If It Sounds Too Good To Be True...
Written: May 20 '01
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The Bottom Line
A business that promises you something for nothing that isn't funded by government or have a guarantee is a bad investment on your part.
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| Full Review |
It probably is. Cyberrebate, http://www.cyberrebate.com, is no longer in existence. This is the information at their website:
"CyberRebate.com, Inc., an on-line retailer headquartered in Long Island, NY, filed for bankruptcy protection under Chapter 11 in the Eastern District of New York at 10 a.m. today. As of the filing time, CyberRebate.com suspended operations on its Web site. Questions regarding customers, vendors and others affected by today's action will be resolved as the bankruptcy process proceeds. Sadly, most employees were released this morning. A small staff will remain to take the company through bankruptcy. More information will be available once the bankruptcy process gets underway. Customers will be contacted regarding their rights and remedies."
I refer to it as the gravy train that ran out of gravy. I actually purchased items off of Cyberrebate that were very high quality while the company was at the peak of booming business. I gasped at the inflated prices (such as $125 for Socks the Puppet), but rationalized that in the long run it would be free. Shortly after I placed my order, people were warning others on the refunding boards that this company was possibly a scam or a Ponzi scheme. The ones who had placed prior orders and received everything, including the money back, were lulled into a false sense of security.
I felt a knot in my stomach after I placed my order. I vowed that if it did come, I would not be complacent enough to do this again.
My order was placed in September. I received the merchandise almost immediately. The refund checks, each separate for each item, almost all came on the same day in mid-January. I immediately put the checks in the bank. Fortunately, all cleared.
As time went on, Cyberrebate continued to raise the prices of their items. They also had "hooks" to catch new people, such as the $11.00 clock that was offered with a bigger than $11.00 rebate. Many people lost out on that deal, but since they got back what they paid out, they rationalized that away, also. Then, there was the talk about going through another website (I guess like Ebates) to earn money/points for a free cruise. My sister was almost trapped by this one. One lady was lamenting on a refunding board that she had bought $5000 in merchandise to get the free cruise. Now, she says the "cheap" cruise has ended up in being a $5,000 cruise.
When a ton of people are tricked into making massive purchases that end up being fraudulent on their credit cards, the mistakes cost all of us dearly. If the credit card companies reimburse thousands of people and millions of dollars, how is the credit card company going to stay afloat? My guess is higher interest rates, trick clauses, additional penalties for using the card, etc. The credit system is already shaky as it is. More people than not have massive debts. It's considered a way of life. Sooner or later, that gravy train is probably going to crash, too. You can't have your fun and run away from the responsibility. You will pay.
I do sympathize with those who, like myself, thought that perhaps the company was making interest off of the massive amounts of money they collected from the consumers. I also sympathize with the Cyberrebate employees who thought they had steady income. A lot of lives were impacted negatively by this company.
Since I don't want to be sued for slander, the following is a suggestion: be careful of the remaining Internet companies that give you a product and your money back for nothing but a little of your time and patience. Think twice before you click "send" in placing an order. I don't consider myself a materialistic person, so I think that this experience has been a huge eye-opener for me. We are not immune to Internet mistakes and disasters. Cautiousness is a wonderful trait to have.
My sympathies go to those who lost any amount of money in the Cyberrebate bankruptcy. May your finances be in good order.
Recommended:
No
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About the Author
Member: Debra Oehlberg
Location: SC
Reviews written: 51
Trusted by: 38 members
About Me: Baptist, refunder, couponer, sweeper, teacher
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