Financial Tip of the Week from the Iowa Bankers Association:
Last year, Americans spent $87 billion on gift cards. As form of payment becomes more widely accepted, the types of gift cards available is growing. Gift cards make great gifts, but for many consumers, the cards are easily lost or forgotten. In other cases, consumers may not spend the full amount. To maximize the value of your gift cards, consider the following tips for buying and using gift cards wisely:
Buying Gift Cards
Using Gift Cards
Prepaid gift card provisions of the 2009 Credit Card Accountability Responsibility and Disclosure Act (CARD Act) will take effect Aug. 22. The provisions will prohibit inactivity fees for the first year and within 12 months following activity on the card. Funds credited to the gift card will remain for five years after they are added, even if the printed expiration date has passed.
This information provided by the Iowa Bankers Association (www.iowabankers.com) in partnership with the American Bankers Association.