Like me, you’ve probably paid for something that you later regretted or figured out later on that you could have gotten an item cheaper elsewhere. While it used to be harder to pull off, at least in a convenient way, our “refund economy” now makes it much less painful to get your money back. Sometimes, you don’t even have to give up the purchase for at least a partial refund.
To get your money back on just about everything, you’ve just got to know your options and follow the rules. Let’s look at how this all works and how businesses are responding so you can take advantage the smart way and save yourself money.
Returns Have Become Even Easier
Estimated returns totaled $850 billion last year, so I think it’s pretty clear that people are more comfortable asking stores for refunds on whatever they buy anywhere these days. Sure, flexible return rules might have something to do with it. But I don’t think that’s all.
I remember back when you had to drive to the store, wait in a possibly long line, and hope the worker you got was happy with your receipt and excuse. Returning online orders maybe were even more of a headache. I didn’t like boxing everything up, printing labels, or finding time to drive to the post office I never go to.
Amazon now lets you hand off returns at places like Kohl’s and Whole Foods, possibly where you already shop. And you don’t even have to box them.
I’ve also had luck using the self-service return kiosk at Walmart, which mainly involved using their app and scanning a QR code, and getting online retailers to pick up items at my house. Besides letting me return something while parked in the curbside pickup area, Target even let me keep a non-defective item that I ordered online.
It also helps that getting the actual refund process has become faster. If you start a return online, some retailers will immediately give your money back, with the catch that they’ll charge you again if you don’t actually return the item on time. Some will also offer immediate refunds if you accept store credit, which I experienced with Temu.
Price Adjustments Offer Extra Savings
Even when you don’t want to make a return, you might still have the chance to get some of your money back. That’s true whether you’re happy with the item or have some complaint about the company’s services.
Big stores like Target, Best Buy, IKEA, and Lowe’s all offer price adjustments if the price goes down within a certain number of days after you buy the item. Sometimes this even works if a competitor has a cheaper price online or in their ad. Some stores are more generous than others. I often see timeframes of 10 to 30 days after your purchase, so you must be quick, and exceptions during big sales like Black Friday.
Partial refunds are also a big thing for travel purchases like flights and hotels. Rather than being out of luck if the airline or hotel cuts its prices, you could ask if there’s a price protection policy. If so, you might get a partial refund or credit for your next booking. Another possibility is getting to rebook at a nicer price and not even pay the usual fees.
In my experience, price adjustments are also possible if a company just falls short. So, if the airline pushed back your flight, your food wasn’t fresh, or the painter messed up something, I recommend asking for some kind of compensation.
Another example is if there’s a problem with a subscription. It’s true that the companies will often say these purchases aren’t refundable. However, if you explain you’re not getting enough value, you might get lucky like me and at least get some of your money back.
Credit Card Protections Often Have Your Back
Unfortunately, companies aren’t always willing to help you even when you have a good reason for wanting your money back. This happened to me when an online contact lens store resumed a canceled subscription, sent me the wrong prescription, and told me it was all my fault. Thankfully, having the right credit card can give you some hope here.
I reached out to my credit card company to do a chargeback. After handing over some documents, I got my money back in a few weeks. I must warn, though, that the store closed my account. I was OK with that in this case.
It also doesn’t hurt to use the free return protection that some credit cards offer. This card feature saved me when I bought a flute that ended up being a pain to play. The claim was pretty easy, and I got a refund in a few days. Of course, there are limits per item and year, but I’ve found my card companies’ policies to be good enough.
There are also popular extended warranty programs with many cards. I’ve had bad luck with Apple Watches, including one with a swollen battery a few months right after the regular warranty ended. Luckily, I had everything from Apple to prove the claim, and my credit card company approved my claim for a full refund.
But Some Things May Be Changing
For us, refunds are great. For businesses, not so much. They have a lot to lose and have to figure out what to do about customers who do shady things.
Return fraud is making stores watch everything more carefully. Sadly, some people will lie about their returns or even treat the store like it’s a free rental shop. I have too many stories from when I worked at the service desk. Then, we see even bragging about questionable refund hacks on social media, which isn’t a good look. It’s no surprise that stores may ban shoppers, hike up prices, make returns more painful, or make everybody pay for online returns.
Credit card companies also have their issues. Those protections I mentioned cost them money. Sure, they can always deny chargebacks and claims that don’t seem legit. But even real claims might push card companies to raise their annual fees. And as I experienced with my Amex card, having protections cut isn’t out of the question.
Get Your Money Back the Right Way
I think it’s fine to get your money back on anything with some key conditions. You should have a legitimate reason and follow the company’s rules. So, never lie when you return things or file claims with your credit card company. It’s also wise to be picky about what you buy. That’s helped me to avoid returning many things later.
But if you plan to cheat companies in the process, think again. Much bigger problems could be on your hands than a denied refund or warranty claim. You could even be banned from your favorite store or find yourself dealing with the cops and legal issues.
Frequently Asked Questions
What’s the best reason to ask for a refund?
You could try to explain what’s wrong with the product or service. Maybe it’s broken, what the store misadvertised, or doesn’t fit you (in the case of clothes).
What if a company refuses to refund my money?
Have some proof company turned you down and look into your credit card’s benefits. Refund protection might save you here and is a good place to start. A chargeback might also work if you’ve run out of options and are OK with the risks.
Can stores track your return history?
Yes, many of them work with special services to track your return history and determine how big a risk you are as a customer. If you make frequent returns or bring back expensive items, stores might not let you make returns either temporarily or permanently.
How can I avoid needing to make returns in the first place?
Avoiding impulse purchases and researching companies and products beforehand will go a long way toward avoiding unnecessary returns. Changing how you shop for often returned items, like clothes, can also help.
The information provided on this website is for general informational and educational purposes only and should not be considered financial, investment, legal, or tax advice. While we strive to provide accurate and up-to-date information, we make no guarantees regarding the completeness, reliability, or accuracy of any content. Any financial decisions you make are your responsibility. You should consult with a qualified financial advisor, accountant, or other licensed professional before making decisions based on information found on this site.
Past performance is not indicative of future results. Any examples provided are for illustrative purposes only and may not reflect your individual circumstances. By using this website, you agree that we are not liable for any losses or damages arising from your reliance on the information provided.
