Before signing up for a stored value card or purchasing gift cards make sure you understand which bank or organization is offering the card, investigate the customer service history of the provider/sponsor, and read fully the terms and conditions of the card.
Not all branded cards are alike. Not all gift cards are alike. Depending on the bank sponsoring the branded cards, the card holder may have some of the protections and point of sale options available to MasterCard or Visa cardholders, but may pay very high fees and receive little or no customer service.
Cards both gift and pre-paid should state clearly the terms and conditions of the card and its use. According to a press release from the Comptroller of the Currency Administrator of National Banks, “If the disclosures are not stated on the card or packaging, check for a website or toll-free number for more information.” Make sure you know who to call if a card is lost or stolen. Check for expiration dates and fees for inactivity.
Experts at the office of the comptroller of the currency, who are responsible for regulating national banks, offer tips for buying and using gift cards at its web site at http://www.occ.treas.gov/issue.htm
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