Gift Cards

Check it out here
I found this article at fox news.

Christmas time is just around the corner, and everyone is getting ready for the season of giving. The stores have even started a little earlier this year, but that is a whole other story. What we want to know is what kind of gifts will be given? There are the food baskets, the slippers and pajamas, new technical devices, and so on. One of my favorite gifts to give, and to receive, is the gift card. You know that it is a win win situation, or is it?

According to this article, The Federal Reserve is coming up with a new set of rules that will protect gift card users. My question was, for what reason does a gift card user need protected? Then it hit me, that little fine print that says you only have a certain amount of time to use your card before it expires or loses its value. Sure enough, as I read on, this is exactly what the Federal Reserve is trying to protect against. So, starting August 22, 2010, one of the rules that is being proposed is the card will keep its value for up to 5 years. Like stated in the article, this will help those who want to save up for a big purchase item. It sounds like a good idea to me. Also, fees that are usually in the fine print will not become active until 1 year after the card has been inactive. These rules will apply to all types of stores; big and small names.

Since the gift card is one of my favorite gifts, I thought that this was a marvelous idea. There have been times when I would like to save a card to use at a more convenient time, but couldn't because it would have expired. I also think that it helps relieve some of the stress on the person who is buying the gift card. It eases their mind, knowing that the person they are giving it to will be able to get something that they actually want or need. Since these rules do not become active until next year, this holiday season will not gain the benefits, but there is not too much more time to wait. I know I am looking forward to the exciting new change!