GIFT CARD DANGER!

Garen Daly — Sat, 12 Dec 2009 18:02:55 -0500

Be extra careful this year when you buy or even get Gift Cards as holiday presents. The Frugal Yankee has seen enough warnings to know several cards come with hidden fees, expiration dates and other 'fine print' snags. Some states are fighting these trends and only some gift cards have these bad characteristics, but the new warning is about stores simply not honoring the cards. The basic rule of thumb in the retail business is that of the $27 billion spent on gift cards over 10% is not used, ever. TRhat nearly $3 billion of found money. They won;t tell you because they want to keep the money. Be careful.

With the current recession dragging on, many stores and chains are facing difficult times. Some have already announced they will be closing stores after Christmas. Some are waiting until after Christmas to make the announcement.

Below is a list of some of these stores.

The Frugal Yankee suggests you avoid buying a Gift Cards until the dust settles, but if you do, be especially leery of these stores.

Ann Taylor
Blockbuster
Payless

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GIFT CARD DANGER!