KNOXVILLE (WATE) – Gift cards have been the most popular choice for Christmas over the last five years, but which kind of card is the best?
Lois from Maryville asks, “Which gift card charges more fees, general purpose or brand specific?”
While thousands of people will crowd into the stores this holiday season looking for the best gifts, some of the more popular ones won’t be on the store shelves,
Seventy-five percent of Americans will receive a gift card, and almost two thirds will give one.
While most people prefer and buy a general-purpose gift card with an American Express, Discover, MasterCard or Visa logo on it, all of these cards charge purchase fees.
People who buy general purpose gift cards will be charged a fee up to $6.95, according to Bankrate.com, a consumer financial services company. Many general purpose cards also charge a dormancy or maintenance fees to the recipient if they don’t use them quick enough.
On the other hand, very few brand specific cards like retailers, restaurants, airlines and gas stations charge a purchase fee, and none charge dormancy or maintenance fees, Bankrate.com reports.
Between $25 and $50 is the most common value of gift cards both given and received.
Those least likely to give a gift card are people over 65 and between 18 and 29 years of age.
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