Gift Cards

Tips for buying gift cards

Store cards sold by retailers usually are issued free of charge. But banks often charge a fee to buy their cards. Some bank gift cards come with a Personal Identification Number (PIN) that lets the user withdraw cash from an ATM. Other things you should know before you buy a gift card:

• Read the fine print before you buy. If you don't like the terms and conditions, buy elsewhere.
• When you're buying a card, ask about expiration dates and fees. This information may appear on the card itself, on the accompanying sleeve or envelope, or on the issuer's website. If you don't see it, ask.
• Make sure that whatever the salesperson tells you also is in writing. If the seller is
  reluctant to put the terms or conditions in writing - or says it isn't necessary - shop elsewhere. If the information is separate from the gift card, give it to the recipient to help protect the value of the card. It's also a good idea to give the recipient the original receipt to verify the card's purchase in case it is lost or stolen.
• Consider purchase fees: Is there a fee to buy the card, or activate it? If you buy the card online or on the phone, is there a fee for shipping and handling? Does expedited delivery cost more?
• Consider fees for the recipient. It might be embarrassing to give a $50 gift card to someone if much of the amount gets gobbled up in fees.
• Check on purchase exceptions. For example, can the recipient use a store-specific gift card at either the physical store or at the store's website? Can an "all purpose" card really be used to buy groceries or gasoline?

Tips for using gift cards

If you've received a gift card, it pays to be a well informed consumer.

• Read the terms and conditions as soon as you get the card, and check for an expiration date.
• If you are using a gift card, be sure to read the information on the card and the materials that come with the card about its usage. Under Florida law, there generally can be no expiration date and no service charges or maintenance fees may be imposed to use the card. However, gift cards received from out-of-state may allow for expiration dates, services charges, and maintenance fees.
• Treat your card like cash. If your card is lost or stolen, report it to the issuer immediately. You may be out the entire amount on the card. Some issuers won't replace the cards, but others will if you pay a fee. And if they do charge for replacement cards, you'll most likely need to document the purchase and provide the ID number. Most issuers have toll-free numbers to report lost or stolen cards.
• If your card expires before you've had a chance to use it or exhaust its value, contact the issuer. They may extend the date, although they may charge a fee to do that.

If you have a problem with a gift card, the first step is to contact the store or financial institution that issued the card. If you can't resolve the problem at that level, you may want to file a complaint with the appropriate authorities:

• For cards issued by retailers: Contact your local or state consumer protection agency, the state attorney general's office, or the Federal Trade Commission.
• For cards issued by national banks: Contact the Comptroller of the Currency's (OCC) Customer Assistance Group by calling 800-613-6743 or by sending an e-mail to customer.assistance@occ.treas.gov  The OCC charters, regulates, and supervises national banks, some of which issue gift cards.