| Good News for Gift Cards
Under the new Credit Card Accountability Responsibility and Disclosure Act of 2009, gift cards and other similar cards cannot expire within five years from the date they were activated unless the expiration date is clearly disclosed. The law also prohibits an inactivity fee on gift cards except in certain circumstance, such as if there has been no transaction for at least 12 months.
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Tips for Using Gift Cards:
- Read the terms and conditions as soon as you get the card and check the
expiration date.
- Record the card's ID number and the customer service telephone number, and
keep the information in a safe place until you've spent all of the money on the
card.
- If you didn't get the card's terms and conditions or original receipt, ask
for them from the person who gave you the card.
- Take care to safeguard your card. If it is lost or stolen, report it to the
customer service number immediately, supply the ID number, and request a
replacement.
- Spend the value on your card before the maintenance fees start. If your card
expires before you've had the chance to exhaust its value, contact the customer
service number. It might be possible to extend the date, although you may be
charged a fee.
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