Your Money
Tips On Getting All That Gift Cards Have To Give
Posted: 6/15/2010
Few things last forever, including gift cards. Look for the expiration date, which is usually listed on the card. (NAPSI)-Gift cards can be a convenient way to give a gift or to shop, if you know how to navigate the ins and outs. Here are some tips on how to get the most from a gift card:
- Know the type of card you are using. There are two kinds of gift cards: retail cards and network-branded cards. Retail gift cards can be used at specific stores or chains of stores while network-branded cards--such as those issued by MasterCard, American Express and others--can be used at any merchant that accepts that brand of card.
- Find out if the card has an expiration date. Few things last forever, including gift cards. Look for the expiration date, which is usually listed on the card. Be aware that sometimes the funds or value attached to the card have a different or longer expiration date than the expiration date of the card itself. If that's the case, see if you can transfer the money to another card.
- Look for hidden fees. A card may carry a number of fees that can make it less than a bargain, such as an activation fee, a purchase fee when used--including a fee for using it online--an inactivity fee or a dormancy fee.
- Know where and how to use the card. If you are using or giving a retail gift card, find out if the card can be used at an affiliated store or what happens to the value of the card if the store goes out of business. Also, find out if the store will let you use the card for partial payment on a purchase and then use cash or credit for the balance of the purchase.
- Know where to go for help. If there is a problem with a card and you can't resolve it with the issuer, contact the Federal Trade Commission at www.ftccomplaintassistant.gov/ or your state's Attorney General's Office.
If your card was issued by a bank or other financial institution, contact the Federal Reserve at www.federalreserve.gov/consumerinfo.
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