Things to know about gift cards Published Dec. 10, 2014 By Airman 1st Class Chelsie De Vera U.S. Air Force Warfare Center Judge Advocate Office NELLIS AIR FORCE BASE, Nev. -- Many gifts exchange hands during the holiday season. One of the most popular, easiest and convenient of gifts is the gift card. Almost every store offers gift cards for their products or services. Gift cards can satisfy even the most particular recipients since they choose what to purchase for themselves. However, despite the availability and convenience of gift cards, there are some facts and tips potential purchasers should know before buying or using gift cards. When purchasing a gift card, be sure to check the expiration date. Information such as the expiration date and fees must be clearly disclosed on the card or its packaging. Federal law mandates that the money on the gift card cannot expire for at least five years from the date of purchase. If with a gift card has an expiration date within five years from the date of purchase, the funds can be transferred to a new card at no cost. When giving a gift card, ensure to include the receipt of purchase and the card's terms and conditions which may be found on the original packaging. These items are beneficial to the recipient if problems or issues arise. When receiving a gift card, treat it like cash. Always check for an expiration date or fees. Gift cards that have been inactive for a year may be charged an inactivity fee that could start to diminish your card's value. Write down and save the card number, security code and customer service phone number in a safe place in case something happens to the card. If the card is lost or stolen, report it to the issuing company immediately. Some companies will replace the card if it is pre-registered with them or proof of purchase can be shown along with the card's number and security code. There is a possibility that the recipient will be out of luck, which is why you should treat the card like cash. Gift card redeemers should ensure to keep the card until they are positive they will not return anything they bought with it. Some stores will only give refunds on the card used to purchase an item. Following these simple tips will ensure gift card protection this holiday season and enjoyment of the full value of whatever gift cards are received. For more information about consumer rights, visit the Consumer Financial Protection Bureau's website at www.consumerfinance.gov. The majority of the information in this article is from the CFPB.
