Are you a California resident? Did you know that effective January 1, 2008, any gift card or gift certificate with a cash value of less than $10 is redeemable for its cash value? In other words, if you have a Macy’s gift card with $8.17 of value remaining, you can walk into any Macy’s in California and demand that they buy the gift card back from you – for $8.17.
It might seem tedious to go back to the store to get less than $10 back but it could add up – with almost $90 Billion in gift cards sold every year, and more than 10% of that value going unused, some of you folks might be sitting on quite a bit of cash. Check those sock drawers and that kitchen cabinet where you stash all your coupons – it might just be worth making a trek to those stores. (Btw if you find cards that are larger in value, you can sell them directly to us at www.mercardi.com. We’re also paying cash.)
But the deal might get even better. Senator Corbett just last month introduced Senate Bill 885, which suggests that this $10 threshold be upped to $20. Retailers sure won’t be happy about this, but this would be great news for California consumers. We’ll just have to wait and see how it pans out.
For more detail on CA laws related to gift cards, check out http://www.dca.ca.gov/publications/legal_guides/s-11.shtml
No comments:
Post a Comment