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New Gift Card Rules Protect Consumers

Posted Monday, August 23, 2010 in Credit-Mortgages-Finances
by Greg Hudson

Yesterday, new federal rules went into effect for all gift cards, whether you buy them from a store, mall or credit card company.

Highlights of the new rules include:
- An inactivity fee cannot be charged until the card has not been used for at least 12 months.
- Gift cards can't expire before 5 years.
- A one-time fee can be charged when you buy the card.

Read more at KOMO News.

Comments

I will only try and post this one more time. Seems the BBB has many issues to work out for people who want to post comments or complaints. I have had to re-type this twice now, and I will now copy before I send. Regarding the new Gift Card Rules - I LOVE IT. I would have gone a step further and had them never expire. 12 months is not a very long time anymore. I sent my mother a $100.00 gift card in January 2009. In April she got sick, and by November, she passed away. No one even thought about that card until January rolled around again. By that time, the card had expired. She never got to use it. If you will be buying a gift card for someone, make sure you write down the card number, expiration date, the 3 (or more)numbers on the back of the card, the phone number on the back of the card, where you bought it, and who you sent it to. That way, you can check on the balance of the card anytime. If that person has not used it, you can remind them about the fees or expiration date. If they still have not used it by the 11th month, you can either order something over the phone or on the internet with the information you have for that special person, and send it or personally give it to them.
Comment By Carol Eishen At 10/25/2010 6:17 PM
I think this is wonderful. Although I would have taken it a step further and never let them expire. 12 months is really not a long time anymore. I sent my mother a $100.00 gift card in January 2009. In April she got sick, and was sick until November, when she died. No one really thought about it until January came around again, but by that time, the card had expired. My mother never got to use it. I suggest to any one who is giving a gift card to write down the card number, the expiration date, where you bought it, and the 3 little numbers on the back of the card. That way you can always check the balance of the card, and remind the people to use it. If it is getting close to the time limits for fees or expiration, then you should use the information you have, to buy something on the internet or over the phone for that someone special who you gave it to!
Comment By Carol Eishen At 10/25/2010 5:40 PM

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