Need a last-minute present? Chances are you can find a gift card, and a festive holder for it, at your local grocery store.

There are two types of gift cards: "open-loop," which can be used at multiple merchants; and "closed-loop," which can be used at a specific merchant.

Here are some tips:

Give the original receipt to the card recipient as proof of purchase.

Photocopy the card immediately, so you will have proof of ownership if you lose it.

Treat the card like cash and report it to the issuer immediately if stolen or lost.

Be aware that most issuers charge to replace a lost or expired card.

Ask: Does the card have a purchase fee? Can it be used to make purchases online?

Be aware that bankrupt merchants may not be required to honor gift cards.