EmailReviewers say the following about shopping for a gift card:
- A store-issued gift card is usually a better deal over a bank-issued card. Gift cards from retail stores usually come with far fewer strings attached than bank-issued gift cards.
- Read the fine print. Terms and conditions, including various fees and expiration dates, are often printed on the card or the packaging but sometimes are included in an accompanying pamphlet. Most companies also list them on their website.
- If you buy a bank-issued gift card, double-check fees and expiration policies. Choose one with low fees and an expiration date of at least 12 months from the purchase date.
- Your state law may offer protection. Legislation regarding gift cards varies greatly from state to state. Some states do not allow gift card issuers to charge any fees, while others only require complete disclosure.
- Purchase from reputable sources. Fraudulent sellers can lurk at online auction sites or classified-ad sites, selling cards that are either invalid or obtained fraudulently.
- Make sure the PIN has not been tampered with. It should be covered with a plastic scratch-off coating.
- Keep your receipt and give it to the recipient along with any terms and conditions that come with the card. Most companies require an original receipt in order to replace a lost or stolen card.
Experts say the following about receiving and using a gift card:
- Register your card. Several companies will not replace a lost or stolen card unless it was registered first. This can usually be done at the issuer's website.
- Treat the card like cash.
- Use it soon. Some cards come with expiration dates and/or maintenance fees which can whittle away your balance. If a retailer goes out of business or files for bankruptcy, unused gift cards often become unredeemable.
- Keep bank-issued cards even after the balance is depleted. Refunds are generally credited to the purchasing card, so it is important to hold onto the card until you are certain that you will not need to make any returns.
- Make complaints when there is a problem. Contact the issuer first. If the problem cannot be resolved with the issuer, contact the appropriate authorities, namely the FTC for retail cards at 1-877-FTC-HELP or online. Contact the Comptroller of the Currency's Customer Assistance Group at 1-800-613-6743 or by e-mail for bank-issued cards.
Several companies have been formed in recent years just to address gift card needs. GiftCardBuyBack.com and SwapAGift.com, for example, allow registered members to trade unwanted gift cards with each other, while Leverage.com tracks gift card balances for members and matches them to store promotions.