Consumers in Illinois have a new gift card law coming into effect next month, says the Springfield State Journal-Register. The new law will prohibit gift cards from expiring within 5 years of being issued.
Under the new law, the recipient of a $50 gift card — for example — will be able to spend the entire $50, said the measure’s House sponsor, Democratic Rep. Jack Franks of Woodstock.
Gift cards have fewer hidden fees and expiration dates this holiday season, thanks to FTC action, reports the Washington Post. A survey by the Montgomery County’s Office of Consumer Protection found that about 80% of the 22 retail examined had no fees or expiration dates, could be replaced if lost or stolen and had scratch-off PINS for security.
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Starting January 1st, California consumers will be able to exchange gift cards for cash once the card’s value falls below $10. [consumercal]
A new website launched last week that lets you store your gift card data from a variety of retailers in one location, where you can track usage, retrieve card numbers if you lose the physical card, or even swap card balances with other members. The site will also pay you 1% interest on the balance of each card you register, or 3.65% interest if you purchase the card through their site.
Here’s a probable answer for that reader who complained Friday that HomeDepot.com won’t let you use gift cards, forcing him to drive 20 miles away to get his tool fix. It’s probably better than driving all the way there, only to find his gift card was empty. If you recall, last year there was a big problem with thieves stealing git cards….
Just wanted to let anyone know that if they plan on giving a Home Depot Gift Card as a gift this year that they can NOT be used at homedepot.com
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Due to bankruptcy and sale to a liquidation company, tomorrow is the last day to redeem any gift cards at Bombay and Bombay Kids furniture stores. After that you will have to make a claim through bankruptcy court to get anything from the gift cards.
While the information in yesterday’s post, “Don’t Let Gift Cards Become Free Money For Stores” was good, the title was erroneous. Actually, depending on the state, unused gift cards may be classified as unclaimed property. The value is then turned over to the state in a process called “escheatment.” It would appear, however, that in some states, the stores do get to keep the money. This PDF gives a breakdown of how the laws generally apply state by state.
Consumer Reports will take a full-page ad in the New York Times tomorrow to warn consumers about the pitfalls of giving and using gift cards. Their telephone survey found 27% of all gift cards go unused, and retailers took in an extra $8 billion because of unused, lost, and expired gift cards. Here’s their tips for making the most of the plastic:
Like candy canes and drunken family dinners, gift cards have become a Christmas staple. Bankrate has reviewed a wide number of them and published the results to help you pick the best one for your needs. To avoid fees, you should stick with “closed-loop” cards—that is, a card issued by a specific retailer for use only with that retailer. Almost all retailers now offer cards that don’t expire and don’t charge maintenance fees, with the notable exceptions of Macy’s and Bloomingdales, whose cards both expire two years after purchase. However, several retailers—CVS, for example—still charge “dormancy” fees on cards that have been inactive for anywhere from 6 to 24 months, so be sure to check the fine print to see how this is addressed.
Nothing says “I love you, Mom,” like some more medicine for her diabetes, or “You’re the best, Dad,” like a refill of nitro tablets. That’s why the health insurance company Highmark is offering new Healthcare Visa Gift Cards—for about $5 plus an unspecified shipping and handling fee, you can load it with anywhere from $25 to $5,000 to be used exclusively on medical expenses. After the first 9 months, the card emerges from the womb of “I already paid for this!” and starts charging you a monthly $1.50 maintenance fee. Won’t your kid be excited come Christmas morning when she finds out her staph infection is going to get treated?!
Apple’s latest tactic for stopping consumers from unlocking their iPhones is to refuse their own gift cards as payment for them.
Best Buy employee Olivia Bailey, 18, was accused last week of stealing $13,000 from a Best Buy store in Lawrence, NY by using fraudulently obtained credit card numbers to purchase gift cards.
The rebate has mated with the gift card to produce a super-strain of super-sucky rebates. By adopting the gift card’s”dormancy fee,” your rebate’s value now shrinks over time. In many cases it’s only a few months before it starts to lose value, reports The Red Tape Chronicles. Some cards will even ding you for an activation fee, or charge you for checking your balance.
The measure (SB 1638) now goes to Gov. Charlie Crist, who must sign the bill for it to become law. He could not be reached for comment Wednesday, but the governor has long portrayed himself as a consumer advocate.
Get your pen ready, Chuck. —MEGHANN MARCO
Here’s the steps I took to try to obtain these seats.
Retailers love gift cards. They get your money up front, so they can earn interest on your “deposit.” Cards bring customers into the store, where they often spend more than gift card value. Other consumers will forget they have the card, and the retailer keeps the money without selling anything. Nice margins!
A sleazy Best Buy salesman tried to scam Phil into buying a warranty. Phil was offered a “free warranty,” which may exist in Narnia, but not Best Buy. When Phil’s purchases were wrung up, he noticed the salesman scanning a warranty coupon with a gift card.
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