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by Staff of the Montgomery County (Md.) Office of Consumer Protection
For their fifth annual gift card report, the Montgomery County Office of Consumer Protection in Rockville, Md., reviews the policies, packaging and inserts, and websites of 22 major retailers and restaurant… chains as well as 20 bank-card issuers. Retail cards are listed as either "recommended" or "not recommended." Each of the four "not recommended" retail cards, however, has changed their policies since this article was published; they no longer carry fees or expiration dates. Bank-issued gift cards are not rated, but a list of their fees, expiration dates and disclosure issues is included.
by Ellen Cannon
BankRate.com's fourth annual survey of gift cards looks at the four credit-card issuers along with top nationwide retailers and reports on their gift card terms and fees. BankRate.com finds that all of the… bank-issued cards have fees, expiration dates or both, while most store-issued cards do not. The pros and cons of each are discussed and a comparison chart of the 24 cards that were examined is included.
by Editors of ConsumerReports.org
Editors of ConsumerReports.org discuss the pitfalls and gotchas behind gift cards. Bank-issued gift cards are said to be more troublesome than most retail-issued cards. In either case, editors strongly urge… consumers to read the fine print, which they warn can often be hard to find. Editors suggest avoiding bank-issued cards and insist that the balances should be used quickly to avoid fees. Terms of a few cards are mentioned in the article, but none of them are rated.
by Consumers Union Financial Services Team
Consumers Union (the organization that publishes ConsumerReports.org) lists a summary of the key features of gift-card consumer-protection laws state by state. Laws vary greatly by state, with some severely… limiting fees and others allowing any terms with proper disclosure. The states offering the strongest consumer protections include California, Connecticut, Florida, Minnesota, Montana and Rhode Island.
by Editors of CreditCards.com
The details of 41 major gift cards are listed in a chart by the name of the retailer. Retailers include Wal-Mart, Target, Best Buy and Macy's, among others. The chart includes information about expiration… dates, fees, protection against loss or theft, and available denominations. Notations are also made regarding whether or not PIN transactions can be made with the card, which cards can be refilled and which retailers offer electronic cards. The gift cards listed are not ranked or rated in any way.
by Andrew M. Cuomo
While this report from the New York attorney general's office doesn't rank or rate specific gift cards, it does discuss in detail the different types of gift cards and the hidden fees and restrictions that… often take consumers by surprise. In addition, useful information is included in footnotes regarding specific retailers and their gift card policies, such as Clinique and others that require remaining balances on purchases greater than the gift card's value to be charged to a credit card. While New York state laws are primarily discussed, information regarding the laws of other states is included in some areas.
by Carman Wenkoff
This press release describes the creation of the Retail Gift Card Association, a nonprofit organization formed by several top gift-card issuing retailers, including Applebee's, Best Buy, Home Depot,… Marriott International and Subway. The organization requires members to abide by a strict set of guidelines aimed at keeping the consumers' best interests in mind, which includes agreeing not to charge dormancy fees or other administrative fees on closed-loop gift cards.
by Candice Choi
Associated Press reporter Candice Choi discusses the fees, expiration dates and other inconvenient limitations imposed by gift cards. She provides a summary of the new safeguards that will take effect in… 2010, including expiration dates that must be at least five years in advance and a ban on inactivity fees unless it has been at least one year since the card has been used. The author notes that American Express recently did away with its dormancy fee and these cards don't have expiration dates. In addition, lost or stolen American Express gift cards are replaced for free. One downside is that American Express isn't as widely accepted as MasterCard or Discover.
by Elizabeth Holmes and Ann Zimmerman
This article reviews several retailers offering innovative gift card programs for the 2009 holiday season. Neiman Marcus will be giving away free $50 gift cards to lure customers, Target will be offering… $10 gift cards to customers making a purchase of $100 or more on Black Friday, and Best Buy is offering an online gift card program that allows several friends and family members to contribute to the overall dollar value of the card.
by Veronica Dagher
by Anthony Giorgianni
This brief article on the ConsumerReports.org blog addresses the recent decision by American Express to drop dormancy fees from its gift cards -- both on new purchases and existing cards. Anthony Giorgianni… praises the decision, but notes that fees still apply to purchasing the card in the first place, and it's no longer possible to convert the card's value to cash. While ConsumerReports.org is admittedly wary of gift cards in general, this article suggests the American Express gift card might be the best option currently available.
by Cristin Frederick
This report by the Federal Reserve Bank of Boston addresses both retailer and consumer options concerning gift cards when a retailer files for bankruptcy. Retailers must petition the court for permission to… honor certain programs, including gift cards, under bankruptcy proceedings. These options are described as well as consumer options when they suddenly find themselves holding a valueless gift card.
by Joan Goldwasser
by Anne Marie D. Lee
by Lori Chordas
by Brian O'Connell
by Editors of the Federal Trade Commission
The Federal Trade Commission offers tips for purchasing, giving and using gift cards. They suggest that buyers pay attention to the terms of the card, which vary greatly from one card to the next. They also… warn consumers to consider fees and expiration dates, and advise that retailers that file for bankruptcy may not honor gift cards. A contact list is also provided for filing complaints with the appropriate authorities. Specific gift cards are not mentioned.
by Kevin Davis
by Maya Dollarhide
by Alina Tugend
Alina Tugend discusses the risk associated with purchasing gift cards in light of so many retailers going bankrupt or otherwise closing shop. Sharper Image, Linens 'n Things and Circuit City are among those… discussed, with options noted for redeeming gift cards for these retailers. Also highlighted are new businesses, such as LeverageCard.com and GiftCardRescue.com, which aim to provide consumers with a bit of protection when it comes to gift cards. Both sites offer options for refunds on remaining balances or swapping unused cards for other retailers in the event of a business closing.
by Barbara Farfan
by Judy Hedding
by Drew McLellan
by Joe Light
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