Not all holiday gifts are winners. Whether it’s a sweater that doesn’t fit or something you just don’t want at all, 40% of people say they’ll be returning at least one gift this holiday.
In our weeklong series Making Ends Meet: Holiday Gifts, we’ve been sharing budget-friendly gift ideas tested and recommended by the experts at Consumer Reports. But if that gift misses the mark, there are rules and important dates you need to know when it comes to returns, refunds and exchanges.
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“Every retailer has their own policy, but many extend the window through the end of January, effectively giving recipients a month to return or exchange once they’ve gotten their gift,” said Samantha Gordon with Consumer Reports.
- Walmart is allowing most items purchased between Oct. 1 and Dec. 31 to be returned until Jan. 31
- Over at Target, you’ll have through Jan. 24 to return electronics and entertainment items
- At Best Buy, make sure your returns are processed by Jan. 13
- Holiday gifts purchased from Amazon will need to be returned by Jan. 31
If you’re not sure you’ll be keeping a gift, Gordon says there are a few things you need to remember.
CONSUMER REPORTS: Best & Worst Return Policies
“Don’t remove tags or rip the box! You might incur a restocking fee, which could be up to 15% of what you paid if the packaging isn’t intact -- that’s especially common for electronics,” she warned.
Gordon says for items purchased online, some stores allow you to make your return in person at their physical store. You can avoid shipping and restocking fees by doing this.
And don’t lose that gift receipt. Of course, if you don’t have one, Gordon says you can still ask for a refund or even store credit.
As for gift cards, Consumer Reports says every year millions of dollars in gift cards go unused. By law, gift cards cannot expire for at least five years from activation. But if you know you won’t use it, regift it or give it to someone who will or even donate it to a charity.