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Gift Card Fees in ArkansasArkansas currently has laws in place that regulate gift cards. This law covers all gift cards from retail stores where the gift card can be used at a single store or at any store that is part of the same retail chain. The Arkansas law does not cover prepaid calling cards or gift cards cards which are linked to bank accounts and can be used at any stores where the bank card is accepted. The following rukes for gift cards are currently applicable in Arkansas:
- Gift cards are prohibited from expiring within the first two years from time of purchase
- Gift cards are prohibited from charging fees within the first two years from time of purchase. If any fees are to be charged after the initial two year period, these gift card fees must be clearly printed in 110 point font or bigger on the front or the back of the gift card
The current Arkansas law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the current Arkansas state law. Any portion of the Arkansas gift card law which is stronger than the federal law will remain in effect. Gift cards issued in Arkansas will have to abide by the Credit Card Act of 2009 rules for gift cards when it takes effect in the summer of 2010.
The Credit Card Act of 2009 covers rules for both bank issued gift cards and store issued gift cards. The two main requirements are:
- Gift cards are prohibited from expiring for five years from the date that the gift card is purchased or from the last date any money was reloaded onto the gift card.
- Gift cards are prohibited from charging fees during the first 12 months from the time of purchase.
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