Returning an unwanted gift may be fairly easy this year. With less inventory, it s exchanges that are likely to be tough.

About a third of retailers have return policies in place during the holidays that are more flexible than those in place during the rest of the year, according to the National Retail Federation. Stores really try to bend over backwards for customers this time of year, says Edgar Dworsky, the founder of consumer advocacy site ConsumerWorld.org. It s no wonder: A third of shoppers who have problems returning an item won t come back, according to market research firm Gartner.

But even lenient return policies still include plenty of fine print. Here s how to ensure many happy returns:

Make returns ASAP

Although many stores have extended return deadlines on holiday purchases, a swift return is your best shot at swapping that too-big sweater for one in the right size, or trading your returned-item store credit for something you actually want, says Kathryn Finney, the founder of trend- and sale-tracking site TheBudgetFashionista.com.

Keep in mind that extended holiday deadlines can be misleading for online orders. The policy may kick in as soon as the purchaser clicked complete order or as late as when the item was delivered. That could amount to a week s difference in your return deadline.

Check for exclusions

Not all items are treated equally under retailers holiday policies, Dworsky says. Best Buy (BBY), for example, kept its standard return policies in place on computers. If you bought one on Black Friday, the deadline to return it has long since passed, he says.

Ask for the receipt

Some, like Target (TGT), will attempt to look up the transaction for you; if they find the transaction, that will serve as the receipt. Without a receipt, the company will only issue a store credit for up to $70 annually.)

Review credit-card benefits

Ask your credit-card issuer and payment network if it offers any return protections for your card purchases, says Curtis Arnold, the founder of card comparison site CardRatings.com. Many World MasterCard (MA) and American Express (AXP) cards, among others, automatically extend the return period on items you buy to 90 days. The bank takes the item, and credits your account for the purchase price, usually up to a maximum of $250.

Mind return fees

Just because the store will take back a purchase doesn't mean you're entitled to a full refund. Many stores assess a restocking fee, typically 10% to 15% of the total purchase price, Dworsky says. Online, you may also be required to pay for return shipping. Some restocking fees are charged only on opened items, so that s all the more reason to keep the packaging intact.