What you should know about warranties

A warranty is a legally binding written assurance or guarantee given to the purchaser by a manufacturer, company or seller of the consumer product(s) that the said good(s) and/or service are fit for use as represented.
 
The products and/or service are also reliable and free from known defects and that the company or seller will, without charge, repair or replace defective parts within a given time limit and under certain conditions.

All you have to do is to complete your information as a customer in the warranty card on the portion to be returned to the company.

Normally, you are required to send the warranty card back to the company by post. Certain companies insist that a copy of the sales receipt be attached as well in a sealed envelope addressed to them.

Where you are not required to send the sales receipt to the manufacturer, you are advised to keep this piece of document carefully as it will be your proof of purchase. In instances where the sales receipt is printed on thermal paper that has the tendency to fade over time, make a photocopy of the receipt or have it scanned for safe keeping.

In today digital’s world, some companies request that you fill in the details online while others treat the sales receipt as a substitute for the warranty card.

Extended warranties have been offered by companies for mobile phones as well as electronics and electrical items above the standard one-year.

Haier, for instance, has introduced two-year all-risk warranties for its main product categories, including liquid crystal display televisions.

The company even has three-year warranties implemented two years ago for purchases made via its authorised dealers in order to enhance its sales and after-sale support. It is free of charge.

Some companies charge extra for taking up the extended warranty period.

Please read the terms and conditions in the warranty card carefully.



Installment Payment Agreements

An installment payment agreement allows you to repay an outstanding balance owing in monthly installments at an agreed upon interest rate.

This arrangement is useful as for those who plan to pay the outstanding balance in smaller and more manageable amounts. Once agreed upon, it is a binding agreement where the amount will be automatically deducted from your bank account each month for credit card holders.

Zero interest installment payment agreements are popular when it comes to purchasing items such as computers and electrical household appliances and gadgets.

What is usually not explained to the customer in such installment payment plans is that when you have insufficient amount in your bank account for the monthly payment on its due date, interest charges or late payment fees will be imposed. Thus, it is not exactly zero interest.