DES MOINES, IA (12/16/2010)(readMedia)-- Gift cards top many people's holiday wish lists again this year, and State Treasurer Michael L. Fitzgerald wants Iowa consumers to protect the value of those cards by following a few basic tips. "Some of those gift cards will never be redeemed, and nobody can afford to let money go to waste," stated Fitzgerald. "Whether you are giving or receiving gift cards this year, these tips can help ensure that they will be an enjoyable holiday present."
TIPS FOR GIFT CARD PURCHASERS:
• Verify if the card has an expiration date or fees that reduce the card's value overtime.
• Include the original receipt and disclosure information to the recipient in the event it is needed to replace a lost or stolen card.
• Buy gift cards from reputable retailers where you know the recipient will shop.
TIPS FOR GIFT CARD RECIPIENTS:
• Check for an expiration date and use the gift card promptly.
• Check the disclosures for fees that can reduce the card's value.
• Keep the original receipt if it was included with the gift card.
"We encourage retailers to honor all of the gift cards they sell, even those that have expired," Fitzgerald stated. "In doing so, retailers stay on friendly terms with their customers."
Rules passed last year by Congress prohibit fees on gift cards for one year and expiration dates of less than five years from the date of purchase. Current state law requires that the expiration date and fees be clearly displayed on any gift card with such restrictions.
Consumers with questions or concerns regarding an expired gift card that a retailer will not honor because it has expired are encouraged to contact the State Treasurer's office. Please provide a copy of the gift certificate and a brief letter stating the circumstances of the complaint. The information can be sent to the address below or emailed to upreport@iowa.gov.
