What holiday shoppers need to know about gift cards
Photo: Video by ktnv.com
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.