3 On Your Side: Latest Gift Card Security and Personalization Features
By Jim Donovan
PHILADELPHIA (CBS) -- Gift cards are easy to buy and you don't have to worry that someone won't like what you pick out. But what if you lose them? A recent Bankrate.com survey finds that one in four people lose their gift cards! So 3 On Your Side Consumer Reporter Jim Donovan tells us about new security features designed to protect you.
With gift cards growing in popularity, security is a priority. These days many let you register them so you can notify the issuer if they're ever lost or stolen, and possibly recover the value. Some cards even allow you to create a secret PIN number. Claes Bell with Bankrate.com says, "The biggest thing that we've seen is that some cards, general purpose cards mostly, have added the ability to add a customized PIN to the card so that would prevent a thief from being able to use your card so they wouldn't be able to make a debit purchase. You see that on Visa and MasterCard branded cards."
Digital gift cards are hot right now, delivered straight to an inbox. It's easier to prove if you made a purchase since there's a digital paper trail. But if a gift card sent via email seems impersonal, more and more companies let you record audio and video messages which are sent with the e-gift card. Shelley Hunter with GiftCards.com says, "Even though you're not there to deliver the gift in person you can send your personality with it."
Also new are apps that let you send digital gift cards. You can zap a present to someone else's phone app, or send it via email. Hunter says, "We're used to using our phones to pay for things and gift cards is a natural progression of that."
Your best bet is to register a gift card the moment you get it and to use it as soon as possible. Bankrate.com did a great comparison of 60 of the most popular gift cards, looking at everything from security features to fees. To check it out, visit: http://www.bankrate.com/finance/credit-cards/compare-gift-cards.aspx
