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What holiday shoppers need to know about gift cards

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Photo: Video by ktnv.com

What holiday shoppers need to know about gift cards

By Tricia Kean. CREATED Nov 30, 2013

Las Vegas, NV (KTNV) -- What holiday present is getting the most attention this year? It's actually not a physical present at all, It's gift cards.

In a Contact 13 consumer alert, Tricia Kean looks at a few things you need to know when it comes to purchasing a gift card for that person in your life who may be hard to shop for.
 
Gift cards have been the most sought out gift for the past 7 years.
 
However, buyers should beware.
 
There is a difference between gift cards and prepaid cards which are sold sometimes side-by-side at stores.
 
Credit card comparison site Card Hub says that prepaid or re-loadable cards often come with a ton of fees.
 
A lot of gift cards also do not have expiration dates, and federal law requires that all cards must be good for at least 3-5 years.
 
E-cards are also available now, which allows gift-givers to purchase them with the click of their mouse.
 
If you are on the receiving end of a gift card, make sure you don't lose it.
 
According to the data analysis company Tower Group, more than 43 billion dollars in gift cards have gone unused since 2005.

 

Tricia Kean

Tricia Kean

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Tricia Kean currently anchors the weekday evening editions of Action News.