DiNapoli: Read Fine Print on Gift Cards

State Comptroller Thomas DiNapoli is urging New Yorkers to read the fine print on gift cards for details about fees and expiration dates.

DiNapoli says while some gift card sellers have done away with inactivity fees, consumers should still ask whether fees apply when purchasing a gift card.

He says as a rule of thumb, you should register the card with the retailer and use gift cards within one year of purchase to avoid inactivity fees.

Gift cards may have terms and conditions that can decrease the value of the gift card. These may include charging:

·        Service fees when the card is purchased;
·        Dormancy fees if the gift card is not used within a certain period of time;
·        Fees to call and check the balance remaining on the card; and
·        Replacement fees for lost or stolen gift cards.

“As New Yorkers finish their holiday shopping, gift cards are often last minute purchases,” DiNapoli said. “Last year, my office received nearly $11 million from expired gift cards. Reading the fine print before purchasing gift cards can help you avoid fees and protect your money.”