I often purchase prepaid cards as gifts for family and friends. I read that a new law will provide additional consumer protections for purchasers and users of gift cards. What are the new protections?
The two most significant changes for gift cards will be:
- the limitations set on most service fees for one year from the last time the card was used and
- the fact that the card will be good for at least five years from the date the card is purchased.
If funds are added to an existing card, the funds must be good for at least five years.