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Health & Fitness

Black Friday Consumer Tip: The #1 Rule to Avoid Rip Offs on 2013's Most Popular Gift

According to the National Retail Federation, gift cards are going to be this year's most popular holiday gift. For consumers who purchase gift cards with hidden fees or expiration dates, however, those same gift cards could again be this year's biggest holiday rip-off.  The TowerGroup estimates that $41 billion in gift card value has gone un-used since 2005.

In Minnesota, a state law I authored provides extra protections that federal law does not – for consumers who know about it and take advantage of it. 

The single most important thing to remember when buying a gift card is: Buy local.  If you purchase gift cards directly from Minnesota retailers and restaurants, rather than buy gift cards issued by a bank or credit card company, you get all of the protections under state law – that means no expiration dates, and no monthly fees.

Minnesota law does not apply to bank cards and cards issued by credit card companies, however.  This means they are only subject to federal law and can still have fees and expiration dates.

Gift cards are great. But rather than being the gift that keeps on giving, they can often be the gift that keeps on taking. Expiration dates and fees erode the value of the cards, sometimes leaving the recipient with nothing. That’s why we passed Minnesota's law, and why consumers need to be careful about what sort of gift cards they purchase. Consumers ought to get what they pay for.

I hope you and your family have a happy Thanksgiving! And if you’re going shopping on Black Friday, best of luck!

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