Consumer Payment Card News

Holiday Warranties

The typical email reads like this: “My laptop LCD screen is broken, my PC vendor tells me this is an out-of-warranty repair and it will cost $400 to fix it. Is there anything I can do?”

Unfortunately, the answer is – no. If you haven’t purchased additional warranty protection for your PC that covers issues like broken screens, water damage, an electrical surge, or even accidental drops, you’re out of luck. But PC’s aren’t the only spendy items you may be purchasing this holiday season.

Are warranties worth getting?

Stressed Out

Happily, now the answer is yes. If you are paying some serious cash on any big ticket items this holiday season and want to make sure they don’t turn out to be lemons a year or two from now, make sure you get warranties. Using a major credit card or debit card is your best option as they gives you the six-month window to dispute the transaction for a credit card and a two-month dispute window on debit cards. Furthermore, many credit cards issued by major banks also extend the manufacturer’s warranty by at least a year and they will cover purchases up to $10,000 or more. On top of all this if you are spending big bucks on holiday shopping, you might earn some rewards for a deserved warm weather break after the holidays. Whatever you do the very best advice is make sure you hold on to all your paperwork in case your big ticket purchase self-destructs. Keep the warranty, purchase receipt, payment card statement showing the purchase, register the serial number, credit card warranty information, etc. The other alternative is to get a third-party warranty offered by the retailer. One caveat, this can be very expensive. For example paying $10 to protect a $25 power tool for a year or two is, well, you do the math. However, paying $200 to cover your $2000 garden tractor is a no brainer.

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