Most people aren't aware of gift card fine print

October 27, 2009 6:17:59 PM PDT
A new survey by the Consumer Federation of America found most people aren't aware of the fine print when they purchase a gift card and that ignorance is costing them big money.

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Only 33 percent of the 1,000 adults surveyed know how much the gift card was actually costing them.

And only slightly more than half were aware that cars issued by their bank or credit card could actually expire.

"We found some expiration dates that were less than 12 months away and then secondly the fees. There's also always if you purchase a general purchase card -- a gift card issued by Mastercard, Visa or American Express -- an initial charge of $4 to $7," says Steve Brobeck from the Consumer Federation of America.

Americans will spend an estimated $50 billion on gift cards this year.

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