Product mail-in rebates started to fade several years ago, when big-box retailers such as Best Buy ditched them because consumers hated the hassle. But now rebates are back with a vengeance, as sellers use variations of the traditional rebate promotion to lure frugal-minded consumers.
But rebates can become a trap when a consumer, planning to snip out that UPC code and mail in the rebate form and receipt, judges a product’s price based on those good intentions. Studies show that despite those intentions, many people don’t follow through.
“There are intentionally lots of hoops for customers to jump through,” said Josh Elledge, chief executive at coupon site SavingsAngel.com.
“With procrastination and regular life going on, it just becomes a barrier.”
Here are some tips about rebates:
Ignore it: You probably bought things in the past that offered rebates. Did you redeem them? That will likely be a good measure of whether you will redeem rebates in the future. If you rarely cashed them in, consider the real price of the product to be the dollar figure before rebate. If you end up filing the rebate, consider it found money.
Rebates can be lucrative. Spending 15 minutes to get a $20 rebate is a “pay rate” of $80 per hour.
And some rebates are easier to use than they used to be. Often you can fill out the form online, rather than with pen and paper. It might also save you the hassle of tracking down an envelope and stamp, although many still require you to mail the UPC and receipt. Some will issue a rebate directly to a PayPal online account or issue a gift card.
File fast: Consumers are more likely to file for rebates if they are given short deadlines. The more time people have, the less likely they are to file.
If the rebate form is available online, print it immediately after buying the product because the form could be removed from the site after a promotional period, advises Consumer Reports. And don’t wait until the deadline. That way, if the company says something’s missing, you have time to get it.
Read it: Understand the offer, including the fine print, before you purchase the product, so you know what you’re in for with redeeming the rebate. Elledge suggests that as you’re standing in the store, visualize yourself taking the steps necessary to get your money.
Get organized: Keep a folder of all rebate offers you’ve claimed. Include photocopies of receipts, UPCs and contact information for the rebate clearinghouse. Mark your calendar for the approximate date the rebate is supposed to arrive. With documentation, you’ll be better prepared if your check doesn’t arrive within the promised time, Elledge said.
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