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If you have got a Costco bank card from Citi, now we have some unwelcome information to report. I — together with different cardholders — obtained a discover that Citi is eradicating the prolonged guarantee profit from these bank cards in early 2023.
Here’s a take a look at what’s occurring with the prolonged guarantee safety supplied on Citi’s Costco bank cards and the way this transformation may have an effect on you.
What is prolonged guarantee safety?
Extended guarantee safety provides time to a qualifying guarantee, supplying you with extra time to get pleasure from safety in your worthwhile purchases. This profit will help to cowl the prices of repairing or changing an merchandise whenever you’ve bought it with a bank card that provides prolonged guarantee safety. Depending on the cardboard you employ, you may add an additional 12 months or two to the size of your guarantee.
Presently, each the Costco Anywhere Visa® Card by Citi and Costco Anywhere Visa® Business Card by Citi supply prolonged guarantee safety, including 24 months to producers’ warranties — as much as a seven-year complete protection restrict. There’s a most of $10,000 per declare, reimbursing as much as this quantity or the associated fee to restore or substitute an merchandise — whichever is much less.
Related: How an usually neglected bank card profit put $1,400 again in my pockets
It’s vital to notice that almost all prolonged guarantee advantages do not cowl issues like boats, housing or antiques. Coverage extends solely to the bought merchandise, not something that turns into broken when this merchandise stops working. For instance: If you had a laptop computer lined by the prolonged guarantee safety, you could not file a declare for a desk that was burned when your laptop computer’s battery overheated — until you additionally bought that desk with a bank card providing prolonged guarantee safety.
When does prolonged guarantee safety finish?
Many Citi Costco Visa cardholders obtained discover not too long ago that their playing cards are dropping the prolonged guarantee safety as of Jan. 22. Even if you have not obtained this discover within the mail, this transformation nonetheless applies to you.
If you have not obtained a discover from Citi, there’s nonetheless a approach to discover it on-line. When logging in to your Citi account and navigating to the cardboard advantages web page, click on in your Costco bank card. You’ll then obtain this pop-up message:
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You’ll additionally discover that the left facet of the picture above exhibits two totally different advantages guides for cardholders: one which’s efficient now by Jan. 22, and one other information that takes impact on that date. And whereas the discover I obtained within the mail and on Citi’s web site talked about solely my Costco Anywhere Visa card, a spokesperson for Citi confirmed this profit may also be faraway from the Costco Anywhere Visa Business card.
This transfer follows Citi eradicating almost all procuring and journey protections from its bank cards in 2019. Extended guarantee safety was one of many few advantages that survived these cuts in 2019 — and even then solely survived on some bank cards.
How your present protection is affected
If you have got made purchases together with your Costco bank card, your prolonged guarantee safety isn’t affected. Until Jan. 22, when this profit is eliminated, all purchases will proceed to be lined as they’ve been till now.
On Jan. 22, new purchases will cease receiving prolonged guarantee safety. However, if you happen to used your Costco bank card to make an eligible buy in 2020, for instance, your prolonged guarantee profit on earlier purchases won’t be affected. You will proceed to obtain a further 24 months on prime of the producer’s guarantee — as much as a most protection interval of seven years from the date of buy.
Related: The finest bank cards for prolonged warranties
For lined purchases, the claims course of won’t be affected even after new purchases cease receiving prolonged guarantee safety.
Bottom line
Citi’s bank cards lack lots of the journey and procuring protections accessible from different issuers. What few advantages survived the huge cuts we noticed in 2019 shall be additional decreased on Jan. 22, when the Costco Anywhere Visa and Costco Anywhere Visa Business lose prolonged guarantee protections.
On Jan. 22, we’ll verify Citi’s bank card advantages to see if another cardholder perks have disappeared and can present updates if wanted.