I'm not knowledgeable enough to compare directly to VAT, but many credit cards extend a product's existing warranty (90 days to two years, depending on the card), and some offer things like 90-day purchase protection (if the price changes or if merchant/manufacturer won't accept a return, the credit card will).

Purchase protection took care of a theft I had in my house last month. They just needed a receipt and a police report, and the purchase price was refunded a few days later.