|
CONSUMER NEWS RECALLS COMPLAINT FORM SCAM ALERTS |
| Small Claims Guide | Class Actions | Lemon Law | FAQ | Resources | Newsletters | Spanish | |
|
|
![]() |
Gift Cards Often Gather DustSurvey finds 27% of last year’s gift cards still unused |
||||||
|
November 13, 2007 Spanish
A study conducted for Consumer Reports found that 27 percent of gift card recipients have not used one or more of the cards, up from 19 percent at the same time last year. And among consumers with unredeemed cards from last season, 51 percent have 2 or more. All of that adds up to a giant holiday gift for retailers and a big loss for consumers. TowerGroup, a market research firm, estimates that nearly $8 billion was lost last year due to unredeemed value, expiration or loss of gift cards. Gift cards are expected to be a major component of holiday giving this year, with estimates putting sales at more than $100 billion in 2008. And according to CR’s survey, 62 percent of consumers are planning to buy gift cards this season. The survey also found that when the time came for consumers to redeem their gift card, the majority of consumers also spent quite a bit of their own money, with 60 percent spending more than the value of the card. “It’s easy to understand the appeal of gift cards. They’re the perfect no-muss, no-fuss gift for the finicky family member or friend. It’s a no-brainer...” said Tod Marks, senior editor at Consumer Reports. “But gift-givers and recipients alike need to be aware of the pitfalls and make sure that precautions are taken so that the recipient gets the gift and not the retailers.” What happened?So why don't consumers cash in their cards? Over half (58%) said they don't have having the time; followed by not finding anything they wanted (35%).
What to doGift cards seem like a perfect solution to the problem of what to give this holiday season. They are offered by banks, shopping malls, retailers, airlines, restaurants, hotels, Web sites, and even state parks. Consumer Reports offers the following tips for gift card-givers to help ensure that the gift is enjoyed by the recipient: Think twice about bank cards. While bank cards generally can be used at more retailers than store cards, they’re often loaded with fees and restrictions. Check the merchant’s prices. It’s annoying to get a $25 gift card for a store that sells little at that price. When selecting a store-issued card, find out how much things generally cost and get a card with at least that value. Send along the receipt. Some issuers require the original receipt to replace a lost, stolen, or damaged card. For gift card recipients, these are some of the tips that Consumer Reports offers:
Report Your Experience
|
|
|||||
Back to the top | |
|||||||
Advertisement
|
Home |
Rogues Gallery |
Good Guys |
Complaint Form |
News |
Recalls |
Search |
Video |
FAQ |
|
Terms of Use Your use of this site constitutes acceptance of the Terms of Use
Copyright © 2003-2008 ConsumerAffairs.com Inc. All Rights Reserved. |