Serta Protection Credit Agreement Overview
Serta Protection Credit Agreement is actually a policy provided by the company underwritten by Hartford Fire Insurance Company. It enables you to acquire a guarantee on your bed or other Serta products while buying it on credit or through financing. The coverage this plan provides extends to the unit bought on credit, and only that unit. Examples of what it covers include accidental stains, burns and punctures, damage to seams of mattress, stains from bodily fluids, and gouges, scratches and tears on the wood parts.
Serta Protection Credit Agreement is available for purchase when it is time to make payment for your purchase. Any purchase, either full or partial, can be covered by it . There are no exclusions for purchase made as a gift. However, if you purchase a Serta product at a discount or using a coupon, the amount of the discount will be deducted from the total amount insured under the policy.
When you purchase Serta Protection Credit Agreement, you should receive a card under 30 days. You also need to register your account through the Serta customer service line to have accurate record for your policy. It is important to keep the card with you. Losing the card or not having registered it properly may result in unsatisfactory claims settlement, even if the damage occurred while the policy was in force.
Serta Protection Credit Agreement Key Features
The Serta Protection Credit Agreement is designed to extend the warranty coverage of a selected mattress. The agreement covers certain defects or problems faced by the consumer during the lifetime of the mattress, subject to specific exclusions. To gain protection under the agreement, the purchaser must pay a premium, which is inclusive of an administrative fee and brokerage. Payment for the coverage can be made in a lump-sum at the time of purchase, or a portion may be added to the installment payments if the mattress is financed.
This agreement covers repair or replacement of defective components including seams, springs and coils, a replacement comfort layer, repair or replacement of mattress covers, and air chambers with limited inline air loss or punctures. Exclusions include damages caused by stains or dirt, issues related to burns, rips, cuts, or tearing, shrinkage or tightening of seams or borders, sagging or body impressions (unless greater than 1.5 inches standard), mattress height variations and natural settling, and pilling or discoloration of fabrics. If all terms and conditions are met, a consumer can receive either a repair or a replacement of a defective mattress.
Serta Credit Protection Eligibility Requirements
Before filling out the form for the Serta Protection Credit Agreement, consumers should assess whether or not they qualify for such an agreement. In order to qualify, consumers (or the account holder) must be at least 18 years of age (or of legal age in their Jurisdiction) and a member or customer of the Commercial Account. If the consumer recently opened an account, he or she may not be eligible for the agreement until sufficient time has passed to establish eligibility under the policies set forth by the Commercial Account, the issuer of the Serta Protection Credit Agreement. Simply put, consumers interested in signing up for the Serta Protection Credit Agreement must be a current account holder and 18 years of age or older. Consumers should furthermore ensure that they meet any additional qualifications set forth by their respective credit card companies.
Serta Protection Benefits Consumers
The Serta Protection Credit Agreement provides affirmative benefits and security to the customer. For example, should the customer wish to return the bedding, no matter where it was purchased, and the retailer will not take back the bedding, Serta will take back the product, at the customer’s option either refunding the purchase price or replacing the mattress or foundation. If a covered incident occurs within the first five years of the purchase, Serta will replace the product with no depreciation deduction.
Even in the case of customer dissatisfaction, the customer can return the product within a 120 day period without even having to state any reason for doing so. We are unaware of any other warranty or guarantee that is as comprehensive as this one.
In addition, after the fifth year, Serta extends a 50% prorated trade up to a comparable model, at current market price, within the 6th to 10th year of ownership.
Because Serta’s Protection Warranty covers both manufacturing defects and comfort, after the first year, if either occurs, Serta will replace the product, at the customers option, for the prorated amount, allowing the customer to elect to receive a refund, or to trade up to another completed product, or buy a similar item from its approved retailers.
Protection Plans vs. Serta Credit Protection
There are a number of different plans offered by other retailers for credit protection. Most major credit card and furniture retailers have their own ‘in-house’ credit protection plans from financing companies that are similar to the Serta Protection Credit Agreement. Similar plans offered by other companies include Fortiva Retail Credit and Genesis Credit. The differences between these plans and the Serta Protection Credit Agreement primarily lie in how payments that have become due are applied and how late payments are charged or forgiven. Serta does offer the advantage of allowing an additional 60 days (so 120 days total) before payments can begin to accrue. Much like all the programs listed, if the account is not brought current after this time frame, the account will go into default and is subject to possible immediate collections . Unlike plans offered by other retailers, Serta does not require documentation of a guaranteed loss of income. Most others specifically require a guaranteed loss of income, so individuals who might not qualify for a plan otherwise may still qualify under these circumstances. However, this documentation is also often hard to come by. Therefore, the credit protection plan with Serta may be the best option for eligible individuals who do not have this particular documentation. The Serta Protection Credit Agreement also does not require any minimum payment or balance for eligibility, which some others do. While you must have a minimum of $500 to finance through Serta, there is no minimum until after the balance has been financed and you wish to add the Protection Credit Agreement.
Serta Credit Protection FAQ
Common Questions About Serta Protection Credit Agreement
Consumers often ask the following questions about Serta Protection and the Serta Protection Credit Agreement:
How do I enroll in Serta Protection?
Enrollment is easy. Make sure you read the full details of Serta Protection prior to enrollment. You can easily sign up by calling 800-619-3708 or visiting www.serta.com/serta_protection. Enrollment in Serta Protection is only available at the time of Mattress purchase or during the 45-day Protection Enrollment Period, or within the 45-day Serta Protection Meyer NStat Money-Back Guarantee period.
How much is Serta Protection?
Serta Protection costs between $100 and $250 depending on the retail value of the mattress.
Can existing Serta customers enroll in Serta Protection?
No, Serta Protection is only available for purchase on a new purchase of Serta mattress from a participating retailer.
How long does Serta Protection last?
Serta Protection lasts for 10 years from the date of purchase.
Does my Serta Protection credit card accrue interest?
No, Serta Protection credits do not accrue interest. Serta Protection credits simply stay on your account and are deducted from any eligible claim made against your Serta Protection.
How do I redeem the Serta Protection credit?
To redeem Serta Protection you must file a claim against for an eligible Serta Protection repair. A customer service representative will instruct you on how to use the Serta Protection credit when your approved Serta Protection claim is ready to be serviced. Currently, only the participating Serta Protection repair expert will be able to process and redeem the Serta Protection credits with the Serta Protection customer service representative. Information on additional Serta Protection repair experts will be provided to you when you submit a claim against Serta Protection.
Do I need to keep a receipt in order to redeem the Serta Protection credit?
No. Records of your Serta Protection purchase are kept electronically and do not require a receipt to make a claim against Serta Protection.
How do I contact a customer service representative regarding my Serta Protection credit?
You may contact a Serta Protection customer service representative by calling 800-619-3708.
Serta Protection Enrollment Steps
Once you become a Serta customer and have established a relationship with an authorized Serta dealer, your coverage under the Serta Protection Credit Agreement requires that you take a few simple steps to enroll. The information below provides an overview of the enrollment process and highlights the steps necessary to obtain coverage. You may enroll in the Serta Protection Credit Agreement by contacting the customer service center at 1-855-889-1486. When you call, you will be asked to provide information, such as name, home address, mailing address, phone number, email, account number, and card number, that will allow Serta to determine whether you are already a cardholder or a "non-cardholder." This information is essential to the enrollment process and through it, Serta is then able to verify your account status and provide you with the required forms. If you are a cardholder, you will need to confirm your account balance and status prior to enrollment. Consumers are strongly encouraged to retain the customer service number for future inquiries as it is the only number associated with the Serta Protection Credit Agreement. Once you contact the customer service center and complete a call, Serta has 44 days to send you one of three documents, depending on your account status: The Serta Protection Credit Agreement provides consumers with time to review their contract forms and paperwork before they are to be finalized and "go live" – this is an important characteristic that distinguishes legitimate credit protection agreements. Be vigilant with the timing and review of all important information prior to signature and contract commencement. To finalize enrollment for cardholders, a notary public or JP must sign and stamp the document before it becomes effective. Consumers should familiarize themselves with this step, as not all enrollment documents of credit protection programs are notarized. Consumers should only accept and/or sign properly completed and accurate Serta Protection Credit Agreements that are properly signed and stamped by a notary/jp before the contract’s coverage becomes effective. Reputable creditors will only accept properly completed agreements.
Serta Protection Conclusion – Is it Right for You?
A conclusion on the Serta Protection Credit Agreement is simple. It is likely to be a good fit for you if you are a person that wants to make small payments at a time for a few years because you have more than $500 in purchases. However if you are the type of person that buys $500 in purchases or less, this might not work out as well for you because you will likely end up paying more for the same goods and services . By comparison you will still need to pay those big purchases off, so it seems like lending money on a smaller scale does not mean having the same listing terms.
The best way to think about whether Serta credit protection is right for you is to think about your purchases and whether the $100 per protection fee is reasonable for you. If you keep spending a bit and carry the balance then protecting is likely a good idea.