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Time was that gift cards (VISA, MC, AMEX, etc.) had expiration dates on them that were but one or two years out, and you had to pay fees of around $15. to renew them once expired.
Also, if you didn't use the card for a period of time (usually twelve months), or after a certain period of time even if you did use them, the cards started charging administrative fees of around $2.95 per month that ate up the card balance.
Well, due to class action lawsuits, in some states now, these fees are history. At worst, in the states where the fees are allowed, gift cards may incur a dormancy fee after not less than twelve months of inactivity.
And, even in the ones that do allow the fees after twelve months of activity, the expiration dates on gift cards in all states now tend to be eight years out, not just two, because of legislation that went into effect August 22, 2010
FRB: Press Release--Federal Reserve announces final rules to restrict fees and expiration dates on gift cards--March 23, 2010
that disallows any expiration date less than five years out on gift cards.
Also, in all states, Simon American Express (AMEX) gift cards have no fees at all once issued.
Also, if you didn't use the card for a period of time (usually twelve months), or after a certain period of time even if you did use them, the cards started charging administrative fees of around $2.95 per month that ate up the card balance.
Well, due to class action lawsuits, in some states now, these fees are history. At worst, in the states where the fees are allowed, gift cards may incur a dormancy fee after not less than twelve months of inactivity.
And, even in the ones that do allow the fees after twelve months of activity, the expiration dates on gift cards in all states now tend to be eight years out, not just two, because of legislation that went into effect August 22, 2010
FRB: Press Release--Federal Reserve announces final rules to restrict fees and expiration dates on gift cards--March 23, 2010
that disallows any expiration date less than five years out on gift cards.
Also, in all states, Simon American Express (AMEX) gift cards have no fees at all once issued.