Money Monday: Gift Cards, Skip A New Payment

December 22, 2015 Nemes Money

I have gift card from a shop that shut down after a person gave the card to me, Elie Pitts asked on Facebook. Any recommendations what to do with this? Is the cash just misplaced forever?

It depends because when you buy something special card, they are basically giving the retailer an unsecured financial loan until you get it. When the business data files for chapter eleven or even bankruptcy reorganization, everything will get frozen plus the retailer need to ask a new judge for permission to honor gift cards. Radio Shack just experienced this.

Money,

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