Are Expiration Dates Legal On Gift Certificates
There is a lot of misunderstandings about the legality of expiration dates at the moment on gift cards. For many years, people have seen their gift cards expire, or acquire so many fees that they simply become worthless. In 2009, Congress passed the Credit Card Act of 2009. This Act put quite a few new rules on what banks and stores could do with gift certificates.
The New Rules
The new rules are as follows:
-Gift card must last a minimum of 5 years without expiring
-Gift cards may not be charged fees for at least one year.
-When additional funds are loaded onto a gift card (such as a Visa gift card), the 5 year period for not expiring is reset.
However, some states already have stronger laws than this on the books. For those states with stronger laws, those laws still apply. These rules are simply the minimum federal rules that all states must follow. If you'd like to see the rules for your individual state, please check below.
- Fact sheet on state gift card protection laws
This is the Consumer Union report on each state's credit card laws. Please check them out if you'd like additional information.
More by this Author
Ever wanted to know how to butcher a beef cow? Well this here is your all-around guide. There are some basic pieces of info on the site here, and beyond that there are links to some of the best sites on the Internet...
This page is devoted to college fraternities. This is definately worth reading for high school students, as well as parents of high school students. This is also a suitable read for those who are already college...
If you're looking for photosynthesis diagrams, you've come to the right place. I did a google search for them one time, and the results I found were pitiful, with little variety, so I decided to write my own page on it...
No comments yet.