7 questions to ask before buying a gift card
What happens if the card is lost or stolen?
The Credit CARD Act bestowed some peace of mind to gift card buyers, too. If the card you buy is lost or stolen, your recipient can get a replacement for the unused amount at no charge, thanks to the legislation. (It's another good reason to stick with card issuers and reputable vendors.) Prior to that, a lot of cards were like cash: Lose it and it's gone forever.
But to recoup your losses, you have to save the receipt, says Rea.
The gift recipient has "to have a receipt to verify ownership and verify the amount of the gift card," she says.
In addition, it doesn't hurt to ask about policies on stolen or replaced cards, particularly if you're buying from a small or local retailer, says Rea.
Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.