Credit card refund security What and how?
Traditionally, stores offer a replacement and return time for shopping, during which the product purchased can be refunded or exchanged. Most typically, the exchange and return times of the stone shops are about two weeks to a month. But did you know that even after your store return policy has expired, you can still get money back if you are not satisfied with your purchase? Yes, that’s right, because some credit cards include a refund security, the idea of which is to give the customer money back after the expiration of the store.
Which cards have return security?
Currently there are two cards in the Finnish credit card market which provide refund security for products paid with a card. These cards are American Express Gold and American Express Platinum.
Return security terms
In order to qualify for credit card refund security, the product must be purchased for personal use from a retailer in Finland. The terms of the return security state that the return coverage applies only to products that did not have a prior owner. The product must be paid for in full with a credit card which is eligible for refund in order to have a refund guarantee. The return security only applies to unused products that the dealer does not accept; credit card refund security is therefore only a secondary way of recovering money from a product.
The maximum refund per product for each card is € 400. Up to € 1,600 can be claimed per year for return security.
What does refund security not cover?
In order not to be too good to have a refund, its terms are very detailed and there is no way to get any compensation. Firstly, products worth less than $ 30 are not replaced at all, and the product to be replaced must be new, in good condition, sound and functional.
In addition to value and product condition restrictions, the return coverage does not cover products in certain product groups at all. The following items are not subject to return security:
- rare and valuable coins or stamps
- rare items including antiques, artwork and furs
- cash or the like
- traveler’s checks
- mobile phones and their accessories
- audio recordings (including CDs and DVDs, computer software, video and audio recordings)
- animals and plants
- consumer goods and perishable goods
- health care products
- used and restored objects
- closeout products
- vehicles and parts thereof
- real estate and buildings
- items permanently installed in your home, office, or vehicles
In practice, a fairly wide range of products have been excluded from the scope of return protection. In addition, there may be some ambiguity in the interpretation of the terms. For example, is the television item permanently installed in your home? What about clothing or shoes? What about furniture?
How do I apply for compensation?
For all American Express insurance claims, please contact Amex Service. The service number provides instructions on how to complete your refund application and how to initiate the refund process in general.
Cards also offer other benefits
Both American Express Gold and Platinum are both known for their quite extensive benefits. Both cards include comprehensive travel insurance, for example, and each card offers many different benefits and discounts, such as car rental and adventures. The Platinum Card also includes a 24-hour concierge service, which acts as a personal assistant to the cardholder. For example, you can book a table for a restaurant or tickets for a concert, or send flowers or other gifts. Find out more about the features of American Express cards here!