Gift Card reassurance & rescue…
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December 11, 2009
Queen’s Park Report
Algoma-Manitoulin
Giftcards keep on giving, and giving, and giving…
Thanks to Ontario’s stringent consumer regulations, the value in gift cards will always be there. With no expiry date, a gift card is truly the gift that lasts.
Almost everyone agrees that gift cards are the perfect solution for those
“impossible-to-buy-for” friends and family. According to a recent research survey conducted for Google, 94 per cent of Canadians plan to buy gift cards this holiday season, up from 56 per cent in 2008. Expiry dates were the only negative for this gift shopping solution, but they are a thing of the past: Ontario was the first province to ban expiry dates on gift cards in 2007. Other provinces have followed Ontario’s lead.
Gift cards are one of the most popular gift items in retail today. We want consumers to have total confidence when buying and redeeming them, and our regulations ensure that.
The market for gift cards in Canada is estimated at $6 billion, and promises to grow even further with the addition of new prepaid gift cards from banks and credit card companies that can be used almost anywhere. While these cards offer greater flexibility for the recipient, because they’re not tied to a specific retailer, they typically have a purchase price that ranges from $3.95 to $6.95 (unlike most retailer cards) and they may have other maintenance, service and replacement fees.
We have strong regulations in place for gift cards, but it’s still up to the consumer to be aware of what they are buying. For example, prepaid gift
cards from credit card companies and banks fall under federal law and don’t have to abide by the provincial rules. And shopping mall gift cards also differ from retailer gift cards in that there may be some additional fees.So even though we’ve taken the worry out of most retail cards, smart consumers still need to read the fine print.
For further information, please contact the Constituency Office of Mike Brown, MPP, Algoma-Manitoulin, at 1-800-831-1899 or mbrown.mpp.co@liberal.ola.org
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When the card “doesn’t fit”…
by Karina Hunter
The market for gift cards in Canada is estimated at $6 billion, and promises to grow even further with the addition of new prepaid gift cards from banks and credit card companies that can be used almost anywhere.
In spite of the freedom of gift choosing which gift cards present, they may still not be the perfect gift for a recipient… What to do when a well meaning friend, relative or co-worker gives you a gift card to a business (or service) which doesn’t offer products of interest to you? Well, ponder no longer, enter GiftCardRescue, a service that provides recipients of gifts that “don’t fit” a way out by allowing them to trade their unwanted cards either for different ones or for cash.
Begin by creating an account and providing the details of your gift card; its value must be between $25 and $200 (USD). GiftCardRescue then offers the redemption value they’re willing to pay—usually between 60 and 80 percent of the card’s balance (value). You then have the opportunity to receive cash via PayPal, or select a new gift card from the site, up to the redemption value of their original card. Either way, ship your card to GiftCardRescue, and the transaction concludes; if you’ve chosen to get a new card, it will be shipped to you free of charge. Maryland-based GiftCardRescue also sells gift cards at discounted prices, a great place to shop with Christmas coming faster than you can say “Maxed Out!”
