Gift Card Tips For Holiday Shoppers

Saturday, March 1, 2008

9 709@_ 9 @_ —9 106 > 7e0@_.P 4 oe~e eee 08 TOOee ee ‘HOLIDAY GIFT IDEAS# e 8 eer 8._@0er _ @a\_ ~_@ut_@__ O01. -_@ 00 (os a _@07 @ @8-a~" Or oe G87 a OO ea (@ Gift Card Tips For Holiday Shoppers (NAPSA)—Before buying a gift card this season, take some time to consider exactly what you're giving. Gift cards provide convenience and flexibility for shoppers and recipients—but they also come with terms and conditions. Experts at the Office of the Comptroller of the Currency (OCC) encourage you to read disclosures so you know the terms and conditions that affect the card’s value, including: Fees, including those that apply after the sale and reduceits Chancesare your holiday shop- Expiration date; Whatto do if a cardis lost or friends and family. Be sure to check the terms and conditions. value; stolen; What to do if there are prob- lems with the card; and Wherethe card can be used. If disclosures are not stated on the gift card or its packaging, check for a toll-free number or Website. Unexpected fees and complex terms may frustrate consumers, but the top reason people lose money with gift cards is simply not using them. In 2006, the value of unused gift cards reached an estimated $8 billion. According to Consumer Reports, more than one in four people reported not using a card they received that year. Not all gift cards are the same. Somecards issued by retailers can only be used at a particular store or chain. Others, such as cards issued by banks, may be used at multiple locations. Because these cards vary, ping list includes gift cards for their terms mayalso vary. For national banks that issue gift cards, the OCC has issued guidance that requires clear disclosure of fees and terms. The guidance also states that banks should avoid any marketing that misleads people about terms, conditions or limitations. One wayto tell if a national bank issued your card is to look for the nameof the national bank on the front of the card. Other federal and state regulators have issued similar guidelines that apply to many retailers and nonbank companies. If you have a complaint about a gift card issued by a national bank and can’t resolve the issue with the bank directly, contact the OCC’s Customer Assistance Group by calling (800) 613-6748 or visiting www.HelpWithMyBank.gov.

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