Can I get extended warranty on electrical items with a credit card?

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verachion
verachion Posts: 6 Forumite
edited 1 December 2010 at 10:45AM in Credit cards
I am looking to purchase a TV which costs £900. I have the cash to pay for it However, I want to use a credit card, just in case I need the cash for something.

The problem I have is that extended warranties on TV's are very expensive and I know that credit card companies used to offer extended warranties on electrical products if you purchased the goods using it and I wanted to find out if these promotions still exist? if so perhaps they could save me a little money?

Any help you can give me would be appreciated.

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    The Egg Money card offers such a warranty...

    http://new.egg.com/visitor/0,,3_111362--View_2389,00.html (scroll down to 'extended warranty')

    ...although there's a £1 per month fee for this card. However, due to the 1% cashback, this could be recouped depending on your annual credit card spend.
  • verachion
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    Thanks for the swift reply, I have just been checking out the link you gave me it looks promising, the only problem I have is the 18.6 APR, thats a bit steep.
  • beverleyhills
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    John Lewis give a free 5 year guarantee on their TVs.
    'You can't change the past, you can only change the future' Gary Boulet.

    'Show me the person who never makes a mistake and I'll show you the person who never makes anything'. Anon
  • McKneff
    McKneff Posts: 38,833 Forumite
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    I believe Nationwide give the protection you are looking for.

    I dont understand why you are bothered about interest rates, if you have the cash, just buy it with the card and then pay it all off on your first statement in full.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • lisyloo
    lisyloo Posts: 29,639 Forumite
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    I second the previous post.
    If you pay off your credit card statement within the interest free period then the interest rate is irrelavant as you never pay any.

    Of course you have to amke sure you make payments on time and the best way to ensure this is to set up a DD for the full amount (you might need to make the first payment manually before the DD is set up so keep your eye on the ball).
  • verachion
    verachion Posts: 6 Forumite
    edited 1 December 2010 at 1:12PM
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    McKneff wrote: »
    I believe Nationwide give the protection you are looking for.

    I dont understand why you are bothered about interest rates, if you have the cash, just buy it with the card and then pay it all off on your first statement in full.

    Thanks for the reply, I will look into Nationwide any ideas which card?

    In regards to the problem I have with the interest rates, the reason I want to pay via credit card is not only due to the extended warranty but so I can set up a direct debit but over time I will end up paying more because of the interest. I prefer to keep the cash that I would have paid for the TV set aside just in case I needed it in any given emergency. I feel better that way.
  • McKneff
    McKneff Posts: 38,833 Forumite
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    verachion wrote: »
    Thanks for the reply, I will look into Nationwide any ideas which card?

    In regards to the problem I have with the interest rates, the reason I want to pay via credit card is not only due to the extended warranty but so I can set up a direct debit but over time I will end up paying more because of the interest. I prefer to keep the cash that I would have paid for the TV set aside just in case I needed it in any given emergency. I feel better that way.

    Mine is a Nationwide Gold Card.
    No idea of the interest as i usually pay it off in full if i use it.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Chris2000
    Chris2000 Posts: 318 Forumite
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    verachion wrote: »
    The problem I have is that extended warranties on TV's are very expensive and I know that credit card companies used to offer extended warranties on electrical products if you purchased the goods using it and I wanted to find out if these promotions still exist? if so perhaps they could save me a little money?
    Do you really need an extended warranty? Check out your rights under the Sale of Goods Act, as amended.

    A £900 TV is not at the cheap end of the range, so for it to be of 'satisfactory' quality you could reasonably expect it to last longer than a year or two.

    Buy it on a credit card, and the bank is jointly liable for fulfilling the contract (i.e. providing a TV of 'satisfactory' quality) even if the retailer goes out of business or refuses to honour their legal obligations.

    I have seen Lloyds TSB issue a full refund for an expensive Sony TV that had to be scrapped at about 2.5 years old when its main circuit board failed and Sony could not source a replacement part. I think Lloyds could have reduced their payment to reflect the reasonable value of 2.5 years' use before it broke, but in that case they didn't. They did require a written report from a service centre confirming that the TV was beyond repair.

    Relying on your legal right for goods to be of 'satisfactory' quality can be a slow process and doesn't replace the convenience of a warranty. But it is cheaper.
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