Use Gift Cards ASAP

Here's a bit more on why you should spend those holiday gift cards asap -- this time from Yahoo:

• Stores go bankrupt. The most important reason to use a gift card as quickly as possible has to do with the current economic climate. A number of major retailers have already gone bankrupt in the past year, and it won't be a surprise to see others follow suit in 2009.

• Gift cards get misplaced or lost. Even with the best intentions, if you don't use your gift card right away, there is a decent chance it will never be used.

• Gift cards come with fees. While bank-issued gift cards by Visa and MasterCard are more likely to come with fees, retail store gift cards can come with fees as well depending on which state you live in.

• Gift cards can expire. If you don't use your gift card quickly enough, the card may expire.

• Your card may end up as a gift to the state. More states are treating unused gift cards as "abandoned property" as a way of shore up their own finances.

We've got a few of ours either eliminated or whittled down now. Still, we're at about $500 in value across several cards.

One tip to help you spend your cards: be sure you know all the places you can use them -- they may be accepted at more than just the store that's named on the card. For instance, we've spent a good portion of our Sears card at Kmart (though we don't normally shop there, we've made an exception) and I'm about to spend some more at Land's End. Anyone know if Macy's cards can be spent elsewhere? ;-)

For more info on this subject, see the FTC's page on buying, giving, and using gift cards.

Comments

[ChrisR]

Circuit City announced today it is liquidating inventory from all US stores, starting Saturday and ending in March. They're still accepting gift cards so use them fast!

http://files.shareholder.com/downloads/CC/518268202x0x264593/65777E4E-3103-4D1A-B2FB-17D3D2702714/Media_and_Customer_FAQ_1.16.09_for_posting.pdf

[the weakonomist]

Someone gave me a circuit city gift card for christmas. I laughed so hard (not in front of the giver) that I almost peed a little.

I stopped shopping at CC years ago. I'm a Best Buy kind of guy.

[Craig]

Especially if you have a circuit city gift card. They are going out of business so use it NOW!!!c

[Taylor at Household Management 101]

The most annoying part of gift cards for me is that I have trouble remembering what their balance is, especially when I use it but have not completely spent it yet. I have gotten into the habit of wrapping the receipt around the gift card so I can easily see what the balance is the next time I want to use it.

[Steve]

You can also buy/sell/trade gift cards.

It's not uncommon seeing people wanting to trade on craigslist. "Have $100 to Home Depot, looking for $100 GC to clothing store" or something.

I've also sold GC's on ebay for 90% of their value because it was to a store I didn't want anything in.

[Hank]

HHGregg just announced that it would begin honoring Circuit City gift cards at its stores.