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Didn’t get the perfect gift? Return it!

How to return unwanted presents and get something you want.
/ Source: TODAY

How disappointed are you? Did you get presents you were just not hoping for? Is that sweater you got way too tight or too loose? How about that serving piece you’ll never use? Or did you get lots of impersonal, but practical gift cards? If you’d like to exchange or return your gift and get something that you really want, then it’s time to play what I call the “returns game.” I’ll tell you about the ins and outs of this seasonal pastime, but you better be ready to stand in line.

The first thing you should do is grab any gift receipt you can find. If you were unlucky enough to get a gift that was re-gifted or one that was put into a Neiman Marcus box when it was really from Kmart, good luck returning it. If you are too embarrassed to ask the person who gave you the present for the receipt, there is still hope. Nordstrom, for example, will look up the name of the person who purchased the item and give you cash or credit. Nordstrom and Bloomingdale’s also have bar codes on most items, which records how much was spent on the gift. This is good for you, if the item has been drastically reduced since it was purchased.

If you received electronic items that didn’t do it for you, I hope you didn’t open the box! It may be difficult to return it, if you have. If your gift is still in the box, Best Buy, Circuit City and Target will charge you 15 percent of the purchase price as a “restocking fee.” Good place to buy electronics? Costco. The retailer doesn’t believe in restocking fees! Furniture stores may also charge a restocking fee. The return policy is confusing over at Crate & Barrel, even for the store clerks. Rooms To Go gives you only 48 hours to return after your purchase. After that, you get only 80 percent of the purchase price back.

OK, so do you have to stand in line today or can you wait to return your gifts? Most stores are giving extensions for the holiday season until at least the end of January, but not all of them. So you need to check. Others are really cheery and give you the option to return at any time. Kudos goes to Barnes & Noble, Bed, Bath & Beyond for their generous policies. Some stores, such as Gap, only give store credit. Some online retailers, such as Amazon.com, also have this return policy. Some even require returns to be done within 30 days after the purchase.

Bet you still have some gift cards from last year. I do. Better use them. Some retailers start deducting money from your card, if you don’t use it within a certain time frame. Lawmakers think that’s unfair and have required large retailers to give you at least two years to use them before taking the money away from you. Many people opt for the American Express or Visa gift cards, which are accepted almost everywhere and are as good as cash. But here’s the catch: They cost between $2 and $5 to buy, and then the recipient is charged a monthly fee, if she doesn’t use it right away.

Looking for a good way to spend your gift cards or merchandise credit? I found out where the deals are. Check out the toy stores. No one is interested in buying their darlings any more presents (me included), so there’ll be plenty of bargains. Also look for seasonal items, including gift baskets. Hickory Farms, for example, knocks down their baskets by 50 percent after the holidays. If you like their food, it’s a real deal. The winter season has been warm in many parts of the country, so coats and boots aren’t selling well. You’ll find some good bargains on these items. What’s not on sale? Flat screen TV’s. Retailers have until after Super Bowl to reduce those sets.

Happy returning, happy buying, and, of course, Happy New Year!

Janice Lieberman is the “Today” show’s consumer correspondent. She joined NBC News as a consumer reporter in 1999. She is author of “Tricks of the Trade: A Consumer Survival Guide.” She is a graduate of Rutgers University.