New Gift Card Rules

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 August 22nd. Congress ordered the Fed to issue the new provisions under a law enacted last year.

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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Anonymous on Mar 24, 2010 at 08:19 PM
    We can all end this real quickly. Stop buying them. Whats wrong with sending someone a money order, or a check? Nothing. Gift cards are scam anyway.
  • by To 'True Conservative' on Mar 24, 2010 at 08:00 AM
    Are you serious because I couldn't help but laugh when I read your comment...some people will complain about!
  • by True Conservative Location: Greenville on Mar 24, 2010 at 07:20 AM
    I will not stand for this GOVERNMENT TAKEOVER of gift cards. I hope you all will get behind me in BOYCOTTING these new SOCIALIST gift card restrictions on private businesses in our Christian nation. One step closer to COMMUNISM.
  • by Cindy Location: Greenville on Mar 24, 2010 at 05:56 AM
    Well said "Anonymous." Money doesn't expire so why should a gift card.
  • by Dan on Mar 24, 2010 at 05:46 AM
    I don't like getting gift cards and don't buy them for others. Simply too easy to forget they are there and by the time you notice you haven't used them, they have expired.
  • by Anonymous Location: Jacksonville on Mar 24, 2010 at 04:29 AM
    Gift cards should not ever expire. Someone put money on that card and it should remain the same amount no matter how long it has been since it was used. The merchants got their money.

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