NEW YORK (CNN/Money) - One hot holiday gift this year is that easy-to-buy "Get it Yourself" present: the gift card.

For the first time since their inception, gift cards will replace apparel as the present of choice this year among American consumers according to a new Deloitte and Touche survey.

"Gift cards are popular because you don't have to buy a gift," said Ed Mierzwinski, the consumer program director for U.S. PIRG. "You just have to know where they like to shop."

Consumers will spend more than $40 billion on these modern-day gift certificates in 2004, with gift cards being particularly favored among shoppers age 65 and those with incomes in over $100,000.

The Deloitte & Touche survey also found that, on average, respondents said they planned to buy 4.7 cards each this holiday season. Yet that same group said they had 2.3 unused gift cards from last year. And the Retail Council, in a separate report, estimates 12 percent of gift card recipients will not redeem their cards.

If you have an unused gift card lying around, be mindful that a few Grinch-like rules may prevent you from redeeming it for its full value.

Buried in the card's fine print could be penalties, hidden fees and expiration dates. So, here are some things to keep in mind when you're shopping for gift cards:

Consumers will spend more than $40 billion on gift certificates this year, but be careful -- there might be a Grinch attached. Valerie Morris reports. Play video (Real or Windows Media)

• Make sure to ask about expiration dates. Some gift cards are no longer valid after a certain period of time and won't be honored past a certain date.
• Like a credit card, consumers can also be hit with start-up fees just for purchasing a gift card. Bank of America, for example, charges an issuance fee of $5.95 to $11.95 for its Visa gift card.
• Watch out for hidden charges that include a monthly charge or a dormancy fee for not using the card. Retailer Toys "R" Us subtracts $2 per month from the value of your gift card after 24 months of inactivity.

"States and consumer advocates think that gift card fees, such as deductions every month if you don't use the card, are unfair to consumers," Mierzwinski said. "Many states, led by California, have enacted legislation severely limiting or even banning such fees."

Among the retailers that don't charge fees: Banana Republic, J. Crew, Borders, The Gap, Barnes and Noble and Starbucks.

Starbucks used to charge a monthly service fee after a year of inactivity but the coffee chain dropped that policy last year.

Always keep your receipts when buying items using your cards as some retailers such Macy's and Bloomingdale's will issue you a new card if you can provide proof of a recent purchase.

Retailers want to get gift card holders into their stores since the results of the Deloitte survey showed that many consumers buy more than the face value of the card upon redemption.