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Beware of Gift Card Scams:
Why you should stop buying a gift cards now and forever
There's been a rash of gift card sales on eBay recently. People are buying gift cards
and redeeming double points, frequent flyer mileage, gas points, cashback rewards
and all sorts of money back schemes. But their plans may be foiled when they learn
that the gift card may not be worth it's weight in plastic.
Here are four reasons why you should avoid buying gift cards:
1. EXPIRATION. On January 1, 2009 many gift cards will be worthless. Many
people do not realize that gift cards can be allowed to expire or decline in value.
Some states permit expiration, some don't. Retailers often do not make it entirely
clear whether a gift card expires or how it may expire. So read the fine print. Find
out how gift card expiration works in your state. In some states the unclaimed
money must be turned to the State.
2. VALUE LOSS. Gift cards may lose value. That's because gift cards can be
accessed a service charge or a maintenance fee over time. This is called a dormancy
fee. Companies do this to limit or remove some of the pre-paid sales liability in their
accounting. It makes their books look good to investors.
3. FEES. Bank issued cards traditionally tack a fee and the terms and conditions
vary. Check the Web site as the lending institution often doesn't make this
information easy to attain. Check and you'll see that the fee can be two to ten
bucks or more.
4. BANKRUPTCY. Even if your card doesn't expire, doesn't lose value, and
doesn't have a fee, the retailer or bank issuing the card may go bankrupt. When
you buy a gift card you are giving the store or bank an unsecured loan. As a gift
card holder you are an unsecured creditor, and unsecured creditors are bottom
dwellers in bankruptcy court. Getting money back then, will be slim to nothing.
So now you're wise. Don't buy any pre-paid anything. Spend the balance of
whatever gift card you have in your possession and tell your friends to do the
same. Simply, don't buy them again. Visit the Federal Trade Commission's Web site
for more on buying giving and using gift cards.
Has your gift card expired?
Contact the issuer as they may be able to transfer the balance to another card,
although they may charge you a fee. If not, then hang and sell it on eBay to
collectors, you may be able to get a few bucks
Don't want your gift card?
You may be able to sell it on eBay. Discover the ten best selling gift cards on eBay
according to AuctionBytes. Getting 85% of the value of a gift card is better than
getting nothing at all.
HERE'S A SHOPPING TRICK
Be sure to earn cash back with every purchase. With our secret cashback method
for eBay, for example, you'll gain up to 36 percent of the seller's fees in cash back
when you shop eBay, plus 4 percent of one level of those you refer. Or you'll earn
20 percent of the seller's fees, PLUS 4 percent of the seller's fee when your direct
referrals shop and their referrals shop and their referrals shop (and so on to five
generations). You earn referral commissions on the entire eBay seller's fee. This
includes the seller's insertion fee, final value fee, and any listing upgrade fees. It's a
lifetime of residual income from people you don't even know who shop eBay. Oh,
and this works for hundreds of other online stores.ta
Beware of Gift Card Scams:
Why you should stop buying a gift cards now and forever
There's been a rash of gift card sales on eBay recently. People are buying gift cards
and redeeming double points, frequent flyer mileage, gas points, cashback rewards
and all sorts of money back schemes. But their plans may be foiled when they learn
that the gift card may not be worth it's weight in plastic.
Here are four reasons why you should avoid buying gift cards:
1. EXPIRATION. On January 1, 2009 many gift cards will be worthless. Many
people do not realize that gift cards can be allowed to expire or decline in value.
Some states permit expiration, some don't. Retailers often do not make it entirely
clear whether a gift card expires or how it may expire. So read the fine print. Find
out how gift card expiration works in your state. In some states the unclaimed
money must be turned to the State.
2. VALUE LOSS. Gift cards may lose value. That's because gift cards can be
accessed a service charge or a maintenance fee over time. This is called a dormancy
fee. Companies do this to limit or remove some of the pre-paid sales liability in their
accounting. It makes their books look good to investors.
3. FEES. Bank issued cards traditionally tack a fee and the terms and conditions
vary. Check the Web site as the lending institution often doesn't make this
information easy to attain. Check and you'll see that the fee can be two to ten
bucks or more.
4. BANKRUPTCY. Even if your card doesn't expire, doesn't lose value, and
doesn't have a fee, the retailer or bank issuing the card may go bankrupt. When
you buy a gift card you are giving the store or bank an unsecured loan. As a gift
card holder you are an unsecured creditor, and unsecured creditors are bottom
dwellers in bankruptcy court. Getting money back then, will be slim to nothing.
So now you're wise. Don't buy any pre-paid anything. Spend the balance of
whatever gift card you have in your possession and tell your friends to do the
same. Simply, don't buy them again. Visit the Federal Trade Commission's Web site
for more on buying giving and using gift cards.
Has your gift card expired?
Contact the issuer as they may be able to transfer the balance to another card,
although they may charge you a fee. If not, then hang and sell it on eBay to
collectors, you may be able to get a few bucks
Don't want your gift card?
You may be able to sell it on eBay. Discover the ten best selling gift cards on eBay
according to AuctionBytes. Getting 85% of the value of a gift card is better than
getting nothing at all.
HERE'S A SHOPPING TRICK
Be sure to earn cash back with every purchase. With our secret cashback method
for eBay, for example, you'll gain up to 36 percent of the seller's fees in cash back
when you shop eBay, plus 4 percent of one level of those you refer. Or you'll earn
20 percent of the seller's fees, PLUS 4 percent of the seller's fee when your direct
referrals shop and their referrals shop and their referrals shop (and so on to five
generations). You earn referral commissions on the entire eBay seller's fee. This
includes the seller's insertion fee, final value fee, and any listing upgrade fees. It's a
lifetime of residual income from people you don't even know who shop eBay. Oh,
and this works for hundreds of other online stores.ta
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M.C. Nygard, right,
says don't buy a gift
card, pre-paid plan or
gift certificate. Save
your cash.
CONSUMER ALERT:
Gift Card Scam
If you have a gift card,
it's time to redeem it.
If you're thinking of
buying a gift card for
someone, think again.
Your gift card may be
worthless tomorrow.
Have a Zero Balance
on that gift card?
If your gift balance is
zero, then don't throw
them away just yet.
Gift cards may hold a
value to collectors. The
aesthetic intrinsic
designs with logos are
quirky bits of plastic
sometimes with
flashing lights, sound
chips or retired designs
that make them
popular with collectors.
One eBay blogger
theorizes the most
popular are Target and
StarBucks because of
they are "quick to
retire."
For more information
on the value, visit
Gift Card Collecting.
says don't buy a gift
card, pre-paid plan or
gift certificate. Save
your cash.
CONSUMER ALERT:
Gift Card Scam
If you have a gift card,
it's time to redeem it.
If you're thinking of
buying a gift card for
someone, think again.
Your gift card may be
worthless tomorrow.
Have a Zero Balance
on that gift card?
If your gift balance is
zero, then don't throw
them away just yet.
Gift cards may hold a
value to collectors. The
aesthetic intrinsic
designs with logos are
quirky bits of plastic
sometimes with
flashing lights, sound
chips or retired designs
that make them
popular with collectors.
One eBay blogger
theorizes the most
popular are Target and
StarBucks because of
they are "quick to
retire."
For more information
on the value, visit
Gift Card Collecting.
Make money on OTHER
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