Many people, even the most money-savvy ones, may overlook the fine print in some of the contracts they are entering or offers they are taking. This can be either a result of thinking that the fine print is standard and non-negotiable or because they simply buy into a deal so much that they don’t want anything to get in the way or getting it. However, getting into the habit of agreeing to terms and condition or overlooking the fine print can lead to serious consequences.
Here are a few situations where your knowledge of the fine print could save you a bunch — as well as a lot of frustration.
Refunds
Deals from items sold at a discount during a sale season to tickets may be not refundable. Rushing to grab the deal without reading the details may surprise once you find out that you’re unable to refund it, if needed. Alternately, there are many cases when the fine print specific the conditions for refunds. For example, the period for refund may be shorter than usual or refunds are only allowed if the item is returned in a particular condition.
With that in mind, it is important to always check and understand the conditions ahead of making any purchase or committing to any deal. When you develop this as a habit, you can be sure that you don’t lose a whole lot when things or items don’t turn out the way you expect them.
Limitations
Similar to refunds, the fine print may specify other limitations related to the location where a deal is valid or whether a certain discount applies to every product in a store or there are some exclusions. If you overlook these limitations, you probably are going to know about them — or be told — when you get to pay. That is a situation when you may have already invested enough time and interest in an item that you end up buying it anyhow. To avoid this situation, try to always get all the details of any deal or offer before you get started.
That doesn’t apply only to minor purchases and store offers. In fact, you can walk into a bank to get a credit card or buy an insurance policy and you end up with a much more expensive offer simply because you didn’t check the limitations and exclusions on what you’re getting.
Expiry
Offers are often limited in duration. If you’ve been couponing or collecting magazine or newspaper offers, make sure that you check if there is an expiry date. Again, you won’t be forced to buy or accept an offer, but it is likely that after you’ve travelled to a particular store with a clear intention and interest to buy a specific item that you will go ahead and get if your offer doesn’t work out.
Terms and conditions
Many people simply scroll down the terms and condition page or check a box to proceed without even glancing through what they are accepting. Although you may not have the interest or the time to read every word in every agreement related to everything you do online, some cases warrant more attention.
In particular, anything to do with finance from online banking to providing payment information should get extra attention. Although the text may be too legal to understand, your ability to understand what it implies should improve as you go. At least, you will be able to develop a sense for detecting red flags. Penalties, charges, fees, use/sale of your personal information should all get you to sit up and read closely. Again, no one is expected to read every agreement word by word, but when your money or your confidential information is at stake, bite the bullet and do it.
Rania Oteify, a former Gulf News Business Features Editor, is a Seattle-based editor.
