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Everything You Need to Know About the Spectrum Contract Buyout Program
If you’ve been thinking about switching to Spectrum, or you have been with Spectrum before or even ever happened to come across their website, you have probably seen the words in big and bold letters, “Stuck in a contract? We’ll buy it out up to $500.” This is an awesome offer that Spectrum has for its new customers who switch. However, it’s very important to read the legal popup information and the offer details before you do so, which a lot of people don’t bother doing. This article should tell you everything you need to know about the contract buyout offer.
Table of Contents
- Spectrum Contract Buyout Overview
- Steps to Getting a Spectrum Contract Buyout
If you are switching to Spectrum through a contract buyout, you will definitely want to make sure you do every step so that you get your full payment on time. It can be frustrating if you aren’t sure how to proceed. This article can help.
Spectrum Contract Buyout Overview
There are just four simple and easy steps you should follow to ensure you get your payment in a timely manner. It’s important to note that your account must be current to qualify for the Contract Buyout.
- Order Qualifying Promotion
- Send Spectrum your final bill
- Submit “Contract Buyout Form”
- Receive payment
Steps to Getting a Spectrum Contract Buyout
Follow the steps below in their entirety, and you will be on your way to receiving that buyout payment!
You Must Order a Qualifying Promotion
Something that’s important to note about the Contract Buyout Program is that what you order must be a Triple Play or Double Play bundle or else your order will not qualify. In other words, you must order at least two services with Spectrum rather than just one standalone service. Check out the available Double Play and Triple Play options.
What are other reasons that I might not be eligible for the Contract Buyout?
- If you have already received one Contract Buyout redemption in the past for your account
- If you have completed your contract with a previous provider and therefore have no ETF
- If you only have a cell phone or TV service that you are cancelling
Obtain Final Bill From Your Previous Provider
The first step in getting your buyout from Spectrum after you decide which Double or Triple Play package you want is to obtain the final bill from your previous provider(s). This final bill must show the Early Termination Fee(s). You might have more than one provider such as video service with DirectTV and Internet with AT&T U-verse, which is absolutely fine! You can have multiple providers and still qualify for a contract buyout and Spectrum will pay up to $500 of the disconnection fees from both providers combined. In this case, you will have to send in separate bills for each previous provider with the Early Termination Fees (ETFs) clearly displayed on them. You will want to send the bills to Spectrum as soon as possible to reduce the length of your redemption time which is defined as the amount of time beginning after you send the required documentation to when you receive payment. Make sure your name and address are clearly stated on the previous provider’s bill. You cannot have had video service within the last 30 days.
IMPORTANT: Bank statements are NOT eligible. There are some providers who send a letter of notice that your debit/credit card will be charged on a specific date – this will not be accepted! The next bill is what will have the itemized ETF clearly indicating the amount that was charger by the previous provider(s). This is what Spectrum needs in order to process your buyout. FYI: It may take up to 30 days after sending that notice before they send you the next bill. Any bills without the ETF/Cancellation Fee clearly stated will NOT be accepted. If you do not receive a bill with those fees listed, please ask the provider to send it to you.
Submit “Contract Buyout Form”
The next step would be to fill out and submit the Contract Buyout Form. After you send in your final bill WITH the Cancellation Fee shown and submit your form, your payment will arrive within 10 business days. It’s important for you to know that the Contract Buyout Payment cannot be mailed to your previous provider or directly to your Spectrum account. The payment will be sent to the person whose name is on the account. If your previous provider charged you more than $500 to disconnect services, Spectrum will only cover up to $500 of that amount and no additional fees or taxes such as return equipment fees or other charges.
Note: Wireless providers and subscription TV services such as cell phones, mobile hotspots, jetpacks and subscription TV packages like Hulu, Netflix and Amazon Prime video are not eligible for the Contract Buyout. The Contract Buyout Program reimburses customers who previously subscribed to comparable levels of services.
Frequently asked questions
What is an ETF?
ETF stands for Early Termination Fee.
Which bill from my previous provider will have the ETF on it?
It varies depending on on the provider. ETFs may be on the bill before your final statement or on a bill that arrives after your final statement. You can always ask the provider to be sure.
How long does the Contract Buyout process last?
After all of your required information has been submitted, the verification process can take up to 5-7 business days. After approval, your payment will arrive within 10 business days.