Aug 22, 2010
New Rules for Gift CardsBy Jonnelle MarteOnline.WSJ.com

New rules taking effect today could make giving and receiving gift cards more appealing.

The regulations, which are part of the Credit Card Act, apply to retail gift cards for individual stores as well as cards with a MasterCard, Visa, American Express or Discover logo that can be used wherever those brands are accepted.

On gift cards bought starting today, balances can’t expire for at least five years from the date of purchase, or from the last date additional money was loaded onto the card. If the physical card expires before then, you just need to get the balance transferred to a replacement card at no cost.

When money is added to a card, both the new money and existing balance will be good for another five years.

There also are some changes to fees. Generally, inactivity fees now can be charged only if a card hasn’t been used for at least one year. But gift-card buyers may still be charged a fee to purchase the card or to replace a lost or stolen card.

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