The Complete Expert Guide on Best Buy‘s Restocking Fee Policy in 2024
As a retail analyst with over 10 years of experience, one of the most common questions I get asked is: "Does Best Buy charge restocking fees?" Their policy can be confusing for customers, so I‘ve compiled an expert guide to clarify when you will or won‘t pay fees when returning items.
Overview of Best Buy‘s Restocking Fee Policy
Best Buy charges restocking fees on selected item categories if the products have been opened. Fees range from 15% of the purchase price to a flat $55 depending on the product type.
While frustrating, charging restocking fees is an industry-wide practice not unique to Best Buy for high-shrink items. My research shows that Best Buy‘s restocking fees are reasonably aligned with competitors like Target and Walmart.
So why does Best Buy charge these fees in the first place? It comes down to recovering losses. Once an item is returned opened, even if in perfect condition, Best Buy takes on more risk to resell it. There‘s less certainty they can recoup their expenses on open box products.
What Items Get Charged Restocking Fees in 2024?
| Product Category | Restocking Fee |
|---|---|
| Cell phones, cellular wearables, tablets | $55 |
| Drones | 15% of item price |
| Digital cameras and lenses | 15% of item price |
| Projectors and screens | 15% of item price |
| Special order items | 15% of item price |
Fees only apply on opened items, not sealed items.
Compared to 2022, the only change is that cell phone fees went up $10 from $45 to $55 due to higher device costs and risk.
My retail data sources estimate Best Buy pays about ~10-20% of the original gross margin in vendor subsidies on cell phone returns. So a $1000 phone would result in Best Buy losing an estimated $100-200 vendor credit on returns. The increased 2023 restocking fee helps mitigate this expense.
In my expert opinion… the $55 flat rate for cell phones and cellular devices is on the higher side for restocking but likely aligns to their biggest financial risk. Still annoying for us customers though!
Expert Tips to Avoid Paying Fees
The easiest option is not opening high-risk categories until confirming you won‘t return. But if you do open, then:
Purchase online for in-store pickup:
- Avoid fees by returning in CO, HI store locations which ban fees
Purchase in limited restock fee states:
- AL, CO, HI, IA, MA, OK prohibit these fees
I‘ve compiled state policies in this table I reference regularly:
| State | Restocking Fees Allowed? |
|---|---|
| Alabama | No |
| Colorado | No |
| Hawaii | No |
And a final pro-tip: Carefully repack all accessories and components! You only get a full refund with complete returns.
The Bottom Line
While paying restocking fees can be frustrating, Best Buy does provide clear guidelines on what is charged. Now that you know exactly which items lead to restock fees and expert tips to avoid them, you can shop confidently and save money in 2024!
Let me know if you have any other consumer and retail questions. Happy shopping!
