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DebtFreeGuru.com's - Tip of the Week - Monday, December 1, 2003 |
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The
Lowdown on Holiday Gift Cards From
snowflakes, Christmas stockings and menorahs to Harry Potter and Harry
Connick Jr., gift cards are getting all dressed up for the holidays. Before
you give that hard-to-shop-for someone a gift card, be sure to take a
close look at the fees that come with it. There's
nothing remotely festive about monthly maintenance charges and other fees
your gift card recipient may be tagged with. And the hefty shipping,
handling and service fees charged to the gift-card giver can take a big
chunk out of any holiday budget. To
learn of some of the more inventive gift-card offers this holiday season
and their often-overlooked downsides, check out this
roundup from Bankrate.com. Remember,
as cute and appealing as these cards may be on the surface, it's the
boring, old fine print underneath that really takes aim at your wallet.
Don't let this happen to you. Here
are 10 important questions every gift card giver and recipient should ask: Where
can I use my gift card? You
can use a store-specific gift card to buy merchandise from a particular
store or through a store's Web site. Not all gift cards can be used for
online shopping, so be sure to ask. A
general-purpose gift card from Visa, MasterCard or American Express may be
used almost anywhere those cards are accepted. Important exceptions,
including airline tickets, may apply. Be sure to check with your gift-card
program for details. The
key advantage of general-purpose gift cards is the flexibility you have in
using the cards. The downside? Fees, fees and more fees. Many
general-purpose gift cards come loaded with fees. It's important to shop
carefully. If
you know a person's tastes, a store-specific gift card may be the way to
go. Store gift cards are less likely to charge hefty fees. When
does the gift card expire? With
some gift cards, once you pass the card's expiration date, you're done. It
doesn't matter how much value is still on the card, you won't be able to
use it. Other
gift-card programs will send you a replacement card with your remaining
balance on it. But boy, do you pay for this privilege. Fees on replacement
cards range from $5.95 to $10. Your best bet is to use your gift card
before it expires. Are
there shipping and handling fees? Is
there a service fee? You
may be able to save yourself a few dollars per gift card by ordering your
cards online rather than over the phone. Be sure to check. Is
there a monthly maintenance fee? Anyone
receiving a gift card this holiday season should immediately check for
monthly maintenance fees. A $25 gift card could get whittled down to
nothing before you know it. If your gift card comes with a monthly
maintenance fee, you'll want to use it promptly. Whoever gave you the gift
card meant that money for you, not the bank or retailer. How
do I check my gift-card balance? It's
also a good idea to keep track of your balance on your own. Stash receipts
for purchases made with your gift card in a safe place. That way you'll
know precisely how much value is left on the card. Those receipts will
also come in handy if your card is lost or stolen. With some gift-card
programs, you have to supply your most recent receipt before a replacement
card will be sent to you. What
happens if my gift card is lost or stolen? Other
retailers are much more lenient when it comes to lost or stolen cards.
Both Bloomingdale's and Macy's will issue you a new card as long as you
have proof of your most recent purchase. Some
general-purpose gift cards will send you a replacement card as well, but
you may have to pay a hefty fee. Replacement card fees range from $5.95 to
$10. Be
sure to find out what recourse you have, if any, if your gift card is lost
or stolen, and guard your card accordingly. It's best to treat a $50 gift
card as you would treat $50 in cash. And don't forget to hang on to your
receipts. You may need them to get a replacement card. Can
I exchange my gift card for cash? Many
gift cards aren't redeemable for cash. Plus, the general-purpose gift
cards that will send you a check for your remaining balance are probably
going to zap you with a substantial fee. Check processing fees can be as
high as $10 or $15. You'll
get a lot more value out of your card by shopping with it rather than
trying to cash it in. Can
I use my gift card to withdraw cash at an ATM? The
downside is, once again, fees. The Bank of America Visa Gift Card charges
you a $1.50 service fee each time you withdraw cash from the card at an
ATM. The CharterOne MasterCard Gift Card charges you $2 for each ATM
withdrawal. Can
I make a purchase for an amount greater than my gift card? Be
aware that some stores, including department stores, will only accept two
forms of payment for a single purchase if the second form of payment is
cash or a personal check. So
if you plan on using your gift card to pay part of a store bill, it's a
good idea to bring cash or your checkbook along with you. Want
to apply the few remaining dollars of a gift card to an online purchase?
It's going to be tough. Most Internet merchants do not accept two forms of
payment for a single purchase. So unless you can find an online purchase
for the exact amount remaining on your gift purchase, you're probably out
of luck. Gift
Cards Get Decked Out for the Holidays Prepaid
gift cards are pouring on the star power and getting all dressed up for
the holidays. That's because many people are finding them to be the
perfect gift. After
all, you don't have to worry about size or color. But
there are disadvantages to the cards, too. Here's
a roundup of the cards and their often-overlooked downsides: The
card: Bloomingdale's Gift Card The
card: Hilary Duff Prepaid Visa The
card: Bank of America Visa Gift
Card The
card: National City Prepaid Visa
Gift Card The
card: CharterOne MasterCard Gift
Card The
card: Target Gift Card The
card: Borders Gift Card The
card: Barnes and Noble Gift Card The
look: The Cat in the Hat The
card: Blockbuster Gift Card |
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DebtFreeGuru.com - Tip of the Week - Monday, December 1, 2003 • PO Box 3782 • Clearwater Beach, FL • 33767 • Voice/Fax: 813-354-2563 • Copyright 2003 DebtFreeGuru.com All Rights Reserved. |
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Please
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Here's What People Are Saying About Conscious
Prosperity: "Your practical approach to debt resolution has made a difference in my life and in the lives of several members of this congregation. If anyone wants to know how to apply spiritual principles to become debt-free, I'll be glad to send them your way." - Rev. Thomas W. Shepherd, Sr. Minister, Sunrise Unity Church, Citrus Heights, California and author of Glimpses of Truth "People
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The Author John S. Moore has been facilitating financial planning, cash management, investment and personal growth workshops throughout the United States for more than twenty years.
In hundreds of workshops over the past 10 years, John has taught thousands of people how to live a debt-free, stress-free lifestyle. He teaches primarily at Unity, Religious Science and Science of Mind churches, as well as other churches, schools and corporations around the United States. |
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Copyright © 2003 John Moore • PO Box 3782 • Clearwater Beach, FL • 33767 • Voice/Fax: 813-354-2563 • |