The Federal Reserve this week issued final rules implementing restrictions mandated under the Credit Card Act, which was signed into law last year: http://www.federalreserve.gov/newsevents/press/bcreg/20100323a.htm
If your store issues gift cards, here's what you need to comply with starting Aug. 22:
- Gift cards cannot expire any sooner than five years after they are issued.
- You cannot implement a dormancy fee less than a year after a card is issued.
- If your cards have expiration dates or dormancy fees, you must disclose this information to customers before they purchase the card. And you must print the expiration date and/or dormancy fee information on the gift card itself.
Start preparing now. Sen. Charles Schumer (D-N.Y.) is trying to convince the Fed to advance the deadline but hasn't yet proposed a new date.
Posted by Mary Slepicka