Last weekend, I went to my local mattress store to look for a new bed. And after a little negotiation, I ended up with a middle-of-the-road model for a pretty good price. At check out, the sales rep offered me a $100 extended warranty on my new bed for “added peace of mind.” I was paying with my credit card—so was peace of mind already covered? Did I really need an extended warranty? You’ve probably found yourself in the same situation. Before your next big purchase, here are a few things to consider:
1. Your card provisions. Most major credit card providers offer an extended warranty on purchases, so it’s a good idea to know what your provider covers. If your card has you covered, there’s no need to shell out cash for the same, or similar, protection.
2. Product quality. Most new furniture and electronics are in good condition, and work as they are supposed to. If you’ve done your research and you feel pretty confident that the product you’re buying is good, dropping $100 or more on an extended warranty might be overkill.
3. The store return policy. If the store you’re buying from has a return policy (my mattress store did), you can probably return the product if you’re not happy with it anyway. That’s another argument for forgoing that $100 warranty in the name of security. Just consider whether you’re comfortable with the length of time the store policy covers the product.
Bottom line: $100 is a nice chunk of money, and it’s a shame to waste it if store policies or your credit card deliver protection anyway. So next time you find yourself at check out and you get the “extended warranty” question, what will you do?
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