The default gift for the picky, the not-well-known, and the indecisive, gift cards are available for just about every store. Consumer Reports reminds holiday shoppers of many traps, but also some new protections, available to gift card buyers and spenders.
Photo by robinsonsmay.
Seemingly simple gift cards often have a lot of rules and stipulations attached, some of which reduce the value of the card and restrict when and on what the balance can be used. Consumer Reports' Shopping & Money blog points out two catches worth noting this year:
When buying a gift card from an individual merchant, be sure to ask if the card is valid for online use. While it's not an issue for most retailers, some companies such as CVS, T.J. Maxx, and Marshall's do not allow their gift cards to be used online, Bankrate says.
The federal Credit CARD Act pertaining to gift cards takes effect on Feb. 22, and the regulations require that the cards remain valid for at least 5 years, unless that information is clearly disclosed on the card. Dormancy, or inactivity, fees will still be allowed after 12 consecutive months of inactivity.
The post also reminds gift card holders to never give up—some stores will take an "expired" card as a gesture of good will toward shoppers.
What gift cards will you absolutely avoid at all costs this year? Which cards aren't all that painful to give or receive? Gather 'round the hearth in the comments.
A reminder of gift-card gotchas [Consumer Reports Money & Shopping Blog]