Stored value cards (SVCs) offer a convenient alternative for paying the bills or purchasing goods and services, but this convenience may come at a price. There may be a variety of fees associated with the use of some SVCs that you should be aware of before deciding which card meets your needs.
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You see them everywhere - gift cards, restaurant cards, phone cards and more. These stored value cards (SVCs) electronically store any funds you pay in advance to make a purchase, pay a bill or withdraw money at a later date. They’re also very convenient to use.
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With a growing number of options and potential applications, the many advantages of using stored value cards (SVCs) far outweigh any potential disadvantages.
In addition to being a very useful way to pay for goods and services in advance, SVCs are a vital resource for unbanked consumers.
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Since their emergence as the newest product of the financial industry in the early ’90s, stored value cards (SVCs) have become the fastest growing financial product on the market.
The first SVCs were introduced by select retailers that issued them as gift cards; essentially electronic gift certificates.
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Stored value cards are a growing part of what many see as our inevitable transition to a cashless society. Love it or hate it, a cashless society could become reality before the end of this decade.
The reality of stored value cards is that they should become even easier to use than the current credit or debit card style of stored value cards available today.
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As some of the most widely available Stored Value Cards (SVCs), gift cards offer a convenient way for you to let a friend or loved one make a purchase on you.
However, before you make any gift card purchase you should read the fine print attached to the card.
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If you have any unused gift cards lying around you may get some unpleasant surprises when you finally decide to redeem them. A number of fees and other restrictions can make a gift card not quite as useful as it should be.
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Unused funds on a stored value card (SVC) are considered unclaimed property in most states. As unclaimed property, these funds are protected under various unclaimed property laws in each state.
Despite unclaimed property laws, some retailers continue to issue SVCs with set expiration dates.
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