Gift cards are convenient, but they come with fine print. Federal law sets some basic protections for many store and bank gift cards.
Federal protections
- Under the Credit CARD Act, the money on many gift cards can't expire for at least five years from when the card was bought or money was last added
- Inactivity fees are generally only allowed after a year without use, and no more than one fee a month
- Fees and the expiration date must be disclosed on the card or its packaging
- Some states give more protection
Tips
- Give cards for stores the person already uses
- Keep the receipt with the card
- Check the card's terms for fees
- Use it rather than letting it sit
Rules differ for some card types, like promotional cards. Check the card's terms and your state's rules. Dollar Petal isn't paid by any store, brand or gift card company.