How Credit Card Return Protection Works and Benefits

How Return Protection Works

Buyer’s remorse is a feeling no shopper wants to experience, especially after deliberating on a big purchase for some time. Thankfully, many stores today are quite accepting in their return policies and receiving your money back usually does not require jumping through too many hoops. However, that is not a universal truth. There may still be times when you run into situations where you cannot make a return to the store, often either because you’ve missed the appropriate time frame or as a result of some dispute over the item’s condition. Are you out of luck?

If you made the purchase with a Resource One Visa® Platinum credit card, the answer is “no” — you may still enjoy a service called “return protection.” Often overlooked by cardholders, this service is one of the most useful you may not even know you have. What should you know about using return protection?

What is Return Protection?

Return protection is a simple service provided by your card issuer that guarantees your right to return an item you purchased up to 90 days after the original date of purchase. Although some banks and issuers no longer offer this protection, Resource One is proud to continue carrying on with one of the oldest credit card perks. Return protection grew in popularity when retailers were more likely to enforce strict return policies laden with conditions. As consumer protection laws changed, return policies became more liberal. However, we believe that our members deserve the opportunity to make a return even if they change their mind a couple of months later.

With the Resource One Visa® Platinum, our members enjoy return protection of up to $250 per item. In any calendar year, we provide return reimbursement up to a $1,000 maximum. For example, if you decide you need to return an item 65 days after purchase, you may find the store will not accept it anymore. When you follow the proper claim procedure, we’ll pay you back the value of the item up to the $250 maximum.

Who is Eligible for This Perk?

Every Resource One Credit Union member with a qualifying Visa® credit card is eligible for this perk. There are no other special conditions to meet — it’s as simple as that. You do not need to take any action at the time of purchase to make yourself eligible for return protection, either. All purchases under the dollar threshold are eligible immediately upon purchase. However, keep in mind that you will need your original receipt should you later wish to file a claim. Always keep your receipts in a safe place until the return window elapses. Note that if you wish to file a claim within 30 days of the original purchase, we may ask for a copy of the store’s return policy to verify that a retailer return is not possible.

How Do You Take Advantage of Return Protection?

What happens when you buy something and decide you need to return it later? What kind of procedure do we have in place? The process is simple:

• Contact your Benefit Administrator at the phone number listed in your credit card terms and conditions and provide some preliminary information about your claim.
• Wait to receive a claim form in the mail. Complete the form and return it to the Benefit Administrator along with the purchase receipt and credit card slip. Only purchases made wholly on your card are eligible for protection.
• We’ll evaluate your claim. When approved, we’ll ask you to ship your item to a central location. Items must still be in good condition for an acceptable claim. Once we’ve evaluated the product, we’ll issue your refund.

Are There Exclusions?

Yes — you will find the full details of what return protection does not cover in your terms and conditions booklet. Typically, exclusions cover perishable items and certain high-value commodities. Some of the most common exclusions include:

• Plants and animals
• Cars, boats, airplanes, trailers, and RVs
• Formalwear
• Rare items and jewelry

If you want to take full advantage of return protection, familiarize yourself with the terms of your card. Not sure if something falls under an excluded category? Give us a call for help.

Did You Know Your Credit Card Comes With Other Benefits, Too?

Return protection is far from the only perk you enjoy with a Resource One credit card. We’re proud to provide our members with plenty of perks to make it easy and enjoyable to buy with confidence. Our other protections and benefits include:

• Fraud protection. If someone steals or misuses your card, we make sure you aren’t on the hook for their expenses.
• Travel accident insurance. Know you and your loved ones have the financial protection they deserve when you fund your travel with your Visa® card.
• Purchase protection. We double many manufacturer warranties and ensure you always enjoy the most from your purchases.

Find the Credit Solutions You Need with Resource One Credit Union

With a Resource One Visa® card, members gain access to a whole range of benefits plus the basic utility of a line of credit in your name. Responsibly building your credit and taking full advantage of your card benefits is a recipe for making sure your money works for you as much as possible. As a nonprofit member-owned credit union, Resource One puts your needs first — always. With other useful financial products, including spending and money market accounts, we can be your single stop for all your banking necessities.

To find out more about applying for a Visa® credit card with R1CU, please contact us online or visit one of our branches in person.

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