**Title: Holiday Returns: What You Need to Know and How to Handle Them**
**Introduction**
The holiday season has come to an end, and with it comes the inevitable task of returning unwanted gifts. According to the National Retail Federation, an estimated $173 billion worth of holiday gifts are expected to be returned this year. This surge in returns can be attributed to the record-breaking holiday sales of 2023, which reached nearly $1 trillion. If you find yourself heading back to the stores to return items, here’s what you need to know.
**Heading 1: Return Policies and Deals**
Some stores are still offering post-Christmas deals, hoping to encourage exchanges rather than returns. However, it’s essential to familiarize yourself with the return policies of each retailer. Having a receipt is ideal, and be sure to check the fine print as some retailers may have added fees and deadlines.
**Heading 2: Extended Return Windows**
In certain cases, you may be able to return items in-store, even if you purchased them online. Many retailers offer extended return windows, allowing returns beyond the usual 15 to 30-day period. For example, Amazon states that most items (excluding Apple brand products) purchased between November 1 and December 31 can be returned until January 31, 2024. Apple brand products purchased within the same timeframe can be returned until January 15, 2024.
**Heading 3: Gift Cards and Their Redemption**
Americans were projected to spend nearly $30 billion on gift cards during the holiday season, with restaurant gift cards being the most popular choice. While most gift cards are redeemed, a significant portion ends up forgotten or unused. According to a survey by Bankrate, 47% of U.S. adults had at least one unspent gift card or voucher, with an average value of $187 per person, totaling $23 billion.
**Heading 4: Gift Card Expiration and Inactivity Fees**
Under federal law, gift cards cannot expire for five years from the time of purchase or the last time money was added to them. Some states have even longer expiration periods. For instance, in New York, gift cards purchased after December 10, 2022, cannot expire for nine years. To avoid potential loss of value, it is advisable to use gift cards promptly. Inactivity fees may apply to certain cards, such as generic cash cards from Visa or MasterCard, if they remain unused for a year. Additionally, inflation can diminish the value of gift cards over time, and if a retail store closes or goes bankrupt, the gift card may become worthless.
**Heading 5: Selling Unwanted Gift Cards**
If you have a gift card you don’t want, selling it on reputable sites like CardCash or Raise can be an option. While these resale sites typically offer less than face value for gift cards, they can still provide around 70 to 80 cents per dollar.
**Heading 6: Unclaimed Gift Card Funds**
When gift cards go unused, the handling of the remaining funds depends on the state where the retailer is incorporated. In at least 19 states, including Delaware, retailers are required to work with state unclaimed property programs to return money from unspent gift cards to consumers. These programs aim to ensure that unclaimed funds benefit consumers rather than companies. All 50 states and the District of Columbia have unclaimed property programs that collectively return approximately $3 billion to consumers annually. Consumers can search for unclaimed property, including cash from gift cards, on websites like MissingMoney.com, which is jointly run by state unclaimed property offices.
**Conclusion**
As the holiday season winds down, it’s important to be aware of return policies and take advantage of any extended return windows offered by retailers. Additionally, managing gift cards promptly and understanding their expiration dates and potential fees can help maximize their value. Whether it’s returning unwanted gifts or handling gift cards, being informed will ensure a smoother post-holiday experience.
*Note: The Associated Press contributed to this report.*
