I, along withe very one who like to give gift cards, cheer the new stricter rules that will govern gift cards be they issued by retail merchants, shopping centres or even credit card companies. Gift cards are very popular gifts especially among women and they are governed under the Credit CARD Act.
Some of the new restrictions to gift cards issuers include:
1. No inactivity fee imposed on gift cards until after 12 months it has not been used
2. Gift cards cannot expire for at least five years, which is more than enough time to shop
3. Only a one time fee can be charged on gift cards in a single month
4. Fees, expiration date, toll free number and/or website address must be printed at the back of gift cards
5. A one-time free can be charged upon purchase of the card
Looking at these partial list of new policies governing gift cards, I believe that a lot of people will have peace of mind buying and gifting gift cards when these are implemented Sunday, compared to currently.
Some of the new restrictions to gift cards issuers include:
1. No inactivity fee imposed on gift cards until after 12 months it has not been used
2. Gift cards cannot expire for at least five years, which is more than enough time to shop
3. Only a one time fee can be charged on gift cards in a single month
4. Fees, expiration date, toll free number and/or website address must be printed at the back of gift cards
5. A one-time free can be charged upon purchase of the card
Looking at these partial list of new policies governing gift cards, I believe that a lot of people will have peace of mind buying and gifting gift cards when these are implemented Sunday, compared to currently.
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