Fed Issues New Gift Card Rules
Today, the Federal Reserve issued new gift card rules to protect Americans from unexpected fees or restrictions on gift cards.
Quick highlights from the Market Watch:
- Under the new rules, consumers must have at least five years to use the gift cards before they expire. The Fed also says service or inactivity fees can be imposed only under certain conditions.
- Such fees can be charged if the consumer hasn’t used the card for at least a year, if the consumer is given clear disclosures about them and no more than one fee is charged a month.
- The rules take effect Aug. 22. Congress ordered the Fed to issue the new provisions under a law enacted last year.
Read the full Press Release issued by the Federal Reserve.
At Plastic Jungle, we encourage consumers to spend gift cards in a timely fashion. If they are left lying around, we suggest you exchange them for something else you might want. Sell gift cards for cash or an Amazon.com Gift Card – or donate them!
See what our CEO has to say.