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Online gift cards gaining popularity

November 1, 2011

According to a recent survey, online gift cards are one of the most popular items for today's consumers, who value the flexibility the payment method provides.

According to a recent survey, online gift cards are one of the most popular items for today’s consumers, who value the flexibility the payment method provides.

The study by CreditCards.com/Bankrate.com found that more than half of major brands surveyed had made gift cards available online for consumers to use on a number of different items. Companies such as Gap, Pizza Hut and American Express have all rolled out e-gift cards for the first time in recent months, according to Fox Business.

Industry experts say that having the cards available online can save shoppers the hassle of going all the way into the store.

“There are two reasons why consumers don’t use gift cards today — we don’t have time to go to the store or wait for the plastic to be shipped and they’re not personal enough,” says David Stone, chief executive officer at CashStar.

In other credit card news, the Federal Trade Commission stated that it would be changing the restrictions on how long retailers had to give refunds to people using the payment method. Under the new rules, money will have to be given back within seven days instead of one billing cycle or one month. 

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