Caution with Christmas Shopping

[Freedom]

Many of the major credit cards offer gift cards. The person can use it anywhere, and it may be "safer" than a store card at this time. American Express and Visa both offer gift cards.

[Medusa]

Many of the major credit cards offer gift cards. The person can use it anywhere, and it may be "safer" than a store card at this time. American Express and Visa both offer gift cards.

Unfortunately, Amex is now asking for a bailout.

[cyber-sibes]

Good list - I usually give bookstore & restaurant cards, which seem to be ok at this point. The credit card co. gift cards are nice, but they do carry a fee that is deducted when the card if activated, so read the fine print. Our Linens & things closed a couple months ago, but they took all the really good stuff out of it before they started their going-out-of-business sale, darn it.

I just dropped my car off for service & was stunned to pull in & the front office is empty, all the signs are gone - I guess they are no longer a Subaru dealer ship. A small sign on the Service door said "We are NOT going out of business, we will gladly service your car, where ever you bought it." Well let's hope so! Funny the service manager never mentioned this when I scheduled it Friday.

[Freedom]

This report is in our local newspaper today:

BANKRUPTCIES IMPERIL GIFT CARDS

Gift cards have become one of the most popular holiday gifts.


In fact, shoppers spent an estimated $26.3 billion on gift cards at retailers last Christmas season, compared with $24.8 billion in 2006 and $18.5 billion in 2005, according to the National Retail Federation.


But be careful this year because already some big retailers, including Sharper Image and Bombay Co., have filed for bankruptcy protection, leaving gift card holders with millions of dollars of what the courts consider unsecured debt. Both chains have since closed.


Consumers Union said that when Sharper Image filed for bankruptcy protection this year, it left an estimated $20 million on unused gift cards and maybe as much as $40 million when merchandise certificates and related promotional cards were included. At first Sharper Image said it would not honor the credits. Later it successfully petitioned the court to allow it to accept gift cards if consumers spent twice the value of the gift card on a single transaction.


“That wasn’t such a good deal, and who knows if anybody used their cards that way,” said Anthony Giorgianni, associate editor of Consumer Reports, which is published by Consumers Union.


In August, home-furnishing retailer Bombay Co., which closed 388 stores, won approval from a U.S. bankruptcy judge to pay off gift card holders 25 cents on the dollar.


Gift card holders could lose more than $75 million just from store and restaurant closings this year, said Brian Riley, senior analyst at Tower Group, a consulting company.


“The only way that number will change is up,” Riley said.




http://www.projo.com/business/conten...2.3fe26f5.html

[lvpets2002]

Very Good Point Sandie on No Gift Cards.. Great Thread.. Hey most people wouldnt even think of this in advance..

[cassiesmom]

I'm not ready for Christmas yet. I just left Catherine's because I need a black long-sleeved sweater for church. They already have the store decorated and Christmas music playing. I didn't find a solid black sweater, though :-(

I like Von Maur because they put their Christmas decorations up after the store closes on the Wednesday before Thanksgiving. Oh, how I miss Marshall Field's. Christmas is just not the same.