So, the gifts have been exchanged and the presented opened, but the holiday shopping season is far from over.
Just when you thought you were done for the holidays, with the malls, the crowds, the deals, and the bags…
Get ready for round two – those dreaded returns!
Many retailers tighten up their return policies around the holidays to fight frivolous returns and flat-out fraud.
Before you venture out, go onto the website of the store you’re going to, and get familiar with their return policy.
Make sure you have a receipt, leave the original tags on, and make sure the item is in sellable condition.
Without a receipt, don’t expect to get cash back.
“Without the receipt it does get a little bit patchy. You may only get a store credit for instance, so a receipt gives you a lot of flexibility,” said Trae Bodge, RetailMeNot.com.
If your gift was purchased online, some retailers will let you return it in their stores, but you will need the packing slip that came with the order to return it.
If you ship the gift back, you may be in for a big surprise.
“One of the catches that we still often do see with online retailers is that they will only do a refund to the original payment method. So your gift giver is going to get a refund but you’re not going to get anything out of that transaction,” said Kelli Grant, Consumer Reporter/CNBC.com
After Christmas sales are huge for retailers!
Store will try to lure bargain hunters with deep discounts.
However, you might not want to rush out the door to make that return.
“If you can wait until Saturday or even the weekend following, you can go and do your return then and then take advantage of those great post holiday sales,” said Bodge.
So before heading out, do your homework and many happy returns!
Retailers estimate holiday refund fraud will cost them $3.6 billion this year, so It’s best to have everything in order before you head back to the store with that gift you don’t want.