Holiday Gift Cards: Think Before You Swipe

Now that Christmas is over, after-holiday sales can be tempting. But if you want to save big bucks using a gift card, pause before you swipe!

Consumer experts recommend scanning the internet for online coupons and promo codes before you cash in your gift card.

Also, make sure and pay attention to seasonal sales. For example, the month of January, many department stores offer white sales. Fitness equipment is usually discounted just in time for New Years resolutions. Flat-screen televisions often go on sale just before the Superbowl.

Although waiting to spend can pay off, Sue McConnell with the Cleveland Better Business Bureau says, "If your gift card is from an area restaurant or a smaller company that doesn't have a national presence, you shouldn't wait too long to use the card because there's always that risk the business might unexpectedly close."

According to federal law called the Credit CARD ACT, most gift cards will not expire for 5 years. However, if you don't use your gift card for the first year, you may be charged an inactivity fee.

If you get a gift card you do not want to use, some websites like Plasticjungle.com and Giftcardgranny.com allow you to trade, buy or sell your unwanted gift cards for cash or offer discounts on another card.

The Better Business Bureau warns if you're going to use a website that is unfamiliar, always read the fine print.