Have Your Credit Card Help You

Four Little Known ways to Reap Rewards from your Plastic

By Stephen Mazeika         

Let’s face it; no one ever enjoys returning items at stores. Consumers that wish to return items are often met with long lines, surly employees and strict return policies. Here’s a watershed idea: what if your credit card could offer extended warranties, make price changes and even go as far as issue refunds on items that customers already tried and failed to return at stores? Although for the most part these benefits are available with premium packages for certain customers (gold, silver, and platinum cards), some are available with standard cards as well.

Curtis Arnold, founder of the credit card rating site cardratings.com says that these benefits are often overlooked as they are typically written in the ‘fine print' sections of card agreements, such as the "terms and conditions" paragraphs. It's no wonder they may be easy to miss.

To add to this problem of unknown benefits, many times credit companies may try to avoid footing the bill in many instances. "(Credit card issuers) may be picky about allowing the claim," warns Edgar Dworsky, the publisher of consumer advocacy site ConsumerWorld.org. Some items that have proven difficult to win compensation for are antiques, tickets, and perishable items such as food or batteries.

Here's some helpful tips that may allow you to cash in on some of these unknown rewards.

Extended Warranties

Before you allow yourself to pay for an extended warranty policy, always look into whether or not your credit card will cover it for free first, as many card issuers offer warranty extensions as part of the card agreement itself.

Damaged or Stolen Goods Coverage

Every purchase transacted with a credit or debit card has certain innate protections with it below the Fair Credit Billing Act, a federal law that gives consumers the right to dispute any unauthorized or incorrect charges. This clause covers a lot of bases, from internet purchases that turned out to be phony to double billings as well as damaged or stolen items. Many times with the latter, card companies will give you a period within 90 days of your purchase to file a claim for reimbursement, so it always helps to act as quickly as possible.

Return Guarantees

If you are stuck with an item you don't want or the store refuses to allow a return, you may be in luck. By proving the purchase in your statement that the store refused to take back, your card company may accept the item in place of the store, which may give some frustrated consumers a sense of relief after dealing with tedious and tiresome return processes.

Price Reimbursement too Good to be True? Think Again

Here's the icing on the cake. In some instances, if you purchased an item recently that afterwards was put on sale or was cheaper at a competing store, you company may refund you the difference between the price you paid and the lower one. All you have to do is present a proof of the sale price and the receipt that you received with the original higher priced purchase, and you may be in luck. There is one catch, however. Many credit companies exclude online stores and purchases from this policy, but nevertheless it is a stellar concept for consumers to be able to exercise this policy if applicable.