Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Gift cards made safer through new laws

Gift cards made safer through new laws

By
Add to Favorites:
Gift cards made safer through new laws

According to a recent survey, gift cards are likely to be the most requested gifts, this year. Incredibly 77% of the customers are likely to purchase at least one gift card this season. Gift cards have become more consumer friendly thanks to the Credit Card Accountability, Responsibility and Disclosure Act. This act covers reloadable prepaid cards, gift cards and certificates. The restriction on these cards is on the hidden fees and unexpected fees charged to the customer, reducing the value of the card very quickly.

Longer expiration dates for gift cards is one of the changes. This means balances on gift cards cannot expire up to 5 years after being issued. The actual card itself can expire, so the recipient has to contact the store to know about the expiration date and get a replacement card with the balance. The limitations and the fees on the gift card have to be disclosed properly to the customer. The packaging should include the fee amount and how often would they be levied and under what circumstances.

One has to be aware of the fact that an inactivity fee can be charged on the gift cards if they are not used for up to 1 year. After this period, a fee can be charged per month on the gift card which has to be clearly informed to the customer at the time of offering the card. Those who have gift cards should be careful from thieves who copy the numbers on the back of the gift cards and after finding out the available balance shop online with those numbers. Customers might also receive blank cards while the store employees might pocket the activated cards. One might end up buying phony gift cards too from such scammers.

There are a lot of things that can go wrong when it comes to gift cards. Therefore a few basic tips have to be followed when it comes to buying gift cards. Customers have to make sure the gift cards haven`t been tampered with, which could include removing them from their holders and then placing them back. The backs shouldn`t be scratched off either. Employees must be asked to scan those cards making sure they have validity with the right value. You have to hold on to the receipt as a proof of purchases. It is a good idea for recipients to use the gift cards as soon as possible.

Add to Favorites:

Related News:

Free Pizza on Papa John’s & VISA

By Dar Dowling, Posted: December 6, 2016

Eating pizza while watching a football game is a time-honored American tradition, so it’s not surprising that VISA, has teamed up with Papa John’s to give fans a little more this season. If fans use Visa Checkout they can take advantage of ... Continue reading
USAA Digital Wallet Gets an Upgrade

By Dar Dowling, Posted: December 5, 2016

USAA has upped the ante with their digital wallet, making it a bit more like an everyday wallet by adding in six additional features, so people can now include everything from their automobile information to insurance cards in their ... Continue reading
Global Fraud On Hackers To-Do List This Season

By Dar Dowling, Posted: December 2, 2016

With the holiday shopping season upon us, retailers around the world can expect a 12% bump in online fraud when compared with data from the holiday season last year. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
Earn 1% cash back on gas and grocery purchases. Terms apply.
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit