|
|
|
Gift Card Fees in VirginiaGift card rules are currently set by each state. Virginia gift card law currently does allow for a gift card to expire and charge fees if the gift card expiration or or gift card fees are clearly and permanently imprinted on card with a telephone number or Internet address where the customer can obtain further information.
The current Virginia law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states. Gift cards issued in Virginia 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:
1. 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.
2. Gift cards are prohibited from charging fees during the first 12 months from the time of purchase.
|
|
Home
Forums
Newsletter