Monday, August 02, 2010
New rules for gift cards
By Center for Personal Finance editors
Final rules to restrict fees and expiration dates on gift cards go into effect Aug. 22. The new rules also will require that gift-card terms and conditions be clearly stated at the time of purchase, according to a Federal Reserve Board announcement. The rules implement the gift-card provisions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009.
Gift card rules prohibit dormancy, inactivity, and service fees on gift cards unless:
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