Consumers have a growing number of non-cash payment options with fancy names like Prepaid Visa, MasterCard Gift Card, Visa Gift Card, Virtual Visa Card, eGift Card, Pre-paid Gift Card, Stored Valued Cards, Maestro Debit Card, and the names are increasing. Many of them look the same but are not the same and consumers would be well advised to research before they purchase. For instance, in addition to costing from $4 to $7, some gift card merchants assess monthly fees of up to $4.95 that can start as soon as 6 months after purchase.
General Purpose Gift Card’s Value Eaten Away in Fees
The CFA and the National Association of Consumer Agency Administrators (NACAA) commissioned a survey of a sample of 1,004 Americans from October 16-19, 2009. The survey revealed that:
- Only 33% were aware of the general fees associated with general purchase gift cards.
- Only 54% knew that within 6 to 12 months monthly fees sometimes attached to reduce a gift card’s value.
- Only 39 % understand that splitting payment between a gift card and another form of payment is not permitted by some stores. Related to this issue, 17% said they encountered problems spending the entire value on a gift card because a store refused to allow split payments
- Only 41 % were aware that a new federal will come into effect in 2010 to prohibit gift card fees when gift cards have been used within 12 months.
Research Gift Card Fee Structure and Expiration Date
As a result of this study, the CFA and NACAA produced a brochure with recommendations for general purpose gift card purchasers, including the following:
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