Credit Cards with Extended Warranties
Some credit cards provide the benefit of having a free extended warranty on any item purchased with the card. The amount of benefits offered differ depending upon the credit card issuer and the specif credit card. Many people are not even aware that their credit card offers extended warranty benefits on all purchases. American Express provides the extended warranty benefit with all of their credit cards. Other card companies offer the benefit only on certain cards, or with specific kinds of purchases.
How Do the Extended Warranties Work?
In basic terms, credit card extended warranties cover an existing warranty if it were to expire. In other words, any item purchased with the current that has a warranty automatically has an extended warranty for a certain period of time. The length of the extended warranty depends upon the credit card company and the card in particular. There are very specific restrictions associated with each different extended warranty card. For example, MasterCard promises to extend a manufacturer’s warranty for up to twice the original length (up to a year). However, if the original warranty is longer than a year MasterCard will not provide an extended warranty. It is important to learn about the limitations and restrictions associated with extended warranty credit cards.
Benefiting from Extended Warranty Credit Cards
The first step in claiming the extended warranty form the credit card company involves recording and documenting the purchase of the item initially. Keep precise records of all items purchased that have warranties. It is important to write down the date of purchase and any other specific information available at the time. It is also good to keep a copy of the original manufacturer’s warranty. All of this documentation will make it easier to claim the extended warranty from the credit card company when the current warranty expires.
Before making a claim with the credit card company for an extended warranty, try get an estimated cost of repair in writing from the manufacturer. In some cases, if it costs more to fix the item than to buy a new one, the credit card company may simply replace the item instead of providing an extended warranty. Claims can be made via phone, email and even fax, however it is best to contact the customer service department via phone and enquire about the exact steps and documentation needed to make an extended warranty claim.
It usually takes about 1 to 4 weeks for claim to be processed, depending upon the policies of the credit card company. Once the claim is honored the card company may either deposit the amount needed for repairs onto the card balance, or send a check for the repair amount. In rare cases the card company will replace the item if it is cheaper than fixing it.
Saving Money on Extended Warranties
It is no longer necessary to spend money on extended warranties when shopping for items of any kind. Now that the credit card company will cover an extended warranty for any purchase, items can be bought with extended warranties included by default. In order to reap these rewards, it is very important to save receipts and all other forms of documentation when purchasing items with an extended warranty credit card.