Gift card as a gift have become the norm in the last couple of years. It’s a convinient, time saving option. Sometimes we buy gift cards, because we really don’t know what to get for that specisl person, sometimes because we don’t have time for shopping, and sometimes we buy a few extra ones, in case we forget about somebody . Many times we receive a gift card, which we intend to use, but somehow forget. What do you do, if this happens?
“Gift cards from credit card issuers, such as American Express, Visa and MasterCard, can be used just about anywhere. But these cards also contain more fees and restrictions than other types of gift cards.”
”Gift cards from the major credit card issuers also start to lose value if the card isn’t used within a specific period, typically 366 days from the day they’re issued…After that date, the issuers deduct a monthly maintenance fee — usually $2 — which steadily reduces the purchasing value of the card. Some open-loop cards expire if they’re not used within two years.
If the card expires, most issuers will let owners reinstate the value for a fee, … Those fees typically range from $5 to $15.”"
Please read this article on more pitfalls of the gift cards: www.usatoday.com
For more information on using gift cards, check these two sites:
www.consumerreports.org About gift cards
www.bankrate.com
Consumers Union have a page with information about “State Gift Card Consumer Protection Laws”, which explains the laws on expiration of gifts cards for each state: some – expire, some – don’t, some – carry fees. Check it out, if you have any unused gift cards. Click here to see laws for your state: www.consumersunion.org
