Returning a gift? Here's what you need to know

HOUSTON -- If you received a gift this year that doesn't quite fit or maybe just isn't your taste, the first thought that comes to mind is return it! But how do you make that exchange without wasting countless hours in the return lines?

Many shoppers will hit the stores right after Christmas, but Theresa Nguyen has a strategy to avoid lines all together.

"I try to hold off a week until after the holidays because the lines are ridiculously crowded. Takes about an hour to wait in the lines," she said.

But don't wait too long. Some stores only allow only 30 days past Dec. 26 for holiday returns.

"The type of items make a difference on the return policy. Almost all electronics are 15 days," said Paul Ivanovsky, a savvy shopper.

Ivanovsky says no matter what you're taking back, go online first and check out the merchant's return policy to know just how long you have.

If you can't wait and must exchange those unwanted gifts right away, Ivanovsky says timing is everything.

"The best time that I found to be able to go get your returns is 10 o'clock in the morning," Ivanovsky said.

Ivanovsky says lines tend to be the longer first thing in the morning, because many will try and get their returns done before they head to work.

Now what do you do if you want to return an item but don't have the receipt and don't know where it was purchased from? Ivanovsky uses an app called Red Laser. Just scan the bar code on the packaging, and it will show you how much it costs.

"But it also lets you know which stores will carry it," he said.

And depending on the retailer, some return policies are more forgiving than others.

"We have the ability to return items without a receipt. For any transaction in a return that equals less than $25, the customer has the option to receive cash for that item," said Miriam Crosby with Walmart.

Crosby says if the product is above the $25 price point, the customer will receive store credit.

Bottom line? Don't lose those receipts. If you didn't get one, request it from the person that gave you the gift. Many times, retailers will allow you to return it. But if that item was on sale recently, they may only credit you that lower price.