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- Overview
- Watch for these gotchas
- What to do
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December 2007
What to do when giving or getting gift cards
IF YOU'RE GIVING A GIFT CARD
Don’t let those gift cards languish in your pocket.
Check the merchant's prices. It's annoying to get a $25 gift card for a store that sells little at that price. When selecting a store-issued card, find out how much things generally cost and get a card with at least that value.
Send along the receipt. Some issuers require the original receipt to replace a lost, stolen, or damaged card.
IF YOU'VE RECEIVED A GIFT CARD
Register it. Some cards must be registered with the issuer, especially if you want to use the card for purchases online or by phone. Some issuers, such as Crate & Barrel and Starbucks, won't replace a lost or stolen card unless it's registered.
Spend it quickly. Use the card as soon as you can, especially if it expires or has a monthly maintenance fee.
Report problems. Let the issuer know right away if the card is lost or stolen, or if you see unauthorized transactions or billing errors. Some issuers won't hold you liable for any fraudulent transactions made after you report the card missing. American Express requires you to report billing errors within 60 days. You can often get a list of purchases made with your card from the issuer's Web site, though you might have to pay a fee to have a statement mailed to you.
Spend it to the last penny. If the card balance gets so low that there's nothing you can buy, ask a merchant to do a split-tender transaction. That involves using the remaining card balance for part of the transaction and another form of payment for the rest. Some merchants insist that the second form of payment be cash or check. Many Internet and mail-order companies don't allow split-tender transactions at all. And it might be difficult with some bank-issued cards.
Complain. If you think a card issuer or merchant has violated the law, complain to your state banking regulators or consumer protection department. If the card was issued by a national bank, you can also file a complaint with the Office of the Comptroller of the Currency at www.helpwithmybank.gov (click on "Contact us"). Finally, report your gripe to the Better Business Bureau at www.bbb.org.
Hold on to it. Don't throw out the card when the balance is zero. Some issuers and merchants require that you have it if you want to return merchandise you bought with it.
