Martin Lewis warns you should NEVER buy gift cards as Christmas presents – and it’s nothing to do with expiry date

MARTIN Lewis has warned against buying gift cards and vouchers as presents this Christmas. The consumer champion has said that the risk of the popular items outweighs the benefits – but it’s nothing to do with the expiry date. Gift cards and vouchers can be worthless if the company that you bought them from goes bust Credit: Carol Yepes In the latest edition of his MonesySavingExpert newsletter, Martin urges readers to start getting ready for the festive season with just 100 days to go until Christmas Day. The latest newsletter is packed with money-saving tips but also highlights the risks of buying vouchers and gift cards. Sign up for the Money newsletter Thank you! It is estimated that every year more than 40% of Brits put these items under the tree for their loved ones. “Many find giving a gift card more socially acceptable than cash — I get it, cash gifts just aren’t very British!,” said Martin. “Yet unfortunately, vouchers have risks.” One of the biggest risks comes as a result of the volatility in the high street, with many well-known retail outlets offering vouchers. It’s important to note that if the store you buy them from goes bust, the vouchers usually become worthless. “This effectively means you’ve thrown your cash down the drain,” said Martin. Most read in Money According to consumer watchdog Which?, administrators can decide to stop honouring gift vouchers after being brought in to manage a company’s insolvency. You can try making a claim in writing to get the money back, and in some cases, gift cards may be honoured for a limited time (for example, as a gesture of goodwill or if the firm is saved by a buyout), however, it’s important to remember there is ‘no right to a refund’. Comment now