Acquired a present card? Use it earlier than you presumably lose it

The rising variety of enterprise bankruptcies is prompting a warning for customers in terms of reward playing cards — use it or presumably lose it.

Calgarian Katie Wilburn not too long ago went to make use of $250 value of reward playing cards she had obtained for her marriage ceremony at Mattress Tub & Past.

She knew the retailer’s Canadian places have been shutting down, however she thought for the reason that shops have been nonetheless open she might use her playing cards.

She was unsuitable.

“We went to make use of our reward playing cards and have been advised sadly that we weren’t capable of anymore,” she advised International Information. “We contacted BBB to see what sort of choices we had about getting our a refund for it and we sort of hit a wall.

“It was actually irritating. We have been actually trying ahead to have the ability to use our reward playing cards.”

Mattress Tub and Past prospects have been ready to make use of their reward playing cards — however solely up till March 9.

The retailer did submit that on its web site, in addition to ship an e-mail to prospects signed up for gives. Wilburn mentioned she wasn’t certainly one of them and had no thought.

She did know Alberta has long-standing and particular guidelines round reward playing cards and thought enterprise bankruptcies can be included.

“We thought in Alberta we have been extra protected with our reward playing cards, that we didn’t have to make use of it instantly,” she added.

“It was fairly a shock to study that with chapter you aren’t ready to make use of the reward playing cards.”

The rise of enterprise bankruptcies or insolvencies over the past variety of years has been important and 2023 is shaping as much as be one other yr of losses.

Licensed insolvency trustee David Lewis with BDO Canada advised International Information there’s not a lot a client can do if a enterprise shuts down and so they have unused reward playing cards.

“Normally when a enterprise closes, their reward card is mainly nugatory,” Lewis mentioned.

Lewis mentioned customers might resolve to hitch the insolvency, however it’s a tricky go.

“The patron might file a declare within the chapter in the event that they know the quantity that’s left on the cardboard,” he identified. “Nevertheless, pennies on the greenback is usually all they’re going to obtain again.”

Lewis mentioned customers will likely be added to the listing of collectors, which is usually a protracted listing.

“You’re on the backside of the listing. Actually.”

He really helpful different, less complicated choices, resembling utilizing the reward card or buying and selling it. However once more, it must be completed earlier than the enterprise goes into liquidation.

“If you happen to don’t just like the reward card as a result of it’s not someplace you go, there are many totally different websites the place you possibly can commerce them for one thing else,” he mentioned. ”

Commerce it and use it for one thing as a substitute of dropping it fully.”

Wilburn contacted Mattress Tub & Past a number of instances to search out out what she will be able to do along with her reward playing cards. She mentioned she had been advised she will be able to use them within the U.S., the place the retailer remains to be working.

Nonetheless, like Lewis, she really helpful customers use warning in terms of any reward card.

“If in case you have any reward playing cards kicking round in your pockets, use it instantly. Use it earlier than one thing like this occurs.”

Lewis went even a bit additional together with his recommendation — particularly for any reward givers.

“If you happen to’re contemplating a present card to offer to folks, possibly take into account money as a substitute.”

Mattress Tub & Past is predicted to totally wrap up operations in Canada by the top of April.

&copy 2023 International Information, a division of Corus Leisure Inc.