LEXINGTON, Ky. (WKYT) - According to the National Retail Federation, gift card sales this season will reach $27 billion, making it the second-most popular gift.
But if you’ve received one, don’t wait too long to use it. If you do, the Better Business Bureau says you may be left with just a piece of plastic.
“Use it or lose it as they say, don’t let it sit there for a long time. Get the value out of it right now. Why not go online and shop?” said Heather Clary with Better Business Bureau Central Kentucky.
The first few days after the holiday is Christmas shopping 2.0. Gift cards in hand, and clothes to return. Before you go out, Clary has something for everyone to keep in mind.
“The thing you need to know about gift cards is like anything else, they do expire,” she said.
She says federal laws protect gift cards, prohibiting them to expire after five years. But the longer you hold on to it, it may lose value.
“Some retailers and online providers may have an in-activity fee merge to it where it will remove a little bit of its value if it hasn’t been used,” Clary said.
Clary said check the back of the card to make sure the activation code hasn’t already been scratched off. Retailers will not stay in business forever, and if they do go out of business you could be left holding the card. And when it comes to returning an item to the store, Clary says read the fine print. Retailers in Kentucky can set their own return and exchange policies.
“If you don’t have the receipt, you want to return it and try to get cash. They won’t let you have cash but only offer store credit or straight exchange, they have the right by law to do that,” Clary said.
There are websites that allow you to check the balance of your gift card but if it’s not the retailer, beware, because someone could be stealing your information.
Moral of the story: use it or lose it!
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'Use it or lose it': BBB gives advice on gift cards - WYMT
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