Gift cards remain a popular present for the holidays, although this year, given the economic situation, sales are projected to be lower. According to an Archstone Consulting survey, Americans will spend $25 billion on gift cards, down 25 percent from 2007. Nevertheless, 55 percent of consumers told the National Retail Federation they want to receive gift cards this holiday season -- more than any other type of gift.

And where will they be buying these cards? At discount stores like Costco and Wal-Mart, and in restaurants, reflecting the country's cautious attitude toward discretionary spending. Many consumers are also looking for additional coupons or discounts that may come with gift cards. (Read about the trends in the gift card world in the Bankrate feature, "Gift cards for needs, not wants.")

Consequently, this year, Bankrate surveyed department stores in the middle range -- out went Neiman Marcus, Bloomingdale's and Nordstrom -- and added online retailers eBay.com and Amazon.com. Other newcomers to the 2008 Gift Card Study are Bed, Bath & Beyond; CVS; Dillard's; and Walgreens.

The features of gift cards have changed little since last year. The key answers about gift cards that consumers can find in Bankrate's survey are as follows.

Key gift card questions and answers

• Is there an expiration date? • Is there a fee beyond the face value of the card? • Can it be used in the store and online?

Expiration dates
As we found last year, expiration dates on gift cards issued by retailers are gone. A study of the gift card market done by The Hartman Group and National Research Network showed that 53 percent of gift card givers and receivers were leery of cards because of expiration dates. So most retailers have removed that negative from the product.

However, if you are giving a major credit card-branded gift card -- from American Express, Discover, MasterCard or Visa -- you'll need to pay attention to the limits: American Express cards don't expire, but there is a $2 monthly service fee after 12 months; Visa cards have varying expiration dates (depending on the issuing bank) and the ones we surveyed expire after one year; MasterCard gift cards expire after 24 months, and Discover cards charge a $2.50 monthly maintenance fee if the card has not had any activity in more than 12 consecutive months.

Fee to buy
For the convenience of using a gift card anywhere, consumers will have to pay. American Express and Discover gift cards cost $3.95 per card and MasterCard and Visa gift cards will cost you around $4.95. (The fee varies depending on the bank that issues the card. Bankrate surveyed MasterCard gift cards from HSBC and Washington Mutual, and Visa gift cards from SunTrust.)

Despite these fees and restrictions, though, these prepaid bank cards continue to be desirable for recipients. In a survey conducted by First Data Corp., 28 percent of respondents say they would rather receive a gift card they could use anywhere. Still, the majority of cards sold are for a single retailer.