I am not advocating doing this, but the truth is it would work. You just don't return the item to CC, you buy it somewhere else and return the defective item there. 15 years ago I worked at Best Buy during my early college years, and we never checked serial numbers. Take it back, keep your mouth shut, and make the customer happy, or the manager would come up and override you because he wanted to keep the customer happy, making you look like the fool.
All this stuff gets returned to the original manufacturer, stores just don't care, and most of the time they are behind the curve anyway. Case in point, stores requesting a photo id when you present your credit card. They are actually not allowed to ask for a photo id, or any another type of ID because it violates the privacy agreement between cardholder and credit card company. You will notice that Best Buy doesn't ask for photo ID anymore. They had a little bit of a problem.