Consumers are better off being careful with gift cards
It is perhaps not a bad idea to find out more about gift cards before purchasing them. Both the givers as well as receivers of the gift cards should try to know as much as possible about the gift cards. Banks and retailers often charge hidden fees on the gift cards for various reasons including inactivity fees. Gift cards could also expire, in which case they lose their value. Consumers, however, get protection from gift cards, thanks to federal and state laws. However, according to the consumers union it is still a good idea to be careful about the gift cards.
The first thing to realise is that if you do get a gift card from someone, use it as soon as possible. Givers should consider, if giving cash or a check isn`t a better idea than giving a gift card, which might come with lot of problems in some scenarios. The fees on the gift cards could really erode some of the value. If the retailer files for bankruptcy which might not be a surprise given the economic condition, the gift card is worthless, if the receiver doesn`t file the claim on time. The new Federal laws have changed certain things about gift cards. The good news is that gift cards cannot expire, now, for at least 5 years. Issuers of gift cards cannot charge any inactivity fees either for the first 12 months from the purchase of the gift cards, which is even better for the receivers.
Latest Other Card News
2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]
Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]
This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]
A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.
The results of the 2019 Debit Issuer Study, commissioned by PULSE®, a debit/ATM network, and conducted by Oliver Wyman, a global management consulting firm, show that consumer debit use has skyrocketed in the last year and will keep soaring. In 2018, the number of debit transactions increased by 6.7% reaching more than 68 billion. According […]