Four Reasons to Use those Gift Cards Now

Even though laws passed in recent years have eliminated some of the gotchas that made git cards less worthwhile in the past, it’s still a good idea to use those cards as soon as possible. Here’s why:

• They may expire: New rules for merchant and bank issued git cards mean they can’t expire within i ve years at er they’re issued, or in the case of reloadable git cards, within i ve years at er money was last added. But the new rules don’t apply to reloadable cards that aren’t labeled or marketed as git cards, including those awarded through loyalty, rebate or promotional programs. Nor do the new regulations apply to discount vouchers from such websites as Groupon, Living Social and BuyWithMe.
   
• You may be charged inactivity fees: Bank-issued cards are convenient because you can use them almost anywhere, but they come with fees. For example, you could be charged a monthly fee at er 12 months of inactivity. Charity git cards can also come with fees for transactions, or to transfer funds. Retail store cards usually have few or no fees.
   
• The retailer could go bankrupt: When the retailer Sharper Image i led for bankruptcy reorganization a few years ago, an estimated $20 million in git cards and certii cates were unredeemed. Consumers with Sharper Image git cards were i rst told that the retailer was no longer accepting its cards, then that it would accept the cards if customers spent twice the card’s value, and finally that it was closing its stores altogether. Even if a retailer continues honoring its git cards during bankruptcy reorganization or liquidation, there could be fewer places to redeem them or less time to do so.
   
• You might lose or forget about them: According to our recent holiday poll, at the start of this holiday season, a quarter of last year’s git card recipients still had an unused git card. Using it now means you won’t have to worry about losing it later.

In a case like this, let your holiday git cards burn a hole in your pocket. Spend them, don’t forget about them!

Courtesy of: www.consumerreports.com

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