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Gift Card Fees in WashingtonWashington currently has laws in place that regulate gift cards. This law covers gift cards that can be used at a single retail outlet or chain, but does not cover multiple-use gift cards, or cards usable at multiple unaffiliated merchants where the bank card is accepted. The following rules for gift cards are currently applicable in Washington:
- The gift card is prohibited from having fees except when the gift card has a balance of $5 or less, the gift card has been unused for 2 years, the gift card is reloadable, the monthly fee is disclosed on card in at least 6 point font. If all these points are met, the gift card may charge a $1 per month fee.
The current Washington law covering gift card fees will be superseded by the recently passed Credit Card Act of 2009 which dictates the minimum gift card requirements for all states if the federal law is stronger than the Washington state law. Any portion of the Washington gift card law which is stronger than the federal law will remain in effect. Gift cards issued in Washington 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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