Gift Credit CardsA gift credit card is a stored-value card, or debit card. They are issued by major credit card providers, such as Visa, Mastercard, and Discover, by American Express, and by a range of stores. Gift credit cards are better than cash, because gift credit cards can be safely sent through the mail. Gift credit cards also come in a range of attractive designs, and gift credit cards can be personalised in a way that cash just can't manage. Gift credit cards are not all hearts and flowers, though - you can run into major problems using gift credit cards, and if you are planning to purchase gift credit cards it really pays to do your homework. Every gift credit card is different, and , as they say, the Devil is in the detail, so make sure you investigate fully before committing to purchasing a gift credit card. Ask the issuer of your gift credit card the following questions.
1. Where can I use my gift credit cards?Some gift credit cards are specific to certain stores, while some can be used across a wide range of stores. Some have exclusions for certain types of purchase, for example airline and hotel expenses, and some are limited to a certain geographic area.
2. When do my gift credit cards expire?With some gift credit cards, once you pass the card's expiration date, the remaining balance on your gift credit card simply disappears. Other gift credit card programs will send you a replacement card with your remaining balance on it. But you pay for this privilege. Fees on replacement gift credit cards range from $5.95 to $10. Some issuers will send you a cheque for the remaining balance on your gift credit card, but by the time you have deducted the $15 account closing fee and the $15 cheque fee, you won't usually have much of a balance left! States such as California, Washington and New Hampshire have passed laws eliminating gift credit card expiration dates. For details on gift credit card laws in your state, contact the attorney general's office in your state.
3. Are there shipping and handling fees for gift credit cards?Ordering a gift credit card online is convenient, but you could be zapped with a fee for shipping and handling, as much as $6 or $7 is not unusual.
4. Is there a service fee for purchasing gift credit cards?Gift credit cards purchased by phone or online often attract service fees. Service fees range from $3.95 up to $11.95.States such as California and Washington have passed laws eliminating or restricting service fees. For this reason, some issuers, for example American Express, refuse to supply gift credit cards to recipients in those states.
5. Is there a monthly maintenance fee on gift credit cards?Some gift credit cards will charge you a monthly maintenance fee if you still have a balance on your card after six months or a year. Anyone receiving a gift credit card should immediately check the terms and conditions on their gift credit card for monthly maintenance fees. A $25 gift credit card could be whittled down to nothing before you know it, if there is a $2 or $3 monthly account keeping charge.
6. How do I check my gift credit card balance?Many general-purpose gift credit cards allow you to check your gift credit card balance online and by calling a toll-free number. With store-specific gift credit cards, you may also be able to check your gift credit card balance in stores.It's also a good idea to keep track of your gift credit card balance on your own. Stash receipts for purchases made with your gift credit card in a safe place. That way you'll know precisely how much value is left on the gift credit card.
7. What happens if my gift credit card is lost or stolen?With some retail gift credit cards, if you lose the gift credit cards you're just plain out of luck. For example, Barnes and Noble will not replace a gift credit card if it is lost or stolen.Other retailers are much more lenient when it comes to lost or stolen gift credit cards. Both Bloomingdale's and Macy's will issue you a new gift credit card as long as you have proof of your most recent purchase using the gift credit card. Some general-purpose gift credit cards will send you a replacement card as well, but you may have to pay a fee. Replacement card fees range from $5.95 to $10. In general, it is wise to treat a $50 gift credit card as you would treat $50 in cash. And remember to hang on to your receipts. You may need them to get a replacement gift credit card.
8. Can I exchange my gift credit card for cash?Thinking of cashing out a gift credit card? Think again.Many gift credit cards aren't redeemable for cash. Some of the general-purpose gift credit cards that will send you a check for your remaining balance will also zap you with a substantial fee. Check processing fees to close out a gift credit card can be as high as $10 or $15, on top of another $10 to $15 account-closing fee, in some cases! You'll usually get a lot more value out of your gift credit card by shopping with it rather than trying to cash it in.
9. Can I use my gift credit card to withdraw cash at an ATM?Some general-purpose gift credit cards come with PIN numbers, so you may be able to use your gift credit card to get cash from ATMs.It may cost you, however - fees, fees and more fees are the currency of the day.
10. Can I make a purchase for an amount greater than my gift credit card?Yes, you can, but you'll need to manage the purchase properly. For example, be sure to tell the merchant in advance that your gift credit card will only cover a portion of your purchase. If you don't, the merchant will enter the full amount, and your gift credit card will be declined.Be aware that some stores, including department stores, will not accept two forms of payment for a single purchase unless the second form of payment is cash or a personal check. If you plan on using gift credit cards to pay part of a store bill, it's a good idea to bring cash or your checkbook along with you. Gift credit cards are very appealing to teens, because gift credit cards are the only way to have a credit card below a certain age. Teens feel that gift credit cards allow them to look and feel more adult. Gift credit cards can much-appreciated gifts for the under-18 set. A gift credit card will help a teen learn how to manage money, because unlike normal credit cards, a gift credit card can't be used to spend beyond your means. A gift credit card is limited to the amount stored in the gift credit card when it is purchased. Using gift credit cards requires keeping track of the balances on the gift credit cards, and planning ahead for purchases using the gift credit card. |
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