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According to the survey conducted by the National Retail Federation, gift cards are the most requested gifts for the holiday season in the fourth consecutive year. A consumer spends an average of $145.60 on gift card purchases. This holiday season the gift cards have come with more security features for customers because of the card act. The consumer protection groups want consumers to understand these new features.
User fees:
There is a limitation to the fees for a particular restaurant, a store, or any other place of business. All other inactivity or service fees etc are only charged if the gift card has not been used for over a year. However, the fee charged is not clear and this would be made available on the card by the end of Jan 2011. This information would be on display prior to the purchase of the card.
Expiration dates:
When the plastic gift cards were first introduced in 1995, the expiration dates were different from what they are now. These days these cards have national expiration standard. Now the expiration is at least five years from the purchase date, or if additional money is added, then five years from the date the last of the additional money that was added.
Gift giving:
While giving a gift card one must ensure that the activation receipt that is issued by the store or the bank must be included along with the card. This would come in handy in case of any problem with the card. This receipt should be retained till the money on the card is used up. if there is a problem with the gift card, the first thing that one must do is to contact the concerned store or bank that has issued the card and if the problem remains unresolved, then the next step is to complain with the Federal Trade Commission.
Buying/selling gift cards online:
Gift cards that are unused or unwanted will end up on the websites for sale. While most of them are legitimate sellers, one must watch out for scammers. While purchasing a gift card in this manner, it is better to go to the store where the card can be redeemed along with the seller. This way both the buyer as well as the seller can ensure that the card’s validity and the amount available on the card are properly verified. Make thorough checks before buying or selling gift cards online. Never disclose card details online.
