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The Credit Card Accountability, Responsibility and Disclosure Act of 2009 that went into effect earlier this year mandated a lot of changes in the credit card industry. It also has some implications for the gift card industry. There’s good news for consumers planning to purchase gift cards for friends and loved ones this holiday season.
The National Consumers League has been joined by Consumer Action and the Montgomery County, Md, Office of Consumer Protection to call on the gift card industry to ease the burden on consumers by lifting expiration dates, lowering fees, and more.
Sales of gift cards are expected to approach $100 billion in the United States this gift-giving season. Gift cards are a flexible, convenient gift option, but consumers often fail to take into account the hidden prices paid for the convenience. From expiration dates, to maintenance and inactivity fees, to card replacement fees, the cost of using a gift card can quickly add up. Our new tips will help you choose your gift cards wisely and avoid losing money on these cards. And the gift card industry could ease the burden on consumers by adhering to A Gift Card Holder's Bill of Rights.