Use Gift Cards Immediately to Avoid Problems

Gift card sales have boomed as they have become the easy, no-hassle
holiday gift. The National Retailers Federation estimates that consumers
spent $26.3 billion on gift cards last Christmas season.

However, there is little consumer protection with gift cards, which can make
them a costly gift if you don't use them quickly.

Earlier this year, Sharper Image declared bankruptcy, turning Sharper Image
gift cards into worthless pieces of plastic. The bankruptcy affected almost
$20 million in gift cards.

There is no guarantee that consumers will be able to redeem the full value
of the gift card if the retailer files bankruptcy. Retailers filing for
bankruptcy must have court approval to operate gift card programs.
Bankruptcy courts consider unused gift card funds as debt and decide whether
or not the retailer must pay it. The retailer can choose to petition the
court to allow it to continue to honor gift cards. If the retailer doesn't
make the request, or the court doesn't allow it, then the consumer can lose
the value of the gift card. After that, the only remaining option is to file
a claim as an unsecured creditor to the bankruptcy proceeding.

Consumer groups, including Consumers Union, recently filed a petition to the
FTC to ask regulators to do more to keep consumers from losing money on gift
cards from bankrupt retailers. The recommendations include retailers
setting up trust accounts for funds generated from gift card sales that
would be used in the event of a bankruptcy; forcing the bankrupt
company to accept its own card at full value as long as it remains
in business; and requiring bankrupt companies to stop selling gift
cards no later than the date of filing for bankruptcy.

"The best way to use a gift card is to spend it as soon as you receive it
because you don't know what is going to happen in the future," says
Bill Hardekopf, CEO of LowCards.com and author of The Credit
Card Guidebook. "Bankruptcy isn't the only way that your card will
lose its value. After 6-12 months, some retailers charge a monthly fee
that is as high as $2.50, which will quickly reduce the value of your gift
card."

According to the National Retail Federation, another reason to spend a gift
card quickly is that the government may take it away. Many states have laws
which will treat unused gift cards as "abandoned property." If personal
property goes unclaimed for a certain period of time, the state has the
right to take it into the state treasury. This includes bank accounts and
personal property like gift cards. These abandoned property laws can go into
effect in as little as two or three years. Retailers must turn over unused
gift card dollars to state governments under the appearance of returning the
"abandoned" money to the gift card purchaser. States can collect millions
of dollars a year from these clauses.

"It is a good idea to spend your card within the first year. If you wait
much longer, you may forget about it and later find yourself with an expired
card," says Hardekopf. "If your card has expired, take it to the retailer
and ask them to issue you a new card--some retailers may do this. If
the card has been treated as abandoned property, you can try to initiate
an unclaimed property claim through your state's treasurer.

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Since the $1,200 Handbag article I’ve gotten a wide spectrum of response; many of them defending the purchase of a pricey leather pouch stamped “Gucci”. I actually agree with buying the handbag in certain cases and I don’t mean just cases where you’re filthy rich. All work and no play or all saving and no spending is not what life is about for most of us. Living in self-imposed poverty until youre 70 and retired might just leave you comfortable in your last few years but feeling like youve missed out. So how can you live a life sprinkled with frivolity and still retire in comfort?
The answer and challenge is to plan how you spend your money so that you can have the irrational things you might enjoy and save at the same time. It’s OK to spend your money on something that does nothing but make you happy like a pricey handbag, expensive shoes, a new car instead of a used car, especially if it’s a reward for saving and budgeting responsibly. You can’t buy everything you want because that’s irresponsible but if you don’t enjoy life along the way you could burn out and fail in the long run.
It’s like dieting. I’ve been successfully dieting using a really clean and healthy diet for several months and now I’m at and maintaining my target weight but continuing to diet anyway. People ask why I’m continuing to eat this way and say it’s no way to live. I tell them its super healthy and I eat pizza, ice cream and whatever else I want one day each week without an ounce of guilt. In fact my pig-out day is far more indulgent than I ever would have dared before. I can do this because I cut out the cheap fast food and burgers during the week which added the pounds and didn’t really taste that great anyway. Indulging is psychologically refreshing and enables healthy eating all the other days.
It’s the same exact thing with finances and saving. It’s easier to stay on a healthy savings and financial plan with a little planned fun to look forward to. You need it psychologically and it will make your life happier. As you save for college, a house and retirement also plan on rewarding your hard work with fun stuff along the way. Make sure you have some spending money set aside in your budget even if it’s just a little, then don’t feel bad about spending it.
If you keep track of the little dumb things you buy all the time and cut them out you might be surprised at what you could soon afford.

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Apparently the Met isnt the only one focused on spoiling opera viewers remotely, broadcast company Arqiva is delivering live HD feeds of opera from Italy and Spain via its satellite network. Working with DDCinema, it delivered its last broadcast of Samson and Delilah from the Teatro Comunale in Bologna, Italy to nearly 70 theaters across Europe. If any of Engadget HDs European opera fans missed out, dont worry, they plan at least three more tests this year. As long as they dont try to skimp on the HD and Dolby 5.1 Surround audio, we expect the results will be just fine.

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Youve decided to apply for a Citi MasterCard, but with so many different cards to choose from, how do you know which one is right for you? Here is a brief guide to the different types of MasterCard available from Citibank.
A great MasterCard program is the Citi Platinum Select Card. It offers basic rewards, such as an 0% Annual Percent Rate and no annual fee, for qualified applicants. This MasterCard will also give you peace of mind, when making online purchases, because it offers protection against unauthorised purchases.
If youre looking for a plan with more rewards, then the Citi Premier Pass Card, might be the Citi MasterCard plan thats just right for you. Like the Platinum Select Card, the Pass Card offers an introductory 0% APR and no annual fee, for qualified applicants. It also offers online account management, statements, and billing activity. The Premier Pass Card also offers extensive travel and air miles, so if youre a frequent flier, this cards for you.
Another great MasterCard offer from Citibank is the Citi Diamond Preferred Rewards Card. In addition to the 0% APR for twelve months and the promise of no annual fee, this credit card package will give you reward points for money spent for everyday purchases. For example, for every dollar that you spend on the Citi Diamond card for purchases made at gas stations, drugstores and grocery stores, you will earn five reward points back, to use in their rewards program.
Even if youre a college student, CitiBank has a MasterCard just for you. You have several student cards to choose from, such as the Citi Dividend Platinum Select Card for College Students and the Citi Drivers Edge Card for Students. Both are designed to help you responsibly build your credit history, while offering you basic rewards, such as 0% APR for six months and no yearly fee.
Regardless of your spending habits, theres a Citi MasterCard program to suit your needs.

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