Sift Wallet - administration of credit card benefits

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https://www.siftwallet.com/

Anyone heard of Sift Wallet? They basically claim to manage your non cashback credit card benefits for your (price protection, extended warranties, etc.) and they claim they will file claims on your behalf with the card company.

It sounds like what they're getting is access to your purchases (presumably to develop some data which can be sold, but who knows what the ultimate plan truly is). They "require" you to give them access to your email and Amazon account. I say "require" because it sounds like you can decide to give them access to whatever you want and they will manage those purchases they have access to. Maybe you could set up a separate email account where you forward all information to. Basically you're trading privacy for convenience (and possibly actual dollars). I suppose it's possible they'll move to a percentage of savings fee or something like that, but I can't find any evidence of that.

It sounds like they're at least somewhat legitimate. They claim to be backed by Liquid 2 Ventures (Joe Montana and Michael Ma's fund).

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Earny does essentially the same thing. I've been using them for a while and they seem to do it well. What I've seen none of them do is track purchases for price reductions at other retailers. For instance it will file a claim if an item I buy at Amazon drops in price at Amazon, but not if an item I buy at Amazon drops in price at Newegg. If you don't keep up with this stuff on your own, and you have a supported credit card -- it's a no brainer.

I thought that Amazon didn't offer post-purchase price protection anymore - ?

And do they now, or did they ever, refund the difference if the post-purchase price of something you bought at Amazon later dropped at a different retailer, like Newegg?

They're talking about invoking credit card price protection programs, like Citi Price Rewind.

i don't buy enough stuff to make it worth it, and if I have a rare high-value claim I'm going to handle it myself.

if this app takes off I'll bet the card issuers are going to hate it and reduce benefits.

How does Sift make money?

At the moment we don't charge anything to use the service but we will take a small bounty for future refunds that we process for the user.

They aren't making any money right now, but in tech you don't have to make money to get bought out

The model is generally that you give up 25% of the refund. Which for me is fine -- I buy a lot of stuff online and I've gotten like $200 this year. It works really well if you buy right before Black Friday - although next year I bet the banks will close that loophole.

I do agree that I think if it gets more popular they will shut these kind of companies down by requiring the card holder to sign a paper form or something like that. Or just get rid of the benefit altogether. But it's an easy $500-$1000/yr

The first lesson of Silicon Valley, actually, is that you only think about the user, the experience. You actually don't think about the money. Ever.



(from the Office by Ryan)



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