This is GREAT information and while I don't get them, I do give them as REWARDS in some cases and having a short shelf-life has been a down-side!!!
The Federal Reserve has made some changes to the time that a gift card has before it expires. Currently the time limit is one year. The new rule is that the card cannot lose value until five years after date the card is paid for. Starting on Aug 22nd service fees, including the ones tacked on for balance inquires and if you wanted to add more money to the card, are limited to one fee per month. Also a full year has to go by before they tack on an inactivity fee (about $2.00 a month). As of now that fee is nowhere to be found on the card so it might come as a surprise and you will have less to spend. BUT starting Jan 31, 2011 the fee amount must be printed on the back of the gift card.
Most gift cards are not redeemed so the merchant makes more money when people realize that the date has come and gone. With the five year rule this should eliminate the waste.
Chris and Patty Clark-
ABR, CRS, GRI, MRE, CNE, SFR
If you would like for me to send you properties on a daily or weekly basis just call or email me and let me know your criteria that you want in your home patty@morningsidehomes.com cell: 720-231-5200
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
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This is great to know.......................chris
A couple years ago I got a $50 Visa card for Christmas. When I went to spend it 10 months later I was told there was no remaining balance. Looking into it I found out monthly "fees" had completely devoured it.
Is that so??? Let me dive in our desk drawer and check if I still have some here....
Wallace: What happens to some of these so-called gift cards... is that they all too often end up only being a gift to the company that sold them. Very unfair. So glad to see a law like this come into being. Prolly one of those doggone Libs taking care of us again. Sheesh. LOL.