Gift Cards

Lots of people think it's "thoughtful" to give a gift card for Christmas. I think it's crazy. Cards that can only be used at a certain store or chain aren't that thoughtful if what the recipient really-really wanted isn't available there. So now you can give a bank card, which is more "thoughtful" because it can be used anywhere that accepts Visa. The problem with those is the fees. I read in today's Star Tribune that trying to get cash out of the $50 US Bancorp card you got from Grandma "...will cost you $15, on top of a $5 initial fee. The bank also charges $2.50 a month after a year on the balance."

Many retail stores have stopped charging the fees, but again you're cornered into spending the amount at that store only. The best thing, of course, is to give a gift the recipient wants. If you don't know what that is, don't give them a gift card. Give the gift of cash: Accepted everywhere. Doesn't expire. No fees ever.