You know all of that fine print that comes with your credit card benefits that you never read? One of those benefits is price protection. If you're like most Americans you never use the perk. Earny automates the process for you. Generally retailers offer price protection for 10 - 14 days, but if you have a credit card with price protection that benefit is extended out to 120 days. Most people can't be bothered to remember what they bought 120 days ago, yet alone review prices on those products. Earny will do the heavy lifting for you.
Earny will comb your e-mail looking for receipts. Using those receipts, the technology will start to monitor the prices on the items you have purchased. This can rely on a retailers price protection policy, or the price protection insurance that is baked into your credit card.
If a lower price is found, the application will start the refund process with your card issuer. If Earny is able to secure a refund the amount is refunded to your card and Earny takes a 25% cut. The FAQs state that the average user can expect to save $150 this shopping season. That's a pretty nice chunk of change. Just keep in mind that many banks will limit price protection awards to $2,500 a year. Check your card terms and conditions to see if you are covered.
Let's address the first issue - giving the app access to your e-mail. You give Earny permission to access your e-mail when joining the program. Supposedly it will only look for e-mails associated with an approved retailer and ignore everything else. We trust no one, so we created a new e-mail just for receipts. Problem solved. The retailers supported are below. Amazon is a big one, since they change their prices up to 3 times a day. Kohl's and Macy's are also of note as frequent price changers. Keep in mind this is a mix of retailers that have price protection, and retailers that Earny supports credit card price protection for. All things are not created equal on this list.
The second thing to keep in mind is that your purchase has to be made with a card that offers price protection and Earny has to have that card number so it can negotiate the refund. Earny supports all Chase and Citi credit cards. This means storing your financial information with yet another application. We think credit card fraud is almost unavoidable at this point so we make sure to only link cards that we wouldn't be devastated if they got hacked. We generally try to keep retail purchases restricted to one or two cards dedicated to retail purchases.
If you're wondering if Paribus is legit, or a good alternative to Earny, your head is in the right place. Paribus is operated by Capital One, which gives us a bit more peace of mind. While no one is safe from data breaches, Cap One has managed to stay out of the news for lack of security, and we feel like they are probably a bit more secure than a start up like Earny.
The core retailers that Paribus works with are largely the same, but Paribus will also monitor for travel expenses through the retailers below. This could be a huge benefit for the frequent traveler.
We do an unreasonable amount of shopping on Amazon. Subscribe and save is our jam. For Amazon alone, this product makes works for us. For others, the privacy concerns may be too much. Earny is asking for a lot of access we don't even give our significant other. No one else needs to know how much we spent on our dog's orthopedic heated dog bed. That is private!
On the other hand, Paribus' offers a bit more comprehensive service and covers travel, which we love. If you're going to sign-over the deed to your e-mail account, we'd probably go with Capital One's Paribus, even if it has a stupid name.