Are gift cards the perfect gift for all occasions?

With the fast pace of today’s world, our lives are constantly busy and we find it difficult to buy a gift for a loved one. Possibly your job or other commitments prevent you from buying that special gift. Or maybe you are not a buyer. Having trouble finding high-quality gift ideas? Then maybe a gift card is the answer.

However, one decision to make when purchasing a gift card is to purchase and gift a store gift card or brand logo (Visa, MasterCard logo) gift card. With a store card, your loved one or family member can redeem the card in fewer places, and you may not have to worry about expiration dates or hidden fees. With a brand logo card, it’s redeemable at numerous retailers, but it’s more likely to have hidden fees that will lower the balance if the card isn’t within a year.

While most cards do not expire, buyers can be hit with inactivity fees if they are not used for a certain period of time. With new laws recently passed, the law requires issuers not to assess a dormancy fee for at least 12 months of dormancy. So some good advice, use your gift as soon as possible. A search fee is a purchase fee. At the time of a purchase or after the purchase, the issuer may withhold up to one dollar or a nominal fee on the transaction. There later several cards return the fee to the balance but some do not. Read the terms and conditions and see if there is an implicit purchase fee.

If you don’t live close to the person you’re giving the card to, you may want to look for a card that offers free shipping or an eCard option, which means you can send the gift card via email. Many department store cards offer the electronic card service. Be sure to familiarize yourself with the process because some eCards allow the recipient to only shop online at the store’s website. One great feature that all cards have is that the gift card balance can be checked online at the card’s website.

Retailers trust shoppers to buy something for a few dollars less than the value of the gift and not bother to collect the rest. As a fact to take into account, if the purchase is greater than the amount of the balance, make up the difference with cash. Merchants make millions of dollars from people who lose, misplace or never use their gift cards.

If you are concerned that your family member may lose the gift card, you may want to look for a card that has lost or stolen card protection. Most cards offer to replace the card or funds after a loss. Take advantage of this opportunity, but limitations may vary and fees may apply. Write down the identification number or identity card number that is printed on the card and keep it in a safe place. You will also need the store receipt to get a refund or replacement card.

If you’re buying a gift card, be careful about fees and expiration dates. If you receive a gift card, be sure to spend it wisely and soon before you lose it or forget you have it.