gift card New Gift Card RulesThis holiday season will be the first that shoppers will benefit from the new gift card regulations put in place back in August.

The new rules apply only to store gift cards and cards that bear an American Express, Discover, MasterCard or Visa logo and are clearly marked as gift cards.

New Gift Card Regulations:

1. Gift cards can’t expire for at least five years after they’re purchased. The money on cards may not expire for seven years.

2. If a card expires and there’s money left on it, a replacement card can be requested at no cost.

3 . Inactivity and other fees are banned in the first year. Fees can be assessed only if they’re clearly disclosed on the packaging.

4. After the first year, there can only be one monthly fee, such as an inactivity or usage fee.

5 . You can still be charged a fee to buy the card and for a replacement if a card is lost or stolen.


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS Detroit

Best Cooking Classes In DetroitLearn how to whip up some wonderful dishes while having fun!
5 Bucket List Items To Cross Off In DetroitThe “must-do” items for anyone making a trip to Detroit.

Watch & Listen LIVE