Money Blue Book

I’m not a big believer in buying extended warranties or purchasing extra service contracts, so I usually pass whenever I’m asked. This happens more often at big electronic retailer stores like Best Buy and the now defunct Circuit City, where they put in a concerted effort to convince unwitting customers to buy extra protection – that frequently is unnecessary. These stores stand to make a lot of money from selling unnecessary extended service plans that customers oftentimes end up never using. It doesn’t really matter how big or small the item you’re purchasing, the sales clerks alway seem to inquire if you’d like to purchase additional warranty.

One time I was at Best Buy to pick up something. The young sales lady rung up my purchase and asked if I would like to buy additional warranty protection for my item – a dinky little $15 Sony handheld FM radio – just in case it ever broke down or ever malfunctioned as she explained. I just stared back with a slightly sarcastic but incredulous look. Special warranty protection upgrade – for a simple $15 radio? Who in their right mind would pay $3 extra to insure a flimsy $15 piece of electronic? If it ever broke down I’d rather go and buy a newer model than get it repaired.

With Some Exceptions, Since Most Products Come With Their Own Warranties, It Usually Doesn’t Make Sense To Purchase More Protection

The vast majority of the time you are better off not wasting your money on extended warranty protections. Most stores offer basic buyer protection for a month or more in the event the product is faulty or fails to satisfy after purchase. Thereafter, most products are covered by the manufacturer’s own warranty program with time periods that range anywhere from a year to several years. Because the pace of technology innovation advances so quickly these days, most electronics become outdated and turn into ancient artifacts within a short period of time. For most electronic gizmos and gadgets, it generally makes little sense to ever pay for extended insurance or additional warranty protection. Since adopting a more frugal lifestyle, I’ve never chipped in money for extra extended warranties. I find them totally unnecessary for the vast majority of items.

However, there are certain items where extra warranty protection may be helpful for peace of mind purposes. For larger, more expensive merchandise like computers, laptop notebooks, plasma TV’s, or even video gaming machines like the Xbox or Playstation, I might consider paying for extended warranty. Although in those cases, I would still be very hesitant at paying extra and probably wouldn’t pay for additional coverage that exceeded 20% of the original purchase price. However, if I could get the extra extended warranty for free – that’s a whole different matter.

I’m currently in the market for a new business laptop notebook computer. I’ve been scouting out local Best Buys, scribbling down model numbers and returning home to shop online. The model I have my eye on is the Dell Inspiron and fortunately it comes with a 1 year manufacturer’s warranty. But based on my experience with laptops, they have a habit of breaking down after the 2 year mark so getting additional protection might be worth considering. However, I just don’t know if paying $250 extra for a $1,000 laptop is worth the extra protection when I may simply end up getting a newer model down the road.

For Products That May Benefit From Extended Warranties, You Can Use A Credit Card And Get The Extra Warranty Protection For Free

Fortunately, some major credit card issuers provide free extended warranty benefits when you use their cards to purchase qualifying items. In most cases, the credit card program automatically tacks on an additional year to the product’s existing warranty period, effectively doubling the extended warranty period up to the program limit for no additional cost. The major credit card companies, American Express, Visa, and Mastercard all offer their own complimentary extended warranty upgrades for items entirely purchased using qualifying credit cards.

Keep in mind, while most electronics like plasma TV’s, laptops, desktop computers, Xbox, Playstations, Nintendo Wiis, and Blue-Ray players are covered, not all credit card purchases qualify for extended warranty extensions. While specific card terms vary, items generally excluded include motor vehicles such as cars, boats, airplanes; real estate and land; and computer software. To qualify for the credit card extended warranty protection, you’ll need to keep a copy of your original purchase receipt. Generally after the product manufacturer warranty runs out, you’ll need to contact the credit card company or issuing bank for a claims form and have them handle the cost of fixing and repairing the item. You should be prepared to submit your receipt and a printout of the original manufacturer’s warranty. Upon receipt of your claim form, the credit card company will decide whether to repair or replace the item, or reimburse you for the value of the product,

Thus, in order to take advantage of the free extended warranty upgrades offered by participating credit card companies, you must:

• Charge the entire amount of what you’re buying on a qualifying credit card.
• Register the product with the credit card company if this option is offered (usually this step is not required but it’s recommended).
• Provide a copy of the purchase invoice receipt and any credit card receipt showing you paid for the item.
• Provide a copy of any additional service contract purchased and the original manufacturer’s written U.S. repair warranty as supplied by the product manufacturer.
• You must not cancel the card used to make the purchase and the card must still be active at the time of warranty redemption.
• To file your warranty claim, you will have to verify the above and fill out a claims form provided by the credit card company.

Here Are The Free Extended Warranty Upgrade Offers Listed By Credit Card Company:

1) American Express – Buyer’s Assurance Plan – (Available with all American Express credit cards) – American Express offers the easiest warranty claims procedure and has the comparatively least restrictive time constraint. Under its Buyer’s Assurance Plan, American Express will match the original warranty or extend the terms of the original U.S. manufacturer’s warranty for up to 1 additional year on eligible purchases with warranties of 5 years or less. If you purchase extra service warranty or extended coverage on your own, the combined service contract and manufacturer’s warranty period cannot exceed 5 years, or you will not be eligible for the Amex extended coverage. Thus, if you purchased an extra 1 year of service contract on top of the existing 1 year of warranty by the manufacturer, your total 2 year coverage will turn into a 3 year coverage under the Amex plan. With a 6 month warranty, Amex will match with its own 6 month period for a 1 year warranty. (View Amex Buyer’s Assurance).

2) Visa – Warranty Manager’s Service – (Available with Visa Signature Cards). The extended warranty benefit is featured primarily for the Visa Signature Card series but you should check with your specific card issuer as the benefit may be offered for other Visa branded cards as well. A few popular credit card choices that carry the Visa Signature extended warranty benefit include the:

• Capital One Orbitz Visa Signature
• Fidelity Signature Visa
• Chase Freedom Visa Signature

The Visa Warranty Manager Service offers the Extended Warranty Protection that doubles the free repair period under the original manufacturer’s written U.S. repair warranty up to 1 additional year on eligible warranties of three 3 years or less when an item is purchased entirely with your eligible Visa card. Although registration is not required to qualify for Extended Warranty Protection benefits, it is strongly encouraged for peace of mind purposes that you send Visa your sales receipts and warranty information upon item purchase. By recording your purchase with Visa sooner than later, you won’t have to search for critical documentation when you need it later on. (View Visa’s Warranty Manager Service).

Visa also has a Purchase Performance Guarantee program that allows you to purchase yet more extended warranty, at a cost which is usually less than a store bought extended warranty or service contract.

3) Mastercard – Extended Warranty – (Available for Mastercard Platinum and Gold, as well as World Mastercard) – Mastercard’s Extended Warranty doubles the manufacturer’s warranty time period up to a maximum of 1 additional year. If however, the original manufacturer’s warranty is already for more than one year, no additional coverage will apply. This limitation also applies to self purchased additional service contracts and additional extended warranties that add more than one extra year on top of any existing manufacturer’s warranty. Such extra warranty additions beyond a year will void any additional Master Card coverage.

Thus, for example: If there is a product manufacturer’s warranty of 1 year and you buy an additional 1 year extended service contract for a total of 2 years, Master Card will extend your warranty to a total of 3 years. But if the product manufacturer’s existing warranty was 2 years, or if there was no product warranty at all and you bought an extra 2 year service contract for yourself, the credit card company will not offer any extended warranty coverage. (View Mastercard Extended Warranty).

4) Discover - Unfortunately, Discover Card currently does not offer cardholders any extra warranty coverage for products purchased using its cards. It’s a shame because they really should, especially if they want to stay competitive with the other more popular credit card companies.

I had lunch with my brother at an Asian noodle place a few days ago and the subject of money came up. Somehow our conversation turned to credit cards, which prompted me to pull out my wallet and enthusiastically display my collection of multiple reward credit cards that I use to make virtually all of my day-to-day purchases. I carry multiple cards for different purchase functions such as having a dedicated gas credit card, grocery credit card, dining out credit card, and an all purpose credit card not covered by other reward programs. My card strategy has always been to maximize my use of credit cards to get the most out of reward points and cash back offers. Not including the ones I regularly carry around, I also have a few other balance transfer cards sitting at home, having already tapped out their 0% APR offers with no other remaining reward deals to offer me as a card consumer.

I See Reward Credit Cards As The Way To Earn Lots Of Arbitrage Cash Back and Free Gift Rewards From Everyday Purchases

What can I say – I’m a big proponent of using credit cards and rarely resort to using cash, which I see as an old school payment system that will someday be phased out in favor of more efficient and sanitary card payment methods. Since I started maximizing my use of credit by carrying around multiple reward cards, I’ve been consistently earning more than $1,000 in purchase rewards and cash rebates every year – and I’m not even married. Imagine if I had a family and children to shop for – imagine the sheer amount of credit card rewards I could earn from the inevitable higher spending rate.

For those who don’t want to rely on credit-based payment systems and deal with the risks and spending hazards involved, there’s always debit cards, which offer the same speedy and compact access to money that credit cards offer but without the potential out of control credit card debt issues. However, the biggest downside with debit cards is obviously the lack of purchase reward offers. Unlike credit cards, which tend to entice consumers with attractive cash back and rebate incentives such as free airline miles or free gift cards, debit cards don’t usually offer rewards (although some do). A few banks and debit card issuers like Citibank do offer purchase reward incentives for customers who opt to use their ATM/debit cards to make purchases. These debit card purchase incentives are usually in the form of some type of reward points that can be accrued and redeemed for gift rewards and merchandise. In the case of Citibank, the company offers Thank You reward network points for every purchase made using their ATM/debit cards. However these debit reward points pale in comparison to the lucrative reward promotions offered by credit card issuers. Of course, in terms of money making ability, credit cards offer card issuers a much higher profit potential in the form of interest and penalties gleaned from those unable to make their monthly credit payments. That’s why they are able to offer much higher reward percentages for credit users.

While They Offer The Most Efficient Use Of Your Money, Reward Credit Cards Are Powerful Financial Tools That Admittedly Must Be Used Carefully and Responsibly To Avoid Overspending

Despite my seemingly zestful support of credit cards and belief that their use can be a part of a complete and well rounded financial planning strategy, I don’t necessarily recommend them to everyone. Like the powerful engines that drive today’s automobiles, credit cards can be a useful tool for convenience and efficiency. But like the car you drive, a credit card can also be a tool for disaster. The unsafe and irresponsible use of credit cards can lead to major financial mistakes and rampant credit card debt. With any such powerful tool, in the hands of an uninformed and inexperienced user, both cars and credit cards can cause much heart ache. Having a credit card does not mean you have the license to spend and not reap the ultimate billing consequences. Likewise, having a license to drive does not mean you have the right to drive without regard for the safety of those around you. If you simply cannot handle the responsibility and awareness they require, it’s best to resort to more primitive and basic modalities. For the car, the undeveloped and immature driver should resort to biking or traveling on foot instead. For the overwhelmed and financially uncertain credit card consumer, he or she should probably stick to cash and debit before adopting an all credit strategy. Being able to successfully juggle and handle multiple credit card statements and payments can be a daunting task, and while the practice may certainly yield very impressive rebate results, it’s not for everyone.

So Who’s Smarter? My Brother Who Uses A Single Non Reward Credit Card – Or Yours Truly, Who Uses Multiple Reward Credit Cards To Capture the Maximum Possible Amount Of Credit Card Cash Rebates, Airlines Miles, and Gift Cards

It took a while for me to develop the ability to manage the use of multiple reward credit cards and to develop the responsible approach of always paying them off timely every month – something I’m quite proud of. That’s why I’m always a bit puzzled when I talk to someone like my brother who accepts the practice of using credit cards to pay for everything, but doesn’t receive a single purchase reward incentive for using it. During our lunch together, my brother responded to my wallet collection of credit cards by pulling out his credit card collection – a single Citibank credit card – the Citi Platinum Card. While this particular card offers the benefit of a 0% balance transfer period, once the introductory promotion runs its course, it doesn’t offer any further rewards for card purchases. Every single dollar spent with this non-reward credit card offers no reward rebate in return. The only thing you get is a 20-30 day grace period for payment and the usual credit card guarantee shield against unauthorized and fraudulent purchases.

My brother’s explanation for not carrying more than one credit card is that he’s fine and happy with just having one. The lack of any card rewards doesn’t seem to faze him and my so-called dazzling display of credit card rewards didn’t seem to encourage him to carry more than one card. In his view, having one card is enough for him. He sees credit cards as more of an efficient method of payment with useful purchase protections, than as a juicy arbitrage source of free money and credit card rewards. His reliance on a single non-reward credit card has always been a compromise to capture the convenience of debit cards but still enjoy the excellent purchase reward protections offered by most credit card issuers. Apparently, he views the lack of non rewards as almost a plus of sorts since it doesn’t encourage any unnecessary or gratuitous spending habits that might afflict users of reward credit cards. Between my brother and I, he’s probably the more frugal and thrifty spender, which now makes me wonder if that has something to do with the fact he owns and carries around only a single non-reward credit card. Although I would rather think otherwise, but have I become a more liberal and uninhibited credit card spender as a result of my long history of subconsciously justifying my credit card purchases by rationalizing that I am getting part of my money back in the form of credit card rewards?

I still tend to think I’m on the right track – that the smart and strategic use of multiple reward credit cards should be an integral part of one’s financial planning, but I’m always open to better view points. So who’s right – my brother or I?

If you’ve ever encountered sites on the internet that claimed to offer brand new laptop computers, mp3 players, or even plasma TV’s for free, I’m sure most of you jumped to the immediate conclusion that they must all be scams. Well, on some level you may be correct and your initial instincts serve you well. But the misleading deception is not that they don’t actually give out laptops, it’s that these so-called free laptop offers do require some up front financial commitment and mandatory participation in a few monthly subscription programs. However, if you have a keen eye for seeking out deals that require the least amount of out-of-pocket effort, and know how to manipulate the rules by taking advantage of free trial offers, it’s possible to walk away with a brand new laptop for only a fraction of its fair market value.

What I’m about to share may be time consuming and require almost anal, obsessive compulsive organizational skills, but the potential payoff at the end is quite substantial. For those of you who need the laptop or fancy electronic gadget right away, you probably won’t have the patience for what this process demands. The procedure takes some time to complete and requires a lot of waiting – up to four months usually from start to finish. To successfully game the system and earn your almost free reward product you will need to be detail-oriented and willing to exercise patience and follow directions to the letter. If you follow these instructions, you should be able to beat the gift reward system and earn your prize – whether it be a free laptop, Ipod, Xbox, Playstation, or even a free plasma TV. The gift reward process does work, but it is heavily dependent on your own persistence and ability to successfully micromanage your offers to completion. If you are the type to give up easily or freak out in despair at the first sign of trouble, I don’t recommend any of this for you since you will likely crash and burn. For everyone else – good luck!

Background About Gift Reward Websites That Offer Free Laptops and Other Free Promotions

You may have heard about these websites that offer customers the chance to earn a free gift reward – usually an expensive prize like a notebook computer or even a plasma television set. I see these offers all the time and sometimes I even hear a few success stories here and there from friends (as well as a few horror stories) – but I never paid them much attention. I always assumed they were either spam offers or websites run by scammers. However it looks like some of these free gift reward companies are now branching out into mainstream media – running radio commercials, television spots, and featuring online banner advertisements on various websites.

These companies usually run a large number of similarly designed websites touting free laptops, free iPhones and an assortment of so-called free products. In exchange for you signing up yourself and/or referring a few friends to some of the company’s paid services, the company is willing to offer you a free reward. Some programs only require that you yourself participate in select offers, while others require you to refer friends, family, and strangers. Personally I recommend staying away from referral programs since I think they are too much trouble. Ultimately, the reward provider makes money because the sponsors and affiliate programs they promote pay them a lot of money in the form of incentives and commissions for advertising their products. By requiring you and I to sign up for paid products and subscriptions, the prize company makes a lot of money through referrals, which they in turn use a portion of to buy gift rewards for those that qualify for redemption. The way to beat the system is to make sure you cancel your paid programs before the end of free trial periods, or at the very least after fulfilling the prize terms to minimize your overall expenditure. Even for those gift reward programs that limit the number of cancellations to a certain number, you can still seek out the least costly programs to participate in for the mandatory length of time.

The reality is that not all customers will successfully complete the reward redemption procedure and many end up paying more money for unnecessary services than the ultimate value of their reward. The prize system works because the company knows that a sizable portion of customers will fail to follow the rules and procedure and not fulfill the terms to qualify for their reward. This method of working the odds is also how credit card companies make so much money off of promotions like 0% balance transfer offers. They count on a certain percentage of people to fail to make the business enterprise financially profitable. But you can choose to be part of that percentage that does succeed. If you follow the rules to the letter and document your receipts, as well as stick to the terms and conditions, you may be one of those that come out on top.

Some may say these types of offers are nothing but scams, but frankly they are really no different than your so-called reputable mobile phone company offering you a “free cell phone” with a new 2 year long term cellular contract. The word “free” is loosely defined these days in the business world. These companies and websites probably need to put a bigger asterisk by the word “free,” and indicate more prominently that additional terms and conditions apply. However, I think consumers need to take it upon themselves to read the fine print more carefully. In the world of free gift reward websites, the word “free” does not mean that the customer pays nothing out of pocket whatsoever – there is no such business model that could survive this way. When they say “free”, what they mean is that the customer pays nothing directly to obtain the product, say a free laptop, but may have to subscribe and enroll in a few participating product promos to qualify. These product offers frequently do require financial commitment, but only for the length of time required for reward program fulfillment (usually 1-2 months). In many cases you can cancel the paid monthly subscriptions within the free trial period without incurring a charge. Of course, each reward program’s terms and conditions vary so please read carefully.

Separating Scam Sites From The Safe, Legitimate Gift Reward Programs

You should never trust any reward site without first performing a detailed investigation into the company’s business practice and identity, and thoroughly going over its terms and conditions. Just because a website looks legitimate doesn’t make it so. You must also verify its identity to make sure you can trace and track down the company’s customer support staff before engaging with it. As a lawyer myself, I always want to know the identity and primary business location of the company I’m dealing with in the event I need to file a lawsuit against the company for any possible future breach of contract or civil fraud claim.

One thing to note is that these free gift reward companies are not the most pristinely run operations. Their business model naturally generates a lot of angry customers and commentators who are particularly vocal about expressing their views on websites like Rip Off Report. However, you should also keep in mind that the world is frankly filled with quite a few absent minded people who simply cannot follow directions. While I’m sure the majority of the scam reports are legitimate, I think there is a substantial number that are written by disgruntled people who simply failed to follow directions and rules set forth by the company. The terms and conditions written by the company is a obligatory contract between you and them that goes into effect once you sign up and start participating in their reward program. It’s important to follow the terms in great detail. Of course, this only applies to legitimate gift reward websites.

To Separate the Scammers From the Legit Businesses, You Must Do the Following:

1. Verify Its Identity – The quickest and most direct way to verify a company’s identity is to examine the information listed on the website. There should be a Customer Support, About Us, or Contact Us section where the company lists its identity and contact information. Legitimate websites ought to be transparent and you should be able to find and verify business identity information with relative ease. If you find a website that does not provide a telephone number or mailing address, I would advise you to be extra careful. Scam websites usually only include an anonymous contact form, without including an actual mailing address or verifiable phone number. There are also other ways to verify a company’s legitimacy, including checking out the website’s Who Is Internet registry information. Legitimate companies usually list their registry information openly, complete with actual addresses and verifiable phone numbers. If the company’s information is hidden or anonymous, you should be extra careful and suspicious.
2. Check Its Business Track Record – I usually run a few Google word searches to see if the company’s name comes up anywhere. This helps with verifying identity and checking out the company’s business track record. I’m looking to see whether it has a history of scamming people and whether it’s under investigation. Oftentimes gift reward companies will show up on sites like Rip Off Report, but you shouldn’t be immediately deterred by these consumer reviews without further investigation of your own. Use your own judgment about the reward provider and determine for yourself how trustworthy and reliable the program is. Remember, even great mainstream companies are bound to have a few customers here and there that simply have an unfounded grudge against them. You should also look the company up on the Better Business Bureau website. Keep in mind that companies frequently have multiple aliases and run similar operations under different names. If you find a phone number, you should try test calling to see if you can speak to a live person to verify the company’s authenticity.
3. Read The Terms And Conditions Carefully – It’s crucial to read the terms and conditions of the website very carefully. I recommend saving the terms and conditions web page to your desktop by going to your browser window menu and selecting “Save As”. This will allow you to retain the text in the form you found it and will help you keep a record in the event some sneaky company decides to secretly change their terms and offers without letting you know. Remember, this is your contract with the company. If something goes wrong and you must file a civil lawsuit or pursue a legal complaint against the company, this contract will lay out the details of your claim.

How To Beat the Gift Reward Process and Earn Your Almost Free Laptop Or Plasma TV

The first step is to obviously find a site that offers so-called free rewards. There are many of them out there and I don’t recommend any of them in particular, but they shouldn’t be too hard to find. In the future I will cite a few website examples and discuss my experiences with specific programs, but for now I leave the program search to you. Most of them show up in searches for “free laptops”, “free ipods”, and “free plasma TV’s”. Keep in mind that not all reward programs are legitimate.

Every reward program is different and specific terms and conditions vary so it’s important you actually read each program’s contractual details carefully before you even think of participating. However, their business models and the way they work are generally the same. There are two types of free reward programs – sites that don’t require referrals and sites that do. Personally I hate referral programs because I don’t like to bother my friends and family with spam and somewhat shady offers. If I’m going to get involved in some make money scheme/scam or reward program, I’d rather it only affect me and leave everyone out of it. That’s why I advise everyone to avoid offers that require referrals altogether. They are too much of a hassle and will likely upset the people you send those offers to. Once again, always seek out the fine print. Read everything carefully.

1) Before you start, be sure you have properly verified the identity of the reward website and make sure you have assured yourself that the business is indeed trustworthy. Make sure you document every step of the way by saving to your computer the contents of all offer listings and pages containing terms and conditions. You should also take a screenshot of each page or make a paper printout of the offer terms. Having full documentation is very important and will ultimately save you from a major mistake. It may mean the difference of you receiving your “free” laptop or finding yourself disqualified from receiving your reward.

2) Usually the reward website starts out by asking you to select your free reward. This part is meant to sucker you in and get you overly excited about the prospect of receiving an expensive product like a laptop, Ipod, desktop computer, or cell phone. Make your selection carefully since you usually can’t change your reward choice later after it’s made. The site will usually require you to submit your e-mail address right from the start. Never enter your primary personal e-mail address. You should always use an alternate or fake one from Yahoo, Gmail, or Hotmail because your account will be spammed. However, the spam is part of the program concession and needs to be tolerated if you are to fulfill the program’s terms.

3) Next, the website will usually ask you where it should send your free gift. This is when you have to enter your name, phone number, and address. Keep in mind that the mailing address you submit will likely be the target of any paid promotion they send you and may cause you to receive some junk mail for at least the duration of the promotion. If you want a fake phone number, you can always generate a free phone number online.

4) Some programs require that you refer a certain number of people and get them to sign up for the same product offers. I highly advise against getting into programs that require referrals. You don’t want to alienate your friends, family, or even strangers over this. I prefer non-referral websites since you work on your own and don’t have to annoy anybody. If your reward website is asking you to submit a list of your friend’s e-mail addresses, ditch them and move on to another website.

5) The program will usually run you through a long list of short introductory surveys and ask if you want information on any number of products from pills, to coupons, to student loans, to strange male enhancement products, to crazy nutritional supplements. Just say no to all offers and make sure you clearly click no to every request. Clicking yes will likely result in unnecessary junk mail or unwanted promotional samples to be sent to you. Furthermore, none of these initial offers usually count towards your “free” reward product.

6) The next part demands the most work and requires extra attention to detail-oriented record keeping. After the intro survey, you will likely encounter one or multiple web pages filled with advertisement offers. You will be instructed to select a certain number of product offers from each page by clicking on the desired link and signing up through it. There can be anywhere from 5 to 40 total offers that you have to choose from. Depending on the program details, you may have to select anywhere from 5-10 of them total (but of course it varies). Usually as you progress from one offer page to another, the product terms become more restrictive and expensive. The first page usually contains the least expensive products followed by more expensive and more difficult to fulfill offers. Some reward websites may require you to pick a certain number of offers from each page. For example, one notable reward website separates offer pages by “silver”, “gold”, and “platinum” labels – requiring 2 offers from “silver”, 2 offers from “gold”, and 6 offers from the more restrictive and expensive “platinum” page.

I recommend completing all of your required offers in one sitting to better track your reward completion. Before you sign up for any offer, read through each product carefully, saving and printing out the pages of the ones you are interested in. Here is where you compare offers and determine whether the particular offer is too expensive or has too restrictive of a return policy. Most of the advertisers do offer free introductory trial periods ranging from a week to a month. Before the trial period is up, you are usually free to cancel and get your money back, minus shipping and handling (although sometimes shipping is also refunded). Remember that you are committing yourself to these product offers. Make sure the individual products have return and refund terms that are clearly stated so you don’t get stuck with a permanent supply of useless furniture, foreign language tapes, or herbal supplements you don’t need.

7) Signing up for mandatory product offers will require the use of a credit card. I don’t recommend using a debit card because you want the purchase protections offered by credit cards in case something goes wrong and you either need to cancel your card number or need to protest an unauthorized transaction. Some of these advertisers have a habit of overcharging or continuing to charge even after customer cancellation. Thus you want all the purchase protection you can get.

8) I can’t overemphasize the importance of documenting everything. You should create a table, chart, or spreadsheet of all your product offer names followed by the offer details, including the page the offer was found on (“gold”, “silver” etc), estimated weekly or monthly cost, proposed cancellation date, and a section to indicate whether the item’s fulfillment has been verified by the reward program provider. If the reward provider limits the number of program cancellations, you will want to clearly delineate that on your spreadsheet.

Save every single piece of material you have on all offers you participate in. Run screen shots, print out pages, and save entire web pages that contain information about terms and conditions. In the event something goes wrong, you will need this documentation to prove that you genuinely fulfilled the terms of the offer and are qualified to receive your almost-free gift reward. You don’t want to go through all this for nothing.

9) After submitting your minimum required number of offers, you should regularly check your account to see when the offers have been fulfilled. Usually reward providers require you to fulfill their terms in 60 days to qualify for your “free” laptop or whatever reward you selected (the length of time varies). Your account should have a link location where you can check your gift reward status and verify that the advertiser products have been fulfilled and completed. Usually the advertisers are responsible for notifying the free reward center that you have successfully completed their offer, but that is not always the case. Sometimes the companies forget to report back to the reward provider site. In that case, you will have to bring forth your printed out proof or scanned documentation to verify that you are in compliance. That is why complete documentation is so important. These reward companies are notorious for forgetting to log your program completion.

10) If the terms and conditions permit returns, you should return most of the products you ordered. If that is the case, you should do so at the earliest opportunity to halt the monthly subscriptions fees and prevent yourself from going over any free trial period. Be sure to return the product for a credit and refund if that is required. Once again, make sure you document all returns as well. Note that some reward provider programs limit the number of product cancellations you can make – so keep that in mind before you cancel a product. You don’t want to violate the terms.

Final Thoughts About These “Free” Gift Reward Programs

Keep in mind that you are responsible for all federal, state, and local taxes for rewards that you receive since the rewards will likely be deemed taxable income. While tax reporting policies vary, many legitimate reward providers will report your gift receipts to the Internal Revenue Service (IRS) to comply with federal and state tax codes. On your own tax return, you will likely have to report the fair market value of the items received.

In my next post about How To Get A Free Laptop, I will review the Gift Reward Center. They run a whole bunch of online websites that you may have seen before but never paid much attention to. They’ve endured a whole slew of legal and customer complaints, but after changing their terms and policies, they seem to have stayed in business. Currently they are deemed a legitimate business by the Better Business Bureau despite numerous complaints. Their business practice leaves a lot to be desired but so long as they are a legitimate operation, their gift reward system can be beaten.

I have two small piggy banks that sit atop my office desk at home. One is a coin bank in the shape of a dog, and the other is shaped like a light blue colored pig that I received as a free giveaway when I opened a new Citibank business checking account not too long ago. These two little guys are the gatekeepers to the spare change that I occasionally bring back in my pockets. Everytime I come home with loose coins, I usually drop them into my piggy banks. Since I use reward credit cards for the vast majority of my purchases, I don’t usually bring home too many bits of spare change. However, over a period of months and a year, even the occasional chipping in can turn a small stash into a tidy sum.

How To Handle Quarters, Dimes, Nickels, and Pennies

Before Coinstar came along with their green coin sorting kiosk machines, I had no convenient way of getting rid of my spare change, especially the nickels, dimes, and pennies. Quarters I could always keep around to use for coin operated laundry washers and dryers, snack vending machines, and leave a few in my car for parking meters and toll booths. But nickels and pennies are pretty much useless since their small denominational value require many more of them to be carried around to be worth anything. Initially I tried hauling my jar of pennies, nickels, and dimes to my local bank branch to have them exchanged for paper bills. However, the bank teller usually responded by handing me a few empty orange paper coin rolls, instructing me to roll the spare coins up myself before handing them over. The process was tedious and inconvenient, and eventually I gave that method up.

Coinstar Coin Counting Machines At Your Local Supermarket Are Free If You Redeem For Gift Cards Instead Of Cash

When Coinstar came along and started placing their coin sorting machines at various supermarket locations, I was delighted to finally have a hassle free way of getting rid of my useless spare change. All you had to do was pour your loose change into a metal sorting compartment and wait for the machine to sort through your deposit. After a few noisy minutes of coins rattling and falling into the hopper, your contribution would be automatically tallied up. A paper receipt would pop out, listing your total balance for you to redeem at the checkout register. The whole process was easy, effortless, and rather entertaining, in a Las Vegas casino slot machine sort of way. Like driving my vehicle through a car wash, watching the digital coin counter tick away the numbers up the money count was always amusing to me (but then I’m an easily amused person). In the spirit of slot machines, I’ve always thought the green Coin Star machines would be able to attract more customers if they’d only install more bells and whistles that would light up while the coins were being counted.

The biggest drawback of using Coinstar and the myriad of imitation coin sorting kiosk services has always been the service fee that the machines usually charged and deducted from your total tally. Prices vary among different services, but Coinstar charges a fee of exactly 8.9%. That’s a pretty cumbersome fee deterrent for those who need this sort of service.

The good part is that Coinstar now offers a better way to redeem your coins for free. To get hassle free coin counting, all you have to do now is select the gift card payment option instead of cash. The gift card option is available for a variety of popular retailers including Amazon.com (my favorite choice), iTunes, Starbucks, Circuit City, J.C. Penny, Linens and Things, Pier 1, Borders, AMC, Old Navy, and more. If you choose the gift card redemption method, Coin Star will waive the machine transaction charge and you’ll get the service for free.

Some Banks Now Have Free Coin Sorting Kiosks For Customers and Non Customers Alike To Use

One of the local banks in my area has been offering free coin machines for some time now. At Chevy Chase Bank, a regional bank with a heavy presence in the Washington DC metro area of Maryland and Virginia, they offer complimentary Change Express coin machines for customers and non customers alike to use. There is no fee to use the coin counters, but you’ll have to wait in line for a bank teller to redeem your money.

For those who live in New Jersey and the surrounding states, Commerce Bank (Commerce Bankcorp was recently acquired by TD Bank), also offers its own free coin machine called Penny Arcade, available to both customers and non customers. This nice perk seems like a growing trend among local banks and credit unions as more and more of them do away with the 3% or more coin machine fees of the past.