New York Institutes New Rules for Gift Cards

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New York state has new rules governing fees imposed on gift cards, the AP reports.

A law signed on Monday by Gov. Andrew Cuomo prohibits businesses from imposing user fees on the unused balances of gift cards until 25 months after issuance (previous rules gave 13 months), and requires the cards to be valid for at least five years after the date of being issued.

{Matzav.com}

1 COMMENT

  1. Almost the entire gift card industry is a scam based on the premise that it’s somehow classier to give a card than simply give the value in cash. The only circumstances I can think of where a gift card is worthwhile is if there’s a discount, e.g. $45 for a $50 card, or if you want the money specifically spent on a type of item, e.g. $72 at a seforim store.

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