Credit cards offer the convenient benefit of always having access to money but many consumers do not realize their credit cards have a host of other benefits they should be taking advantage of on a regular basis.
Most people carry a credit card because of convenience. Credit cards offer access to cash without having to carry any, which is a significant security benefit. Credit cards also allow for purchasing big items that you might not have enough cash on hand to buy. They also give people added security in a financial emergency. Of course, credit cards also help to establish a solid credit history, which can lead to bigger and better financial gains in the future.
There are several other benefits credit cards provide, though, and MasterCard in particular, that many people likely overlook. These four benefits make up MasterCard’s Purchase Protection policy, and they are designed to ensure customer satisfaction. Be sure you read all the literature provided from MasterCard, peruse the online information, or speak with a MasterCard representative to get more details on taking advantage of these great benefits.
First of all, MasterCard offers an automatic Extended Warranty on every piece of merchandise you charge to your MasterCard credit card. This policy automatically doubles the length of the original manufacturer’s warranty up to an entire year. If the item breaks, then, all you have to do is call MasterCard and file a claim with them, kind of like an insurance claim. Keep in mind, though, that the warranty extension only works for the first year so if the manufacturer’s warranty is already a year or more, MasterCard will not offer an extension.
Secondly, MasterCard offers a benefit known simply as Price Protection. Basically, this ensures that you get the lowest price on whatever you buy. If something you purchase goes on sale or is advertised at a lower price within 60 days of your transaction, MasterCard will reimburse you for the difference, up to $250. Again, you will need to file a claim along with proof of the advertised price, furnishing your receipt as well. This only applies to basic retail transactions, not for things you might purchase through an online auction or at a closeout; other restrictions also apply.
Similar to Price Protection, Purchase Assurance ensures that you can replace any item you bought should it be damaged or stolen within 90 days of purchase. This policy is very simple: You can file to replace the purchase exactly, at a price of $1,000 per occurrence up to 25 times per year. The policy only covers the actual purchase price of the original item, not accounting for modifications or sentimental value.
Finally, MasterCard’s Purchase Protection policy simply provides with a Satisfaction Guarantee. If you are the kind of person who buys things on a whim or prefers to try on clothing at home instead of the store, this is the policy that you will appreciate the most. MasterCard’s Satisfaction Guarantee will refund purchases you made with your MasterCard up to $250 within 60 days of purchase, if the store will not accept your return. While this might sound a bit too good to be true you should know that you need to have purchased the item from a store that has a return policy of at least 10 days and you will have to provide MasterCard with proof that the store will not accept the return. This will require some documentation. Also, you should know that you can only take advantage of this benefit four times a month and some limitations apply (ie. jewelry, collectibles, pets, art, antiques, etc).