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Several credit card companies like MasterCard offer an extended warranty benefit program on purchases made with their card. But, what exactly is an extended warranty? A credit card with an extended warranty will provide warranty coverage on purchases made for a specific time period after the manufacturer's warranty has ended.
Various credit card companies offer a different warranty extension program ranging anywhere from 3-5 years. MasterCard doubles up the manufacturer's warranty with an additional year. However, no coverage is given if the original warranty extends beyond a year. It is advised to check with your credit card provider about the benefits and restrictions accompanied with their extended warranty policy.
Defining Extended Warranty
An extended warranty offered by the manufacturer, retailer, or credit card company is a drawn-out warranty offered to consumers on purchases made. Consumers must shell out extra bucks from their wallet to buy extended warranties. For example, extended warranties in retail consumer electronics costs between 20% and 30% on the sales price of the good purchased.
It is interesting to note that extended warranties promoted as five years is indeed for four years. How? Warranties purchased for multiple years usually state that during the first year any occurrence of product malfunction must be communicated and dealt with the manufacturer. Thus, the credit card company is not responsible for any damaged goods in the first year of the extended warranty program.
Consumer advocate groups believe that extended warranty is offered by manufactures solely to increase their sale. A satisfied consumer will buy again the same brand and extended warranty program ensures it. Therefore, they advise against purchasing the warranty unless it could be purchased at the manufacturers cost.
How to use Extended Warranty Coverage?
Consumers interested in enjoying the benefits of an extended warranty program must safely maintain the proof of their shopping (i.e., sales receipt, credit card receipt, and copy of manufacturer's warranty). To be able to estimate the refund and process a genuine claim, your credit card company will require all these documents.
In cases where the cost of product repair is higher than the selling price, the credit card company may choose to buy you a new product instead of spending the money to fix the damage.
How to make the claim? Claim your extended warranty by either visiting your credit card company's website, make a phone call, or send them a fax. Prior to making the claim, check with the customer service department about the rules and necessary documentation; it will save both of you time and effort.
How Long Does It Take For The Process To Be Completed?
Depending on your credit card company's extended warranty claim policy, it can take between 1-4 weeks to process your claim. Once your claim is verified, your company may walk the extra mile for you by adjusting the credit balance required for repairs; while others choose to mail you a check for the same.
Benefits of Extended Warranty Coverage
Save costs by not indulging in an extended warranty offered by the retailer or manufacturer. Go for a credit card that offers an extended warranty on all your shopping needs.
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