Consumer Payment Card News

Do gift cards ever expire?

With gift cards a very popular gift for the holidays, you may not know all the rules on gift cards. So, do gift cards ever expire?  Depends on when you purchased the gift card. Gift cards sold on or after August 22, 2010 are subject to many new rules. Whatever you loaded onto the card is now good for five years from the date of purchase and five years from any future reloads. The

Should you worry about your gift card expiring?

Should you worry about your gift card expiring?

Federal Reserve rules also include replacement cards that permit you to access the money up to seven years after the card expires. The Federal Reserve also notes that gift card fees typically are subtracted from the money on the card. Under the new rules, many gift card fees are limited. Generally, fees can be charged if you haven’t used your card for at least one year, and you are only charged one fee per month.These restrictions apply to fees such as:dormancy or inactivity fees for not using your card, fees for using your card (sometimes called usage fees), fees for adding money to your card, and maintenance fees. For more information visit:http://www.federalreserve.gov/consumerinfo/wyntk_giftcards.htm

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