• Are there fees to buy or use the card? Read that tiny print to find out what kind of deal you’re giving – or getting.
• Does the card’s packaging look okay? Inspect it to be sure. If the PIN is showing, a thief might already have it – which could mean the thief can get any money you load onto the card.
• Buying gift cards through online auction sites? Those could be fakes. Stick to sources you know and trust.
• Sending a store card to your nephew in Oregon? Make sure that store is close enough for him to shop there.
On the receiving end, there are things to know, too. For example, if you lose the card, you’re out of luck. Sellers don’t have to replace it. And there are reasons to use gift cards sooner rather than later; some cards start charging fees if you don’t use the card for a while. If the store goes out of business, your gift card is also out of business.
A final word to the wise: whether you’re giving or receiving gift cards, keep track of the receipt. Whoever uses the gift card will need it in case problems arise with the card.
To stay up to date on regulatory trends and news, frequently visit our blog. TRC Interactive also offers online, interactive training on various compliance related topics. Reinforce fair lending principals with TRC Interactive Inc. Fair Lending and Laws Against Discrimination in Mortgage Lending courses. To learn more, contact us at email@example.com or (800) 222-9909.