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Home > Smart Spending > Archives > 2008 > November > 20
Thursday, November 20, 2008
Not In The Cards This Holiday Season?
The Atlanta Journal-Constitution
To this holiday shopper, the gift card has been a friend in need — taking care of my needs — and a friend indeed.
Uncertain about the likes and dislikes of the intended gift receiver? No time or inclination to fight through the crowded aisles in search of a particular present? Head straight to the gift card rack.
With it, your loved one could purchase whatever he/she pleases. And you avoid the risk of, metaphorically speaking, buying a square peg to fit into a round hole.
Have you tossed gift cards into holiday stockings? Or are they not your thing?
This shopping season, gift cards are getting a bad rap, fueled by a spate of bankruptcy filings by chain stores. Some, like Circuit City, have pledged to honor gift cards for the time being. Others, like The Sharper Image, are turning them down.
Consumer experts say spending on gift cards could drop 6 percent during the holidays. Besides the bankruptcy concerns, they cite a preference by gift-givers to find bargains on the shelves rather than buy a card — which, of course, cannot be reduced in price.
Studies indicate that one of every four gift cards is not redeemed within a year, which means they could expire or decline in value. That baffling statistic explains why Consumer Reports calls the card phenomenon “the gift that keeps on taking.”
Gift cards are getting a bad rap. If the recipients elect to let them expire or wait until a store enters bankruptcy, that’s their prob. I believe they are a legitimate alternative to the item hiding under shiny wrapping paper and a bow.
Here’s a web site with advice on recourse with your card when the applicable store is about to go belly-up.
This site provides several options for getting the most from your gift card.
And here’s one about unloading a card for cash.
Will you be hesitant to hand out gift cards for these holidays? Would you rather not receive them?
For me, they’ll be a friend for life. Until, that is, I get burned by one.
To find ways to help make you way through a bumpy economy check out Your Money.
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