Rebates – at some point in your life you have bought an item, and got a rebate. It may have been instant or mail-in. I have had both in the past.

These days they are extremely popular, especially if you buy computers and electronic items. Walk into any OfficeDepot or RadioShak and you may see items with rebates of $20, $50 or even $100. You may even find that the product is offered for “free” after the rebate.

Sounds fantastic doesn’t it?

Or is it?

How does a rebate work? If it is an instant rebate then we just subtract the rebate amount and the difference is the price we pay. If it is a manufacturers rebate, then we have to mail this in. So we pay the full amount and mail in the rebate form and hope that we get a refund as soon as possible (usually takes several weeks).

Most people are unaware about the difference in the rebates until they are asked to produce the money for the item. Then comes reality. So they decide to take the plunge and buy the item in the hope that they get their cash back in a few days to a couple of weeks. Sadly they wait and wait and wait. All in vain! Then comes disenchantment and sometimes joy when the check appears.

Well what else should you know about rebates?

1. Make sure that you have heard of the company before. You may die waiting before you get the rebate check from a company no one has heard of before.
2. Watch those expiration dates. You may lose out on collecting your money if you buy the item within a few days of the rebate expiration and then wait to do your finances at the weekend only to discover the rebate has expired. You can avoid this by filling in the form at the checkout counter and mailing asap. By filling out in the store you avoid having to make a return trip if you discover that you need more than your bill or the barcode on the boxed item.
3. Make copies. Never send off for the rebate without having some proof. Lost mail may cost you much more that the price of a copy.

Now you may find that you do all the right things and still no rebate. You may have been ripped off! You can contact the company about your claim, using the copies you made as proof. If you get no satisfaction, consider reporting the case to the business bureau. You may be saving yourself and others more heartache (and money) in the future.

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Tags: rebates, saving, spending
Filed under: Miscellaneous