If you are like most consumers, you are familiar with the rewards component of your credit card but probably have no idea of the other positive features available to you. Have you read all of your credit cards’ terms and conditions, and do you thoroughly understand all the features that your credit cards offer? The makers of the Sift app are betting that you haven’t, and that you would be interested in having someone manage those features for you.
Sift works by taking information that you provide and automatically sifting (hence the name) through all of your credit cards’ policies, terms, and conditions in order to collect all of your benefits in one location. Every time you make a purchase with one of your cards, Sift lets you know what benefits are associated with that purchase and will track elements of that purchase for you — such as the amount of time left to return an item.
Once Sift finds a way to cash in on one of your benefits, it automatically files a claim in your name. The processed claim will be refunded to you either via check or directly to your credit card, depending on your preference. Savings can be substantial — during the beta testing phase, Sift users averaged a return between 5% and 10% of their credit card purchases.
Price protection policies, where credit cards refund the difference when the price of a purchased item drops within a certain period of time, are one of the greatest sources of savings. Prices change frequently, and today’s consumers have little time to track price changes and file claims — thus they limit searches to only the most expensive items, if they bother to search at all. By automating the process, Sift allows smaller savings to easily add up and provide a nice windfall.
Not all of Sift’s benefits are related directly to cash. Sift currently has capabilities to manage extended warranties and protections for returning merchandise and theft/damage protection. They plan to expand into varieties of travel-based credit card insurance (trip cancellation/flight delay, car rental, lost luggage, etc.).
Sift recently announced acquiring $1.5 million in seed funds from various investors, including Band of Angels, Plug and Play, and Liquid 2 Ventures. The managing partner at Liquid 2 Ventures, Joe Montana (yes, it’s that one; the former quarterback of the San Francisco 49ers), says, “Although everyone pays attention to the rewards and cash back on a card, Sift is bringing the hidden benefits front and center and building a new experience around this that can change the industry.”
This infusion of cash gives Sift time to establish itself as a consumer favorite while figuring out the path to profitability. Will Sift go the way of its unrelated namesake, a personalized shopping app that ceased operations in early 2015 after three years of business, or will it become a must-have app across all platforms and a future reference for successful app creation?
Regardless of its eventual fate, Sift has the ability to save you significant money in the present. Why not see how their services will work for you? Be part of the group that determines whether Sift survives and thrives.
This article was provided by our partners at moneytips.com.
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