Getting value from store credits to become easier
New credit rules to deal with stores refusing to give back cash for a returned item.
Stores will now be required to issue credit slips on paper that does not fade, and the credit must be valid for at least two years. Also the credits cannot be limited to only certain types of purchases. For example the store cannot decide not to honor them during sales. And they cannot require customers to produce a receipt along with the credit slip, in order to make the return.
The Industry, Trade and Labor Ministry’s Consumer Protection and Fair Trade Authority published the new rules on Monday, after changes were made to the law. The revisions were made in order to deal with situations when a store refused to give cash back for a returned item.
The new rules also say consumers can receive cash back on a purchase made with credit, if the credit covers up to 5% more than the purchase price − or up to NIS 100 in cash − the lower of the two amounts. In other words, if the customer has a NIS 1,500 credit and buys an item worth NIS 1,440, the customer can receive the NIS 60 change in cash.
The changes do not apply to vouchers, such as those commonly given out as gifts by employers, which are paid for at a discount. But the new rules do apply to all gift certificates where the buyer pays the full value of the gift.
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