Consumer protection for gift cards

Over the last years gift cards have become increasingly popular. They have many advantages for both the contributor and the receiver.

Choosing the perfect present for friends, family members,… is not always easy and we definitely don’t want to give some ordinary banknotes. In that case the gift card is a good alternative. The giver only needs to choose the store and the amount of money he or she wants to spend and the recipient picks up his favorite gift in the store, that’s all.

But consumers must be aware of the hidden fees and untimely expiration dates of these cards. The U.S. government realized that consumers need more protection. Therefore they will introduce new rules for gift cards. These rules will influence the majority of these cards. The conditions and service fees will be more clearly indicated and strictly defined.

I must admit that I’m not a fan of the gift card. As a receiver, I prefer banknotes above gift cards because then I’m totally free to choose what I really want. The choice is not limited by a certain store and product assortment. If you receive cash, it will be easier to collect it for something bigger. You can also put the money on your bank account and save it for later on.

To my opinion banknotes and gift cards are very impersonal. So if you want to buy a gift for someone you like or love, choose something more personal. It doesn’t have to be necessarily a material gift but one can go for example together to a restaurant, a café,…

By Liesbeth Alliet

http://www.aolnews.com/money/article/shoppers-get-new-protection-for-gift-cards/19411613