Haven’t spent the gift cards you got for the holidays yet? Those happy pieces of plastic are now so popular that the National Retail Federation announced gift card retail spending was expected to reach an all time high over the holiday season: 29.8 billion dollars! If the cards are burning a hole in your wallet, here’s what you need to know:
Treat the card like cash:
Some stores may not be too sympathetic if the card takes a spin through the washer and dryer. Or if a creep crept off with it. If that happens, try calling the retailer and explain the situation. Some businesses may not replace the card and some may for a fee.
Look at the card closely :
Before you head to the store, make sure the PIN number hasn’t been removed. And that the card is still intact or sealed in its original packaging. If it’s not thieves may have sucked the value out of your card. And you may not know until you’re standing in line trying to pay for something. The clerk says your card’s balance is a big, fat zero. Criminals are using many high-tech tricks to drain your cards, so be careful.
Use the gift card ASAP:
So many people hang on to the gift cards, waiting for the perfect occasion to arise. And the meantime the retailer goes out of business. The NRF survey found most people give gift cards for people to use at department stores, restaurants, coffee shops, electronic stores, and online merchants. Over the past several years many of those types of establishments have closed their doors. Leave those holding gift cards high and dry. If you use it, you won’t lose it.
Don’t be a “spillage” statistic:
When someone buys a gift card, but the value is not completely redeemed, ca-ching! That retailer wins by keeping your money. All the unused value, or value lost to fees is called spillage, and a recent market survey estimates one billion dollars in gift card value goes unused or partially unused.
Know the rules:
Retail experts say the amount of gift card spillage used to be much higher, but new rules, like the Federal CARD Act, helped crack down on retailers charging silly fees and put limits on expiration dates. Some states have their own gift card laws on the books, which may be even more strict than the federal law. Here’s a rundown on all the different state laws.
Have the receipt:
It sounds tacky to ask a gift giver for the receipt, but if you lose the card, or end up with a card that’s been hit by scammers, that little piece of paper is going to help save you. If you give someone a gift card you should give them the receipt just in case.
