MEDIA ALERT

January 2, 2002 - The holidays are over but many retailers are still busy. Consumers are once again hitting the stores to return gifts and also to take advantage of after holiday sales. Consumers United Association offers the following tips to consumers who are returning gifts or bargain hunting:

Gift Returns

• Keep track of receipts showing a credit to the account when returning a gift that was purchased with a credit card. Check the card statement to make sure the credit was applied. If not, contact the creditor and the store where the item was purchased. Explain the situation and be prepared to send copies of the credit receipt.
• If you have no receipt for an item you will likely have to settle for an exchange or store credit for those returns. Also, check the package carefully. There may be a gift receipt included.
• For online and catalog returns make sure you return the item in the original shipping box, label it clearly and include all shipping paperwork pertaining to the item. One drawback is that you will most likely have to pay for the return shipping.
• Items that are still in the sealed box or shrink-wrap are easiest to return. You will also avoid restocking fees that some stores charge for repackaging returned items.

Bargain Shopping

• 0% financing offered by many car dealerships might not be as good as it sounds. You may be missing out on cashback deals and will have a shorter time to pay back the loan. Check out all the financing options available before jumping on the 0% financing deal.
• Do not charge a discounted item unless you are planning to pay it off right away. Purchases made using a credit card could end up costing 12 to 20 percent more than the purchase price if not paid off before the grace period ends.
• Some retailers are offering no interest charges until 2003. Make sure you understand the terms before buying items with this type of financing. If you can not pay off the balance before the interest free period ends, you may be accessed finance charges from the date of purchase.
• Buy only what you can afford. A deeply discounted item is not a bargain if you can not afford it. Purchase only those discounted items that you had planned to buy anyway and you can enjoy the savings.
• This is a good time to stock up on winter clothing. Stores that did not sell what they anticipated this holiday season are running clearances. The mild winter has also contributed to less demand for these items.
• Now is a great time to shop for credit cards. If you're paying more than 14 percent on your credit cards, it may be time to look for a better deal. Beware of teaser rates that jump from 3 to 14 percent or higher.

Consumers United Association (CUA) is a nonprofit consumer advocacy association serving consumers in Colorado. CUA is an association made up of people and corporations who are dedicated to educating consumers on financial issues, which impact their personal lives. CUA offers services and resources to aid consumers in the resolution of consumer problems and provide a united voice for consumers in the legislative arena. For more information visit www.cuacolorado.org.