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Go online to check a balance on a gift card before you shop or eat out. See the website on the back of the card.

Resist opening a retailer's credit card with sky-high interest rates

Opening a new credit card might sound like a great way to save money with rewards, points and discounts. Or it might be a strategy to spread out payments to be able to afford a much-wanted, high-priced gift on someone's list.

But if you don't pay the bill in full each month, credit cards offered through retailers carry some of the highest rates out there — such as the Macy's card at 31.99% or the Ultamate Rewards Credit Card at 32.24%. at Ulta Beauty stores.

Michaels Credit Card and the Burlington Credit Card both have a current annual percentage rate of 33.24%

Typically, the pitch at the register is that you can save 20% or 30% on your purchase now by opening a credit card on the spot. The clerk isn't standing there and disclosing the ridiculously high interest rate on the card. You'll need to read the paperwork or go online to see the rate listed under "terms and conditions."

The average rate on all credit cards is 20.72% now, up from 19.20% a year ago, according to Bankrate.com data.

But the average rate on retail cards is far higher at 28.93% now, up from 26.72% a year ago. The current rate is the highest level ever recorded by Bankrate.com.

Not surprisingly, it's prime time for stores to push their credit cards.

"Tread very carefully if you’re offered a retail card this holiday season," said Ted Rossman, senior industry analyst for CreditCards.com and Bankrate.com.

It's too easy for consumers to overlook the high annual percentage rate when you're dwelling on an immediate discount at the cash register.

A rate on a credit card of more than 30% used to be reserved, Rossman said, for a consumer who had bad credit and was part of the "deep subprime audience." And many consumers often face what's called a penalty rate, now around 29.99% on most regular credit cards, after the consumer is more than 60 days late with a payment.

"But dozens of store cards have surpassed the 30% barrier over the past year," he said.

If you open a retail card, Rossman said, it's financially smart to pay the balance in full to avoid high-cost interest. If you're able to do that, you might consider opening a card to get a large discount on a big initial purchase, maybe a major appliance or new kitchen cabinets.

Another time when such credit cards can make sense, Rossman said, is when you’re loyal to a store and you can get 5% cash back every time you use their card at their store, such as the Target Red Card.

Of course, there can be a temptation to overspend when you're getting such minor discounts.

Consumers need to be especially wary of deferred interest promotions during the holiday season, too. For a limited time, you don't pay interest but you need to pay that bill off before the time expires — or else.

"When it’s deferred interest, if you fail to pay the entire amount by the time the clock runs out, you’ll be charged retroactively for all of the interest that would have accumulated back to the beginning of the term," Rossman said.

Yes, retroactively. Meaning, you end up paying interest for the time when you thought you were getting a free ride.

By contrast, a limited-time 0% promotion offered by a bank credit card will typically only involve charging interest on whatever balance is left after the 0% deal ends, say after six months or 12 months. So if you paid all but $500 off on a $1,000 balance during those six months you'd only owe interest on the $500 balance that remains. But that's not the case when you're dealing with a deferred interest financing at a furniture store, jewelry store or elsewhere.

Know return shipping fees and refund policies — before you buy

A great sale can turn into a lousy deal if you need to return something and the retailer will hit you with an extra fee. A fee of $10 or less can often be charged if you bought something online and you're shipping it back, instead of taking it to a store to return it.

Take J. Crew's policy: Customers will see $7.50 deducted from their refund as a return shipping fee, no matter how many items they ship back at once. To avoid the fee, you'd bring your invoice or receipt and the items to a J. Crew store. You want to save things like receipts, order numbers and other paperwork or emails for returns.

If you're buying online, make sure you know whether the consumer or the retailer will pay for the shipping costs if the item must be returned. Can you save money by returning an item to a brick-and-mortar location? Is there even a store that's located nearby?

Pay attention to what you're buying. A low-priced clearance item could be a final sale, no return or exchanges allowed, but that's not always the case. Ask about refunds, return fees for shipping or restocking fees for specific items, and the policy for exchanges before you buy.

Get dollars back if something you just bought is now on sale

I'll admit this is one of the most annoying — and potentially incredibly time-consuming — tips of all time. More than once, I've spotted a sale on the same item I just bought a day or two ago. Or I'll see a coupon in my purse or email that I could have used — if I saw it earlier.

I've had my eye on reindeer lawn decorations for a while. I didn't give in last year to the temptation to buy those deer, but I did this year. Two deer were on sale for $99 at BJs Warehouse. My husband went, found the deer, and, of course, they were now priced at $130. He bought them. But we didn't open the box immediately because it was the Sunday before Thanksgiving. On Black Friday when my husband suggested we put out the deer, I said, no wait, let's get the receipt, go to BJs and see if those reindeer are on sale now. Sure enough, they were still in stock and now priced at $99. We were able to get a price adjustment with our receipt at the customer service desk.

I won't hand out sugar cookies with this tip, though. It can be quite aggravating sometimes to take time out of your day to get a price adjustment. It is very rare, though, when I won't try to get the lower price that's later offered.

You have to compare prices for online sales and in-store deals at the same retailer. I sat in the parking lot this fall after buying — wait for it — a pink sweater and saw a "Friends & Family" deal at 40% when I just bought a sweater at the same store in the mall at 30% off. Yes, I signed up for "Friends & Family," ordered another sweater and took back the higher priced one.

It's always best to look online first, before you buy and see if they'll give you that price on the spot.

"See if a seller has a price-matching policy that guarantees it will match competitors’ prices and match its own in-store price to its online prices," according to online shopping tips from the Federal Trade Commission.

"Some sellers match or even go lower than their own online prices or a competitor’s prices," the FTC stated. "Find out if you’ll be able to get a credit or refund if the item you buy today goes on sale next week. What records or receipts will you need?"

And remember, sales can be odd. Some might run for just a day or two even online, so you need to keep an eye on prices.

This holiday season, I found a coupon for one store in another purse shortly after buying something there on sale. But when I went back to the store, the item wasn't on sale the next day. Trying to get a refund for the item to use the coupon the next day wouldn't save me much at all. I opted to use the coupon — and another sale — for a different gift.

Oh, it's wild out there during a discount-driven holiday season.

Contact personal finance columnist Susan Tompor: stompor@freepress.com. Follow her on X (Twitter) @tompor.

This article originally appeared on Detroit Free Press: Holiday shopping tips will help you avoid wrecking your holiday budget