Posted in Finance, Accounting and Economics Terms, Total Reads: 349
Definition: Return Protection
Return protection is one of the lesser known credit card benefit which allows cardholders to get a refund for a product which he purchased with the credit card but is not satisfied with it and the merchant of the product is not ready to take it back or not ready to accept the return. Thus this provision of return protection is useful if the return period for store is less than the return protection period for the credit card.
Credit Card Company has some defined rules regarding the return protection provision. A few items are excluded from this policy like Motor Vehicles, Jewelry, Computer software, etc. Also there is an annual limit on the amount or value per item or the amount that can be claimed every year. To earn benefits of this refund policy, customer is required to submit the original receipt of the item and parcel the item to the credit card company in the original condition within the specified date.