The Federal Trade Commission (FTC) reported to consumers that the ever-popular gift card, whether from a retailer or financial institution, may come with strings attached. During the 2005 holiday season alone, consumers reportedly purchased more than $18 billion in gift cards. For this reason, the FTC issued a new consumer alert, Buying, Giving and Using Gift Cards. Some of the most common unknowns are that some gift cards have expiration dates, or some may have fees that can lessen the card’s value. Visit the FTC web site for further consumer tips in purchasing gift cards.
Michigan Association of CPAs