This Card Is A Great Gift — But Use It Quickly!

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Charter One last week became the first bank to issue a no-fee gift card, meaning that when you buy the card, you don't get charged for processing or shipping and handling. The prepaid cards, which range in value from $25 to $500 and can be personalized with pictures of puppies or wedding rings or embossed with messages like Feliz Navidad or Just Because, can be used at any of MasterCard's 32.8 million merchant locations as well as online and for catalog orders. With no up-front fees and nearly universal acceptance, it sounds like the ultimate gift certificate, right? But there is a catch. Like other bank-issued gift cards, Charter One's latest product expires six months from the time of purchase. After that, the company starts charging a $10-a-month expired-card fee. Since recipients don't get monthly statements for the cards, you might want to give them a calendar too.