What I don't know and we need to find out, if gift certificates are
the same as gift cards because of possible new laws starting next August.
The Federal Reserve Board made the announcement today for proposed
rules to protect the consumer.
A couple of things, the gift cards will have a 5 year expiration
date. The monthly fee of not using cannot be subtracted from the
card for 12 months.
"Exclusions
Keep in mind that these new regulations will apply to conventional
gift cards. They will not apply to:
* prepaid telephone cards
* reloadable cards that are not marketed as or labeled as gift cards
* loyalty, rewards or promotional cards
* cards that are not available to the general public "
On the other hand as the statement says above they only apply to
"conventional gift cards", but gift certificates are not listed as an
exclusion.
My first guess would be no, this is not the same as a gift
certificate. But then if you think about it, this law could also be
for gift certificates.
I just don't know. It is something that we need to know for fact, not
just in our opinion.
In fact I have no idea who to contact to find out. I am going to
contact our AG office who is in charge of the Consumer Protection
Agency and see what her opinion would be.
Then you get into the issue of state laws vs. fed laws. Will see
what I can find in this state, but all states are different.
Here is the link to the whole article
http://www.creditcards.com/credit-card-news/gift-card-federal-reserve-regulations-1271.php
diana from indiana
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