Internet

Updated every Monday!   Subscribe to free weekly newsletter.

uTango: Earn $1,000,000 for Shopping Online?

utangoMany sites offer reward programs for clicking on links to retailers from their site (eBates, for example). Typically, you are offered a reward or rebate equal to 1%, 2%, 5% or more of the purchase price of items you buy through those links.

Now comes uTango which promises (with their fingers crossed) to pay you up to $1,000,000 for shopping on their site. A million dollars!?

million $

What’s the catch? (As if there was only one.)

*MOUSE PRINT:

Members can earn … extraordinary LifeStage Cash Rewards up to … $1 Million at 30 years [emphasis added] in return for your long-term loyalty.

That’s right, if you want to earn the million dollars, you have to sign up for a 30-year plan. After 30 years of faithful compliance, your money will be paid out as an annuity over 10 more years. So, how much do you have to buy per year to qualify for the million buck rebate?

*MOUSE PRINT:

chart

They say you have to spend roughly $20,000 a year through their site in order to collect the required 120,000 points annually. Given that 40% of consumers can’t even follow through to mail in a simple rebate form for items they buy now, what are the odds that shoppers can follow through on this scheme for 30 years?

Just to make sure the company doesn’t have to pay out a lot of money 10, 20, or 30 years from now, they have a few other strings in their program rules and member agreement that could trip you up.

*MOUSE PRINT: (paraphrasing)

To qualify for the 10, 20, and 30 year bonuses, members must be married, and they have to sign up for the program when they have been married for less than three years.

To remain eligible for the big payouts, married members must “Stay Married for the duration of the LifeStage Rewards Plan. ”

If the couple fails to earn the required number of points for two consecutive years, they can be deactivated from the program.

And just in case the 50% divorce rate, and the expensive task of always earning 120,000 points a year (which can be adjusted upward for inflation, believe it or not) isn’t enough to disqualify you, they have two final tricks up their sleeve.

*MOUSE PRINT:

The program is subject to “change at anytime” and

“REWARDS UNDER THE PROGRAM ARE NOT GUARANTEED”

With so much at stake, and so many potential pitfalls, not the least of which is whether this company will be around 30 years from now, you might better utilize the cash back provisions of other reward programs that pay you back shortly after you make a purchase.

Update: The above story was written in September 2008. As of January 31, 2009, the announcement below is posted on the uTango website:

utangolet

Updated every Monday!   Subscribe to free weekly newsletter.

Dishing on the Obama Victory Plate

obamaplate1With one of the most historic inaugurations upon us, it is no surprise that Obama souvenir peddlers are coming out of the woodwork. Take the Obama “Victory Plate”, for example.

In a current TV commercial, the announcer is exhorting us to “own a piece of history”, “priceless work of art”, “first issue collector’s plate”, “this issue has been strictly limited to 65 firing days; after that, the die will be destroyed forever”, “this special treasure will be cherished as a prized family heirloom”, and “the certificate of authenticity from the American Historic Society promises you will own a collectible of the highest quality and integrity”.

Well, if the American Historic Society has endorsed this “collectible”, maybe it could worth money someday. Not.

*MOUSE PRINT: Not disclosed either in the commercial or on their website is the fact that the American Historic Society is not related to the American Historical Society — the  organization incorporated by Congress in 1889.  The latter nonprofit has neither commissioned the manufacture and sale of this plate, nor endorsed it.

The American Historic Society appears to be merely a marketing company engaged in the sale of commemorative coins and memorabilia.

And like so many other made-for-tv “collectibles”, the Obama plate is most likely destined to join that velvet picture of Elvis in your garage.

Updated every Monday!   Subscribe to free weekly newsletter.

Retail Return Policies 2008: The Fine Print

Return policies in some cases are more lenient this year, but in others, they are more strict than ever. An example of the latter is the Buy.com policy, that used to be called “easy returns”.  This year they could just have well have renamed it “hard as nails” returns.  Note the almost nastiness of the wording at the beginning:

*MOUSE PRINT:

Returns Must Meet ALL Applicable Criteria
If your returned product does not match all applicable criteria listed below, it will be rejected by our Returns Warehouse and returned back to you at your cost. Consequently, your RMA will be nullified, any credit request will be denied, replacement orders will not be made, and you will be charged for all shipping to and from our Returns Warehouse that may be incurred by Buy.com. By requesting an RMA and/or shipping a return in violation of this policy you hereby agree to accept our shipment of the return back to you and to the payment of all shipping costs to and from our Returns Warehouse. Our arrangements with our suppliers and manufacturers allow us no room to make exceptions.

Before you make a return, therefore, you better understand the particular store’s rules (including restocking fees), so you will know what you are  or are not entitled to.

Here is a list of leading retailers with generous regular return policies and those with extended holiday return periods (so you may be able to grab the after Christmas bargains rather than wait in long return lines just after the holiday).

*MOUSE PRINT:

Holiday Return Deadlines and Restocking Fees

Amazon.com Jan. 31 (most items shipped 11/01 through 12/31). 15% restocking fee on open computers. Additional rules may apply.
Best Buy January 24 for most purchases Nov. 1 or later; Jan. 8 for cameras, gps, monitors, etc.; Only 14 days from purchase for computers. 15% restocking fees on certain opened items.
Circuit City Jan. 31 all items bought since Nov. 2; 15% restocking fee on open computers, cameras, etc.
Costco No deadline (but 90 days for TVs, computers, cameras, port. music players, cell, projectors)
Kohl’s No deadline (with receipt)
Macy’s 180 days from purchase; 10% restocking fee on furniture.
Marshalls January 5 (for purchases Oct. 26 – Dec. 5).
Overstock.com January 31 for most items purchased Nov. 1 or later. Fees apply if opened, used, or late.
Sears 120 days if purchased 11/16-12/23; 30 days for electronics, software, beds; 15% restocking fee on electronics if missing items, built-in appliances, and certain special order goods.
Staples No deadline for office supplies. (January 10 for electronics & furniture bought since Nov. 28)
TJ Maxx January 5 (for purchases Oct. 26 – Dec. 5).
Target 90 days from purchase (15% restocking fee on portable electronics, digital cameras, camcorders; specially marked clearance items only qualify for current sale price).
Toys R Us 90 days most items (45 days for unopened electronics, video products, collectibles, more; if opened, identical exchange only).
Wal-Mart 90 days (15 days [PCs, portable players, gps], 30 days [cameras], or 45 days [PC accessories.])

Many happy returns.