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Updated on: December 26, 2022 / 9:31 PM / CBS News
MIAMI – The two days following Christmas are the busiest days of the year for returns and exchanges and for the first time, some retailers are charging for returning items.
With all the presents unwrapped, the rush for returns and exchanges is full on.
Rick Garcia decided to head over to Dolphin Mall early in the morning, “I returned a belt, I bought a gift for my mailman” said Garcia as he explained he preferred to do it on December 26th because “It’s better than staying home.”
According to the National Retail Federation, the busiest days for returns are December 26 and 2 and every retail and online store has its own return policy.
That is why experts recommend checking the fine print before heading out to exchange that unwanted gift. Some of the same old rules still apply at regular retail stores: Bring the receipt, identification and do not open the package.
Beware of returning items by mail since some stores are now charging you for returning items.
At Zara, now $3.95, for J-Crew: $7.50; and, for Dillard’s, the return shipping cost will set you back almost $10 bucks ($9.95).
“It’s always worth shopping, especially on a day like today,” says Keyla Martinez. FIU economy professor, Angel Horenstein, suggests to beware if you pay with credit cards.
Just when you think you may be saving money, it may turs out to be the opposite. “This year, interest rate is up to 19% for purchases, instead of %16 like last year, which means it may take us longer to pay that debt.” Horenstein believes, South Florida shoppers may be spending the same as last year. Yet, when paying with credit cards, they are unaware they need to pay the debt faster than in 2021.
Finally, according to the National Retail Federation, more than half of all shoppers say they will return or exchange any unwanted gifts within the first month after Christmas. Ideally, the exchange or return should be in the same range of prices than the unwanted gift.
First published on December 26, 2022 / 6:46 AM
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