From the NYS Consumer Protection Board
The New York State Consumer Protection Board (CPB) reminds consumers to be mindful of marketplace practices when purchasing gifts. This alert is being released in advance of the first Friday and the first Monday after the Thanksgiving holiday, which are respectively known as Ã¢â‚¬Å“Black FridayÃ¢â‚¬Â and Ã¢â‚¬Å“Cyber Monday,Ã¢â‚¬Â and are considered the unofficial start of the holiday shopping season.
Ã¢â‚¬Å“Early morning or online deeply discounted offers may not save you as much money as you think if you are buying items without understanding all the terms and conditions that accompany such purchases. The CPB urges consumers to exercise caution as they look for holiday bargains in stores and on the Internet and spend their hard-earned money,Ã¢â‚¬Â said CPB Chairperson and Executive Director Mindy A. Bockstein. Ã¢â‚¬Å“Consumers should remember to comparison shop among different retail outlets, read the refund and shipping policies and be careful with their credit and personal information to avoid falling victim to identity theft.Ã¢â‚¬Â
ALERT DETAILS: WHAT CONSUMERS SHOULD KNOW:
* Take Note of the Purchase and Use Rules Related to Gift Cards — Consumers should carefully review the terms and conditions of use prior to purchasing a gift certificate or card, including the imposition of various fees, especially Ã¢â‚¬Ëœdormancy feesÃ¢â‚¬â„¢ for non-use. Consumers should also check the cardÃ¢â‚¬â„¢s expiration date and determine if there are any restrictions on the use of the gift card. They should be aware of the replacement policy in case it is lost or stolen. More information regarding gift cards is available at: http://www.nysconsumer.gov/pdf/gift_card_tips.pdf.
* Be Careful Purchasing Big Ticket Items — When purchasing big ticket items, consumers should look for warranty coverage on the item; check out stock availability; and, evaluate financing options carefully. As consumers comb retail advertisements, they should take note of the fine print and the quantity of the product available at the advertised price, as well as whether rain checks are available.
* Understand Layaway Plans — Layaway plans vary by store. Consumers should make sure they read ALL of the terms in the contract and have their questions answered regarding the payment schedules, refund policies and penalties for missing a payment before moving forward with a plan. A copy of the contract and a record of payments should be retained by the purchaser. The CPBÃ¢â‚¬â„¢s Layaway Plans factsheet provides further information:http://www.nysconsumer.gov/pdf/layaway_plans.pdf.
* Look For the Refund Policy — Consumers should review a storeÃ¢â‚¬â„¢s refund policy before considering a purchase and ask any questions. If the store does not post a return policy, the law requires the store to accept a return within 20 days of purchase. It is important to inquire whether the store imposes a re-stocking fee for returned merchandise and if the merchandise has to be in a certain condition for the return to be accepted. Additional refund and rebate information is available at: http://www.nysconsumer.gov/pdf/refunds_rebates_rainchecks.pdf.
* Avoid Credit Card Debt — If not careful, holiday purchases may cost consumers more than what is on their receipt. The CPB urges consumers to avoid credit card debt by tracking their spending, being cognizant of credit card limits and sticking to a realistic budget. Consumers should verify receipts and reconcile them against their statement. In addition, consumers should refrain from using their credit card for cash advances. The fees and interest on such transactions are higher than for credit card purchases. More information is available on the CPBÃ¢â‚¬â„¢s Credit Management and Credit Card Tips and Tools website section at:http://www.nysconsumer.gov/consumer_credit_information.htm.
For more information, visit the CPB’s website at http://www.nysconsumer.gov