If you’re like most people, you are up-to-date on the most popular benefits that your credit cards offer. You know the rate at which you earn cash back rewards, and you might have even taken advantage of an introductory APR offer or return protection. However, there could be a slew of lesser-know benefits available to you that you’re completely missing out on. That’s where Sift comes in.
Sift is an exciting new app that helps you track your purchases and ensure that you are enjoying every single perk offered to you by your credit card issuer(s). It’s available as a web service or in the App Store, and (for now) it’s free.
Let’s take a look at what Sift does, and how it might change your credit card habits forever.
See Your Benefits
You probably didn’t sign up for your last credit card because it offered flight delay protection, but it’s something you may want to consider the next time you buy airfare. You may not know which credit cards in your wallet have product return protection, but it would seriously come in handy the next time your big electronics purchase clunks out on day 32.
Signing up for Sift can not only educate you on the benefits you already have, but it will also track them as they relate to your recent purchases.
For instance, you can enter the type of card(s) you own – sans any personal information or even your card number! – to view every single benefit available. It’ll tell you which card you should use the next time you rent a car, if you want complimentary rental car insurance. Booking a flight? Sift will help you pick a card there, too, to ensure that you enjoy the peace of mind that complimentary travel coverage provides.
Link Your Purchases
If you want to take Sift to another level, you can enter some additional, identifying information. By adding the last four digits of your credit card number and email address, Sift can match up purchases receipts with the card used.
You can also add your Amazon account, if you’re like me and spend a large chunk of money on things that get delivered in Prime boxes. Again, Sift will use this information to track your purchases based on the card used, in order to detail the benefits to which you’re privy.
View Your Benefits
After setting up your profile on Sift and adding as much (or as little) identifying information as desired, you can review the benefits available to you as a general cardholder, as well as specifics for your most recent purchases.
If you click on the Credit Card tab, you’ll see a summary of the credit cards you’ve added. Here, you can view the annual fee for each one, whether you’re earning rewards (and at what rate), and the benefits or perks that are most notable.
This makes for a great resource if you’re like me, and adjust your spending to optimize cash back. For instance, I use my Citi Double card on almost everything I buy, except for gas and groceries – for those, I use my Blue Cash Preferred from American Express. However, if you also carried a card with revolving categories or other rewards criteria, it might be difficult to keep them all straight. Good thing Sift does it for you, all in one place.
Get Money Back
So, what happens if you need to actually utilize one of your credit cards’ benefits? Say, for example, that you purchased an item on a card that offers price protection, and a lower price was detected elsewhere within the policy period? Well, Sift will take care of that for you.
Not only will Sift track and detect these benefits so that you can stay on track of what’s available to you, but they will automatically file claims on your behalf when necessary. So, when the cost of that blender or sound system drops, only a few weeks after your purchase, Sift will contact the credit card issuer to get your money back.
The app couldn’t make discovering, tracking, and utilizing your credit card benefits any easier.
Who Can Use It?
Sift provides coverage for almost 90% of all credit cards, so you’re almost guaranteed to benefit from using the app. If you carry a card by Chase, Citiground, Capital One, Discover, US Bank, American Express, Bank of America, Barclays, Synchrony, Wells Fargo, or JPMorgan, you can add your account to begin tracking benefits and purchases.
The Downsides
There are really only two downsides to using the app, as far as I can see. The first is an issue of privacy protection and the second is future pricing.
If you want to really take advantage of everything the app has to offer, you’ll need to enter some seriously identifying information. Linking your credit cards, email address, and Amazon account can feel a little invasive. This is especially true if you’re a bit hesitant thanks to all of the cyber breeches we’ve seen in recent months.
Sift understands that. Even though there are many similar apps that use the same data, it can still be concerning. If you want to learn more about Sift and how they secure your data, you can read their privacy policy here.
The other issue is the price. As of now, Sift is a completely free service, which is amazing. Considering how much money it can save you with your purchases, a $0 price tag is well worth it. However, that may not continue forever.
In the aforementioned privacy policy, Sift does talk about a premium version. If and when such is in the works – and how much it would cost – is still yet to be seen. But it’s worth noting that in the future, Sift may not be fee-free, at least if you want all available features.
If you’re looking to make the most out of your credit card benefits, and even discover perks you didn’t know you had, Sift is worth the download. It can save you a ton of money, as well as help you organize your benefits in the most efficient way.
