Monday, December 26, 2005

Tips for returning holiday gifts

On Monday, the stores will be packed with people returning presents and redeeming gift cards. About 6 percent of all purchases, including 40 percent of all apparel buys, are returned, statistics show.
It will be a nirvana for bargain hunters this year. Retailers, faced with a ho-hum selling season, began making dramatic markdowns before Christmas.
Now they just want to get the merchandise off their floors. You'll see half-price sales at clothing retailers who want to make room for incoming resort and spring lines.
But no matter your mission -- to return or cash in -- make sure you understand store policies.
• Ohio merchants are allowed to set any return policy they wish, but it must be posted prominently, according to the state attorney general's office. If you don't see it posted, complain first to the manager, then to the attorney general.
• Some retailers have special return policies for the holidays, so don't think you know what they are just because you've dealt with that merchant in the past. Also, return deadlines may vary from product to product. For instance, computers usually have shorter return cycles than televisions.
• A receipt is a requirement at most stores. Even if it's not, it makes the process a lot faster and easier.
• Don't be surprised if you don't get cash back; many retailers offer only merchandise credit, even with a receipt. If a return is allowed without a receipt, it's almost certain you won't get cash.
• Some retailers, including KB Toys, Staples, Limited and Express, have begun using software to track customers' returnhabits. If you exhibit abnormal return patterns, the system may deny your return. Don't be surprised if you're asked for your driver's license.
• If you plan on cashing in a gift card, watch yourself. Two-thirds of giftcard users spend 15 percent to 40 percent more than the card's face value, even when they don't plan on it, studies show.
• Don't let a giftcard sit around for too long. Nearly 15 percent of recipients don't use the full value of their gift cards, and 40 percent of those leave more than $5, according to retail experts.
• Check the details of a card's expiration. Most cards are good for a year or more. However, some have what issuers call ``an inactivity fee.'' That means that if a card isn't used for a period of time, the issuer begins charging a fee every month until the card is used.
• Cards issued by banks usually carry the MasterCard or Visa logo. The banks make their money on upfront fees, paid by the purchaser, that range from $2.95 to $9.95.
• You can get cash from most ATMs with a bank-issued giftcard, but remember the bank with the ATM most often charges a fee and the bank issuing the card itself usually takes a couple of bucks for an ATM transaction.
• And if you decide to head to the stores, be prepared for crowds. Retailers now do more than 10 percent of their holiday sales after Christmas Day, according to industry experts.

Source:

Beacon Journal

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