Nov 21, 2005 5:48 pm US/Eastern
Why Gift Cards Can Be Tricky This Holiday
by Jim Rosenfield
NEW YORK (CBS) ―
The holiday shopping season is almost here, and in recent years, gift cards have become a quick and easy alternative.
"We think they are going to be very popular, everyone's now buying gift cards," says New York Consumer Affairs commissioner Jonathan Mintz.
In fact, it's expected more than 50% of consumers are expected to get gifts cards this holiday season. That's good news for many.
"I think they are great, you don't have to shop just give a card," says Tina Wayne, shopping with her daughter in Times Square Monday.
The cards may make holiday giving a snap, but New York's Department of Consumer affairs wants you to beware of hidden fees and restrictions.
Consumers are aware of some those drawbacks. "There's a penalty if you don't use them by a certain time and in value, I heard there's a reduction," says fellow shopper Joe Scesney.
In fact, state law now says both off and online retailers have to post all their terms and conditions on the card, and if not they have to give a 800 number to call. And now, retailers cannot charge fees on any card used within a year.
"State law makes it illegal to impose fees. If for example, they do after 6 months call 311, " says Mintz.
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