Ask Liz Weston » gift cards

Gift lists may stave off gift cards

lizweston — Mon, 03 Jan 2011 16:46:15 +0000

Dear Liz: I recently read your article about why gift cards aren’t really gifts. Now I know I am not the only one who feels that way. I seldom give gift cards, especially at Christmastime. Whenever I have, I haven’t really felt good about it. I like the thinking and planning it takes to find a special something for someone. My two grown sons love gift cards, but I am trying to get them to see that it is shallow giving indeed. Yes, it is difficult finding a gift for someone sometimes, especially of the opposite sex. That’s why in my family I always insist on a Christmas list with at least five items. It helps. Thanks again for putting into words so wonderfully what I had been feeling about gift cards.

Answer: Many people love to give and get gift cards precisely because they circumvent the thoughtfulness and planning you so enjoy. But others use them to cope with near-impossible gift situations, such as the following:

Gifts for troublesome relatives

lizweston — Mon, 03 Jan 2011 16:44:54 +0000

Dear Liz: I have to disagree with you on the gift cards. When you have a mother-in-law who responds to “What would you like for Christmas?” with a list of things not to buy, I think a gift card is in order. I have often taken the “not to buy” list and worked from that, but usually what I buy her then ends up on next year’s “not to buy” list. If not gift cards, then what?

Answer: How about a donation to a charity in her honor? She’ll hate it just as she hates every other gift you’ve gotten her, but at least you could get a tax deduction for your trouble.

5 money tasks to complete before Friday

lizweston — Tue, 29 Dec 2009 15:00:15 +0000

After all the extra work and activities of the holidays, I’m ready to put my feet up. But now’s not the time to slack off: there are still a few things to accomplish before the end of the year. Such as:

Return the misfires. Most merchants put a limit on how long you can return an item, and without a gift receipt you’ll usually have to accept what the item is currently selling for. That value may be dropping fast, so hustle yourself to the mall.

Use those gift cards. The longer you delay, the greater the chance you’ll lose or forget them or that insidious fees will eat away at their value. If you won’t use it, you could regift it or sell it to Plastic Jungle, Swapagift or one of the other card-buying sites.

Contribute to Goodwill or other charity. If you itemize your taxes, year-end donations of items in good condition can win you a valuable tax break. So can monetary donations—just make sure you get a receipt.

Make any other year-end tax moves. Taxes have become so complicated that I think most people would benefit from talking to a tax pro and getting their advice. But I think Jeff Schnepper did a good job summarizing some of the options in his recent MSN column.

Set up a system to track your money. If you’re not already using Mint, Quicken or a similar money-monitoring system, set up your accounts so you can get a fresh start with the new year.

Gift card “breakage” is a gift to stores

lizweston — Tue, 15 Dec 2009 15:00:34 +0000

I knew I liked Ron Lieber. He clearly dislikes gift cards as much as I do.

His recent New York Times column “Redeem all of gift card, or give store a present,” discusses the incredible $5 billion lost each year to “breakage,” or the amount of money put on gift cards that never gets spent.

His article is more circumspect than my MSN rant, “Gift cards are the new fruitcake,” but we make the same points. And the advice is the same: if you get one of these buggers, spend it fast, before the store goes out of business or fees eat up what’s left.

What to do with gift cards

lizweston — Mon, 03 Dec 2007 21:05:12 +0000

I’m no fan of gift cards, as I’ve made abundantly clear in various MSN columns (most recently in “20 easy gifts that aren’t gift cards“).

But since plastic cards are even more popular to give than to get, you may end up with some. To get them most out of your cards, you should:

Make a copy of the front and back in case the card is lost or stolen.Â Make sure the the card number, any PIN and the customer service number are legible; if not, write ‘em down in a secure place. If the card goes missing, call customer service ASAP.

Use it fast.Â Many cards come with monthly fees that quickly erode their worth, and some have expiration dates. If the card is for a retailer you don’t patronize, swap with a friend or put it up for sale on eBay.

Keep track of its worth.Â One seriously annoying feature of a gift card is that it’s easy to lose track of how much you have left to spend. If you try to use a card with too little value at a retailer, your purchase may be rejected. So you typically have to keep calling the 800 number to monitor its worth. If you’re going to use a card for a purchase that exceeds the card’s worth, you should tell the clerk how much is on the card so you’ll be able to make up the rest in cash, credit or debit.

What to do with gift cards

lizweston — Mon, 03 Dec 2007 20:55:42 +0000

I’m no fan of gift cards, as I’ve made abundantly clear in various MSN columns (most recently in “20 easy gifts that aren’t gift cards“).

But since plastic cards are even more popular to give than to get, you may end up with some. To get them most out of your cards, you should:Â