Try-it-out Tuesday: Return Policies 101
What was your batting average this holiday season? I’m talking about gifts you’re keeping versus those going back to the stores. Last January, roughly $60 billion worth of holiday merchandise was returned, according to the National Retail Federation. Translation: If you’re sitting with a couple of items you’re still planning on taking back, you’re far from alone.
GoBankingRates.com reviewed a handful of retailers’ return policies to see which ones are the most lenient, and which ones, ummm, not so much. Because when it really comes down to it, a store’s return policy is also a reflection of how much it values you, the customer.
What was your batting average this holiday season? I’m talking about gifts you’re keeping versus those going back to the stores. Last January, roughly $60 billion worth of holiday merchandise was returned, according to the National Retail Federation. Translation: If you’re sitting with a couple of items you’re still planning on taking back, you’re far from alone.
GoBankingRates.com reviewed a handful of retailers’ return policies to see which ones are the most lenient, and which ones, ummm, not so much. Because when it really comes down to it, a store’s return policy is also a reflection of how much it values you, the customer.
Topping the list of stores with customer-friendly return policies: Costco and Nordstrom. At the former, you can make returns without receipts, because Costco can look up purchases with your membership information. If you’re a nonmember, however, you will need the gift giver’s member number without a receipt. Even with all of the right information, your nearby warehouse will have the final say for accepting the gift return, according to Costco customer service. Aside from most electronics, which have a 90-day return limit, there isn’t a time frame for any other product category. Plus, you can receive a full refund in cash or check. Nordstrom is also pretty generous. Receipts aren’t mandatory, although if the product is damaged, or the store isn’t carrying the item anymore, you might not get your money back.
On the flipside: The website singled out Sears’ and Best Buy. At Sears’ you’ll have 90, 60 or 30 days (depending on the product) to make the return. And, if you’re missing the original packaging, some items will incur a 15% restocking fee, said Jennifer Calonia, lead reporter of the study. No receipt? You’re out of luck. Like Sears’, Best Buy requires the original receipt, gift receipt or packing slip (if you purchased it online). A list of nonreturnable items can be found here – and you’ll generally have 15 days to make your returns. (Elite members who spend at least $1,500 a calendar year at the store get 30.)
For Best Buy gift recipients without gift receipts: Each customer is allowed to make one return without a receipt each calendar year, according to a store representative. If you do have a gift to return, you better get to it. Best Buy’s extended deadline for holiday returns and exchanges on gift purchases made between November 3 and December 31, 2013 ends next Wednesday.
For more specifics on the best and worst return policies, you can see the full list here. But before you hop in your car or head online, Calonia offers some tips for returning the mishaps this month (or in the future):
No receipt, try your credit card number. If you’re missing a receipt (or gift receipt) ask the store clerk to look up the purchase via credit card number. (If it’s a gift you’re returning, this may require asking the giver for sensitive info; fine with your Mom, not so much with your boss.)
Be a bit of a hoarder. “I like to keep my packaging a maximum of six months, or typically until the end of the return policy,” Calonia said. “I also like to put post-it notes of when a final return can be made, and also if there are any warranty deadlines that need to be met. That way, I have it available to me in case it becomes defective.” Also, refrain from tearing into gifts in the future – damaged packaging can affect your likelihood of a refund.
Go electronic: If you don’t want to keep a paper trail around, scan the image of the gift receipt and keep it in a file on your desktop. Or use an app like OneReceipt, Smart Receipts or Hello Receipts.
Always read the fine print: It’s best not to assume the store clerk knows the ins and outs of the retailer’s return policy, Calonia said. Read the policy before you head to the store so you know what you’re talking about.
