another reason to stay away from the plastic
before you head out this weekend to start your holiday shopping, think twice before picking up gift cards. an email going around warning consumers not to buy gift cards from a long list of stores closing after the holidays turned out to be a hoax but you never can be too sure in this economy which retailers will or will not survive. this year alone, $100 million in gift cards were lost when businesses closed. seems there’s no standard procedure on how gift cards are handled in cases of bankruptcy. companies can ask the courts to allow it to continue to accept gift cards if they stay open during chapter 11 but many do not.
another reason not to buy gift cards? 25% of consumers don’t redeem them* so you’re just giving the money away to the retailer. why not go out and buy mom and dad a book from the local bookstore or a nice bottle of wine instead?
*if you’re one of the 25% and have a stash of gift cards in a drawer, i’d suggest you bust them out and redeem them soon, just in case.
photo courtesy of pmsi.
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