• Type of Card:  Think about what kind of gift card you want to give. Traditional cards, which can be used at a specific retail or restaurant chain, still dominate the market.  But bank gift cards carrying the logo of a major credit, debit or charge card, and accepted at a wide variety of locations, are increasingly popular.  Most cards issued by shopping centers or malls are bank cards.

• Fees:  Fees vary widely from card-to-card.  If you don’t like the terms, find another card. Fees may include purchase fees that are charged when you buy a gift card, transaction fees for using the card, fees for checking the balance, and inactivity fees if  the card isn’t used within a specified period of time.  Remember that under New York law, there can be no inactivity fee for nonuse of a gift card for the first 12 months. But inactivity fees can be charged after that.

• Expiration Dates:  Check whether the card has an expiration date.  Most retail gift cards do not have an expiration date, but most bank gift cards do.  Gift cards with expiration dates may become worthless - - 19 percent of consumers who got gift cards last holiday season still have not used one or more of them.
   

• Lost or Stolen Cards:  Find out whether a lost or stolen card can be replaced and at what charge.
   

• Give the Receipt Along with the Gift Card:  The recipient may need it to seek a replacement if the card is lost or stolen.

• Online Use:  Check whether the card can be used to purchase merchandise online.
   

Using a Gift Card

• Read the Fine Print:  Read the conditions on the card so you won’t have any unpleasant surprises about expiration date, fees or terms of use.
   

• Register the Card if Necessary:  Some issuers require that you register a gift card in order to obtain a replacement if the card is lost or stolen.
   

• Use it Fast:  Don’t bury the card in a drawer or in the back of your wallet – use it quickly before it expires or fees start diminishing its value.
   

• Hold on Tight:  Not all companies will replace lost or stolen gift cards. If your card is missing you will not receive a replacement if the balance on your missing card has already been spent by someone else.
   

• Record the Card Number and Keep the Receipt:  If the issuer does offer to replace a lost or stolen card, you will need to know the card number, and may also need the receipt.
   

• Call the Toll-Free Number: If the your card is missing and can be replaced, call the toll-free number as soon as possible. You will not receive a replacement if the balance on your missing card has already been spent by someone else.