December 14,2006
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The Real Deal on Holiday Credit Card Promos
Visa and MasterCard really want you to spend your money with plastic this holiday season. To that end, they have teamed with participating merchants to offer fantastic contests and sweepstakes to win prizes and gift cards this December, which you become eligible for when you make purchases with your card. Privately held cards are getting in on the game, too – both Macy's and TJ Maxx are offering similar prize drawings with purchases on their store cards.
Generally, these contests require that you register in-store or online with your name, phone number and other personal information. Besides having the means to call you if you've won a prize, these merchants may also be making money by selling your information to third parties for solicitation and marketing purposes. Be sure to read the fine print on any entries you submit for these types of promotions – it can be highly irritation to be bombarded with unwanted mail and electronic spam from companies you may not know and may not trust. The entry form or promotional materials should detail the privacy policy of the contest, including how your information will be used. You may be able to opt out of "sharing" your information with third parties. Otherwise, stick to only the minimum required information when filling out your entry.
If you win one of these contests, however, all bets are off. Usually, the originator of the drawing is allowed to use winners' names and information in future promotions. And be prepared for your prize to come with strings attached. It may sound great to win a car or another big-ticket luxury item, but be prepared to pay up next April when the store reports your winnings to the IRS!