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* 10% point redemption refund on all redemptions
This meant that the effective cash back rate on priceline purchases when redeemed against priceline purchases was 5 × 1.5 / 0.9 = 8.33%. If that sounds too good to be true, just do the math on a hypothetical $1000 priceline purchase: you earn 5000 points, which corresponds to a $75 redemption against that purchase, but when you go to use the redemption, only 4500 points are used. The remaining 500 points are worth $7.50 when redeemed against a pricelline purchase, so you effectively get $82.50 worth of rewards against a $1000 purchase(though those points would only "cost" 450, since you'd get another 10% back on that redemption, and on and on).
Someone at Barclays probably eventually realized this too, and so in 2022 they introduced the new Priceline VIP Rewards credit card. The earning structure, on paper, got better, because in addition to the earnings with the original card, gas and restaurant purchases would now earn 2 points per dollar spent. They added a rather dubious VIP Gold status as a "perk", as well as reimbursement of TSA PreCheck or Global Entry application fees once your annual spend exceeds $10,000. But the all of the redemption bonuses went away — all purchases now redeemed at 1% and there was no redemption refund. So even non-priceline purchases got a worse redemption rate on this card than the old one!
