AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
When a gift card is no gift.(VIEWPOINT)(gift cards and retailer bankruptcy)
LAST HOLIDAY SEASON, John Houston received a turntable as a gift. He didn't need it and returned it to Sharper Image, receipt in hand, but the store would only give him a refund in the form of a store credit.
[ILLUSTRATION OMITTED]
Soon after that, Houston, a hospital administrator from Belmont, Calif., learned that Sharper Image had filed for bankruptcy. He quickly tried to use the credit, but the store refused it and told him he'd have to file a claim in bankruptcy court. "The retailer didn't really care, and I'm out $200," he says. He submitted the paperwork and is waiting for the court's decision.
Consumers Union has long warned of the hidden fees and expiration dates of many gift cards. Now there's another twist: If a retailer goes bankrupt, its gift cards and merchandise credits might be worth little or nothing. That could add up to a big hit; Sharper Image customers might lose some $40 million in gift cards and credits, according to court records.
In bankruptcy court, such unused funds are treated as debt. A retailer can ask the court for permission to continue to accept them. If the court says no, the cards are worth little more than the plastic they're printed on. Consumers may be left with only one ...
- Gift cards grow in popularity this holiday season in Duluth, Minn.
- News wire article from: Duluth News-Tribune (Duluth, MN) December 14, 2004 700+ words
...recently began selling Visa gift cards. "We're seeing a good demand...Hillebrand, senior attorney for Consumers Union in San Francisco. In a telephone...which have outlawed fees on gift cards. Consumers Union usually advises people to take...
- CONSUMERS UNION ASKS FDIC TO CLARIFY PREPAID CARD COVERAGE:.
- Newspaper article from: Cardline September 26, 2008 700+ words
The Consumers Union, the nonprofit publisher of Consumer...bank failure," Michelle Jun, Consumers Union staff attorney, tells CardLine...spending cards and bank-issued gift cards, the Consumers Union says in its letter. Christopher...
- Gift cards aren't always fully spent.
- Newspaper article from: Savannah Morning News (Savannah, GA) December 27, 2006 700+ words
...Bauerlein Dec. 27--Gift cards are not always the gift...purchase $80 billion in gift cards in 2006 but 10 percent...redeemed for merchandise. Consumers Union, which publishes Consumer...it' when it comes to gift cards," said Tod Marks...
- Fed proposes new rules for gift cards
- Newspaper article from: Charleston Gazette Ronald D. Orol November 17, 2009 700+ words
...fees to recipients of gift cards that haven't been...expiration dates for gift cards that haven't been...issued, according to Consumers Union senior attorney Gail...credit-card-issuer gift cards, also known as general...
- Gift cards can be ideal holiday present, but watch the fine print.
- Newspaper article from: Knight Ridder/Tribune Business News December 10, 2004 700+ words
...their hearts desire. Gift cards have become the present...about mailing $100 gift cards cross-country, even...senior attorney with the Consumers Union. Then there is the...American Express or Visa gift cards, she said. Her advice...
- Columbus, Ohio, Shoppers Find Gift Cards Are Solution to Giving Dilemmas.
- Newspaper article from: Columbus Dispatch (Columbus, OH) December 19, 2003 700+ words
...decided this year to give gift cards "so you don't have to...spend $17.24 billion on gift cards this holiday season, accounting...going to find out that their gift cards are not worth as much as...the consumer advocacy group Consumers Union of U.S. Inc. Her group...
- FTC faults Darden on gift cards: The agency says 'dormancy fees' breach a law...
- Newspaper article from: Orlando Sentinel (Orlando, FL) August 3, 2006 700+ words
...books. Customers whose gift cards have lost value due...said. Complaints about gift cards that do not clearly...senior attorney with Consumers Union, which publishes Consumer...on previously issued gift cards, and make certain disclosures...
- THE REAL DEAL WITH GIFT CARDS.
- Magazine article from: WWD Seckler, Valerie August 22, 2007 700+ words
...for an instrument like gift cards, "the ticket back...will focus on removing gift cards from the abandoned property...debit cards such as gift cards, regulations that have...a senior attorney at Consumers Union. California's regulations...
