What To Do With Gift Cards From Bankrupt Retailers
With the announcement of Toys 'R' Us closing and now with Claire's filing for bankruptcy what do you do about your gift cards from an almost defunct retailer?
Here are 6 great tips to follow from creditcards.com:
Gift cards and bankruptcy: 6 tips
- Pay attention to the news: Gift cards can lose all value when a retailer declares bankruptcy.
- Use the card right away: If you have a gift card from a shaky retailer, don’t wait.
- Save your card purchase and activation receipts: A successor company may want you back as a customer, and honor the card.
- File a report with your state consumer agency: You could add pressure on the retailer in the bankruptcy case to think of gift card holders.
- Follow the court case: Bankruptcy judges have sometimes offered gift card holders limited-time redemption options.
- Initiate a chargeback: If you used a credit card to buy the gift card, it could come to your rescue.
So if you are in Lubbock and have a Toys 'R' Us gift card lying around, go spend on it ASAP as they will no longer be accepted after April 2018. And while Claire's claims they are not closing stores, it would be a good idea to use those cards up as well since most companies can refuse to honor gift cards while in bankruptcy.