Gift cards are a great, easy Christmas present to buy for anyone. But recent news is advising holiday shoppers to take caution when purchasing gift cards.
Beware when shopping for gift cards! Some cards carry fees and expiration dates that customers are unaware of and may reduce the value of the card.
With holiday shopping in full swing, U.S. banking regulators have urged consumers to carefully check the terms and conditions when buying gift cards, including fees and expiration dates.
Some gift cards are subject to fees that apply after the sale of items and as a result could reduce the value of the card, the U.S. Treasury Department’s Office of the Comptroller of the Currency said. The OCC urged shoppers to also look at procedures in case a card is lost or stolen, where the cards can be used and what to do if there are problems with a prepaid or stored value card.
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