6 Tips When Buying Gift Cards

6 Tips When Buying Gift Cards

With Christmas Eve just two days away, many shoppers may be turning to gift cards as a convenient gift. Before you purchase a gift card, Victory State Bank, Staten Island’s only community-based business bank, suggests following these recommendations from the Federal Trade Commission:

1)       Buy from sources you know and trust. Avoid buying gift cards from online auction sites, because the cards may be counterfeit or may have been obtained fraudulently.

2)       Read the fine print before you buy. Is there a fee to buy the card? If you buy a card by phone or online, are there shipping and handling fees? If you don't like the terms and conditions, buy elsewhere.

3)       See whether any fees will be deducted from the card after you purchase it.

4)       Inspect the card before you buy it. Verify that none of the protective stickers have been removed. Make sure that the codes on the back of the card haven't been scratched off to reveal a PIN number. Report any damaged cards to the store selling the cards.

5)       Give the recipient your original receipt so they can verify the card's purchase in case it is lost or stolen.

6)       Consider the financial condition of the retailer or restaurant.

    • If you buy a card from a company that files for bankruptcy or goes out of business, the card may be worth less than you had anticipated.
    • If the business closes a store near the recipient, it may be hard to find another location where the card can be used.
    • A company that files for bankruptcy may honor its gift cards, or a competitor may accept the card. Call the company or its competitor to find out. Even if the company is not redeeming gift cards now, check back with them periodically; they may start redeeming cards at a later date

About Victory State Bank

 

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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