New Gift Card Rules A Boost For Spenders

August 20, 2010

in News

New Gift Card Rules A Boost For Spenders

New rules for gift card fees and expiration dates take effect Aug. 22 as part of a final batch of provisions from the Credit CARD Act of 2009. New rules for credit cards, including limits on penalty fees and required reviews of previous rate increases, also go into effect the same day. The new gift card provisions apply to gift certificates, store gift cards and general-use gift cards that can be used anywhere the network brand is accepted. You’ll have more time to spend the money on your gift card before it expires. A gift card balance can’t expire for at least five years after the date the card it is purchased or the last load of funds, whichever is later. If the card itself expires, but the funds haven’t, you can request a replacement card at no charge. No inactivity or “service fees,” such as balance inquiry fees or ATM fees, can be charged unless the card hasn’t been used in a year. [Read this article]

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