Happy Cheapskate: The goods on return policies

J Lo perfume. A new turkey roaster. A fuzzy white sweater that makes you look more like a polar bear than a pin-up girl.

Let's face it, not everyone has your excellent taste. Some things you receive or give may have to be be returned.

But beware! A store is under no obligation to take back anything unless the item is defective. Most stores do take returns, but all their policies are different.

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When you buy something, you have to ask. There are as many return policies as there are screw drivers.

Take Sears, for example. They sell about $7-billion-worth of goods across Canada every year, so returns and exchanges are a part of daily life.

If you buy something with a Sears card or Sears MasterCard, you have 90 days to get a refund. With any other form of payment you have 30 days. They know you probably bought that present back in November, so they extend their Christmas refunds til Jan. 11.

(Hint: most stores are so busy with sales on the 27th and 28th, they don't handle returns. Best wait til later in the week.)

Some stores will give refunds; others do exchanges only. Each one is different. If an item goes on sale after Christmas and you paid full price in December, you might not get the full refund, or even the original value on an exchange. That white fuzzy sweater you paid $60 for is now worth only $39.95.

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Many national and international chains have pretty decent return policies, but local chaps can not afford to be as generous. Byron Murphy, owner of Byron's European Collection for Men, explains it pretty well.

"Six or eight weeks before Christmas, your best goods get bought and you make your (profit) margin. If it's returned after Christmas, you can't take that piece of merchandise and put it on regular price again to try and get your margin back. Everything is 25 to 35 per cent off so that item has to be sold at 25 to 35 per cent off."

That means the profit -— or a chunk of it — is lost.

Murphy says large national or international retailers will suck up the loss of profit in order to keep your business. But he says shoppers should always ask independent retailers about their policy.

Vincent Power, vice president of Sears corporate affairs, is big on gift receipts. You ask for one when you make a purchase and include it with the gift. The receipt contains some information, like the name of the store, but not the price you paid.

But as we mentioned in the last column, a note of caution: If the item has gone down in value, an exchange or refund may be given for the lesser amount only.

One practical tip comes from Karine Lapare, public relations supervisor at RW and Co., a member of the Reitmans family along with Penningtons, Addition Elle, Thyme and Smart Set. She doesn't like leaving a price tag on a gift, but doesn't think it's smart to cut if off.

"Keep the price ticket on. I like to cut the price but you need to keep the tag. So I suggest you either cut the price off the tag, or take a black Sharpie and hide the price, or remove the tag and keep it."

To best protect your money? Ask when you buy. (How many times do I have to tell you?)