I’m a Gift Savings Expert: Here’s What You Should Know About Holiday Sales and Gift Return Policies
Written by
Dawn Allcot
Edited by
Levi Leidy
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Now that Black Friday/Cyber Monday (BFCM) has concluded, shoppers may worry that they missed all the best deals. But that’s anything but the truth. In fact, prices may drop even further as the holidays get closer.
“Most retailers will be extending sales into the New Year,” said Erica Sandberg, consumer finance expert at CardRates.com.
“[The sales] keep going,” agreed Nicole Middendorf, CEO at Prosperwell Financial. “We went from just Black Friday, to Cyber Monday [and, now], Cyber Week. So, if you missed a deal, be patient. It may come back.”
The risk is that the hottest items might be out of stock for late shoppers. But by shopping strategically, saving receipts and knowing return policies, you can maximize savings all month long. We spoke to shopping experts to find out how to keep your budget in check and get the gifts you need as Christmas Eve and Hanukkah approach.
Know Before You Go
Before she sets foot in a store, Sandberg uses Google shopping to find the best price. “Type in the item and all the retailers that sell it will pop up, at a variety of prices,” she said.
Ask About Price-Matching
If you are already at the store and find a lower price elsewhere, Middendorf said it pays to ask about price matching. “If you are at the store ask if they will match the online price,” she said.
Leverage Credit Card Benefits and Other Cash Rewards
Online shoppers should use a cash-back app like Rakuten coupled with a cash-back credit card to earn the most. “Cash-back cards are great because you’ll earn money when you charge. Spend $800 with a card that gives 2% back and you’ll earn $16. But, buy through a platform like Rakuten and you’ll earn even more cash back,” Sandberg explained.
Plus, using a credit card may provide added benefits like an extended manufacturer’s warranty and even purchase price protection, permitting consumers to collect a refund if the item drops in price within a certain time period.
Take Advantage of Price Adjustments
If a credit card doesn’t provide purchase price protection, shoppers may be able to leverage store policies to take advantage of sale prices. “A number of major retailers will adjust the price, including Macy’s and Target,” Sandberg said. “I absolutely love this because you can buy something at full retail without too much stress. If it goes on sale within a certain time frame, simply take your receipt into the store and collect the difference.”
Mark Your Calendar
Most price protection policies have a limited time frame — often 30 days or less. You don’t want to let this date slip by unnoticed. “Mark your calendar for the last day you can get an adjustment,” Sandberg said.
Use shopping apps or visit the store website to see if the item has dropped in price or gone on sale.
Save Receipts
Most stores won’t honor a price adjustment without the receipt. “Always request the receipt go to your email. You never have to fish it out of the bottom of a department store bag or run the risk of losing it,” Sandberg advised.
Understand the Store Policies
If you feel you may have to return an item, perhaps because you saw it at a different store for less money, make sure you know the return policies. Some stores charge restocking fees for electronics and some will not offer returns on holiday décor after Dec. 25.
In general, Middendorf said, “Most things are now less than 30 days [for returns]. Don’t buy too early if you feel the recipient might want to return the gift.”
For those gifts you might receive that don’t fit your needs or taste, or even for an impulse BFCM purchase you now regret, Middendorf said, “If you cannot return something, use Facebook Marketplace or a similar service to resell it.”
There’s rarely a reason to get stuck with clutter you don’t need or can’t use. Shop wisely, know the store’s return policies and keep careful records so you can take advantage of season-long savings.
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