No More Fee’s!

With the passing of the Card Act, which went into force in August of 2010, consumers have even more reason to purchase gift cards. The Card Act officially ended the ridiculous fee’s card issuers were allowed to charge. Up until August 2010, card issuers were making a killing charging fee’s that were not properly disclosed to the purchaser or user. The fee’s included activation fees, dormancy fees and even a monthly fee. All have been eliminated by the Card Act. While issuers are still allowed to charge a onetime initial sales fee, they can no longer charge a fee to activate the card. Dormancy fees have been eliminated as well. By law, the issuing company cannot charge any fee’s for inactivity for the first 12 months. After 12 months of non-use, they are allowed to charge a monthly fee, in most states it cannot be more than $3.00. This fee can only be imposed if the card has been inactive for at least 12 months.

With the major fee’s no longer allowed to be charged, gift cards are more attractive than ever. With companies such as Gift Card Rescue offering huge discounts on gift cards, they are fast becoming the most popular gifts around. Prepaid gift cards from Visa and American Express are especially popular. These gift cards are as good as cash and can be used anywhere Visa or American Express cards are accepted.

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