Holiday gift giving is fast approaching. Gift cards are becoming popular because they are easy to grab and allow the person to choose an item they want. Gift cards are not quite the same as cash. August 2010 gift card regulations became effective.
A gift card will not expire for at least five years after the date of purchase. The money listed on the card should not expire for at least seven years.
If a purchased gift card expires but there is money left on it, a replacement card can be requested at no cost.
Fees can only be charged if they are clearly stated on the card packaging. Inactivity and other fees are banned in the first year.
After one full year there can only be one single monthly fee such as inactivity or usage fee.
The store will still charge a fee to buy the gift card, and for a replacement card if it is lost or stolen.
These regulations apply only to gift cards being sold now. Similar looking rebate cards or general purpose pre paid cards on not covered by these regulations. Home Care Path www.homecarepath.com staff assist seniors with the purchase and wrapping of holiday gifts.
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