Businesses that issue cards can close

Businesses that issue cards can close “It’s a lot of money that consumers spend on gift cards. The popularity has grown tremendously over the last 10 years,” said National Retail Federation spokeswoman Kathy Grannis. “Some people give them as single gifts” or routinely add them to traditional gifts.

About 77 percent of shoppers will buy at least one gift card this season, according to the NRF’s annual Intentions and Actions survey released last week.It predicts spending will reach $24.78 billion and consumers will shell out $145 on gift cards this holiday season, up from $139 last year.With more cards in circulation, chances increase that consumers will lose.

Businesses that issue cards can close, for example. In recent years, when Sharper Image and Linens n’ Things went bankrupt, consumers were left holding $100 million in gift card value.