benefits are being offered through several mobile apps and websites. They claim to process the price protection credit card benefit, and help users get price difference back even after the extended period. For this service, they are charging anywhere from 5% to 25% of the refunded price. Unfortunately, they are misleading and taking away your hard earned money. Here is how they are really getting the refunds for the stuff that has been purchased.
- Access personal email accounts to capture the purchase information. During this process they look at user’s personal data to get information on shopping habits. They are free to look at any emails that a user has granted permission to these companies. A user has no visibility and control over the data that is being sniffed.
- After sniffing through emails, these companies perform web searches to hunt for the lower prices from the Merchants. A user can easily do this or can utilize free price alert services.
- After finding a lower price, these companies mimic as a shopper, and send email to Merchants to claim price. Recently, a CNBC reporter found out one of the major app that claimed to provide price refunds, actually sent out emails from the user’s personal email account. Creepy indeed!
- A merchant at it’s own discretion issues the price difference.
These companies are charging 5% to 25% of refunded money, for something that a user can do him/her self.
So what about the price protection by your credit card?
- Yes, credit cards offer price protection but that is secondary and something these apps do not do.
- The credit card price protection benefit is offered for free, and you should not have to pay a fee for it.
But Bank Yogi offers price protection too?
- Yes we do offer price protection; customer privacy and security are our top priority. We use an approach that is non-invasive.
- Our Bank Yogi mobile app (available on IOS/Android) helps to track the price protection benefit for free. We do not ask you to share your personal email account information.
- If you need to file a claim, we guide you through the easy claim process for free.
- You get 100% of price refund, meaning you get all your hard earned money back.