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Gift credit cards truly a gift to consumers

[Tuesday, January 11th, 2011]

It is the holiday season again, and during this time, gift cards totaling about $87 billion are expected to change hands. There is good news to the industry. The most recent changes brought about by the federal government in the US ensure you are well protected from hidden charges on these cards, thus making this gift worthwhile. Gift card giving just got better with the implementation of the CARD Act.

As per the stipulations on gift cards, no merchant can charge you any activation fee or monthly fee on this credit card. Furthermore, the validity of the gift cards goes up to five years from the time it was obtained. Though the cards will expire after a certain point in time, the monetary value on them will continue to stay. So all you will need to do is to call the merchant bank, and request a replacement, just like you would do in case of a credit card.

It is important to be careful with the gift cards though, in terms of the fees. While the first year will not cost you anything, from the second year on, the fees and other charges on these cards can get really high. Moreover, it is imperative that you read and understand the terms and conditions for the gift cards before you choose to offer them as gifts. Just like in the case of any other credit cards, find out about the cost applicable to the card after the first 12 months.

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AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

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