The perks of holiday shopping – discounts, promotional events and rewards – can quickly vanish this season if you try to return an item.

This year, nearly 16% of retailers' return policies will be tighter compared to 2008, according to a survey of 134 retailers by the National Retail Federation (NRF), a retail trade group. Consumers can expect to face a slew of obstacles, including shorter return periods, store credit instead of cash returns or even extra fees.

Before you make a purchase, ask the store about its return policy and if its rules change for the holidays. Also, hold on to all receipts.