Sift has just announced funding of $1.5 million, their stated aim is to help consumers unlock hidden credit card benefits. I’d hope readers of this site understand the benefits each card offers and I suspect that most do, that being said Sift seems to focus on things such as price protection, return protection & extended warranties rather than what card earns the most on specific categories.
The thing that I find most interesting is automating price protection, I’ll usually actively do this on high value items but I don’t really bother on other items because I’m lazy. If an app is able to automate this process for me, then it would be greatly appreciated. At the moment this automation is only possible on Citi & Chase cards (I’d recommend that they add Discover as well).
Paribus offers a similar feature for online stores and that’s extremely useful. It doesn’t look like Sift currently monetizes in the same fashion (e.g taking a % of your refund). They claim that they currently have 5,500 users with $4 million in transaction volume and have already processed $200,000 in refunds. If that’s true they are getting a 5% return for their users. Unfortunately their app is currently only on iOS and I don’t have access to such a device, I’d like to know what you think about Sift in the comments.
They are currently offering a referral bonus, whoever refers the most people (only e-mail is required) will win a $500 Amazon gift card (2-5 will win $50 gift card and 6-10 will win $25). Here is my link. I’ll give away the gift card to readers of this site if I do win it.
