Sunday, October 26, 2008
Michigan law makes new gift cards good for 5 years
Gift cards are seen as a quick and easy solution to holiday gift-giving dilemmas. It will be more convenient to make them good longer than a year. I like this new policy.
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6 comments:
I wish this was the new law in PA!! I guess most states are soon to follow. California was the first one to stop the dormancy fee I believe. I've lost one or two to dormancy fees and a few to expiration. It is a bummer, but it seems like more and more gift cards are what people prefer. I know my 8 year old is already learning that he prefers to pick what he wants at his leisure.
I wonder how card companies are going to complain about this since they might be losing a decent amount of money from ones that aren't used or expiration fees. Hey, i'm all for extending the life of a gift card. It just gives me more time to figure out what i'm going to buy at Old Navy with the gift card my parents give me after getting it for Christmas and not using it!
It would be great if PA passed a similar law, even if it was for 2 years. Half of the time it is the following Christmas that you remember you have them.
I know I have found myself buying more and more of them each year for nieces & nephews and family that live long distances.
I am afraid to buy gift cards this year. You just do not know what companies will be around for the gift recipient to redeem them. I will not be pre-paying anybody for anything this holiday season.
I think there should be no expiraton date whatsover. The company sold the gift card therefore the customer has as much time as he wants to buy the gift. I think it is absolutely ridiculous that there are expiration dates on gift cards.
I know that gift cards are popular with the teenagers as well and like many of you said we don't always have time to use them right away but the one thing that I noticed in this article was that it didn't sound like it was a problem until a lawmaker had an issue with it. Who it have every changed if this incident hadn't occured?
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