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Article: Gift Card Landscape Is Changing As Issuers Cut Post-Purchase Fees.(Prepaid News)
- Article from:
- ATM & Debit News
- Article date:
- November 12, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Will Hernandez
Consumers who buy and use open-loop gift cards long have complained to providers and issuers how dormancy or inactivity fees erode the card's value.
The Credit Card Accountability, Respon-sibility and Disclosure Act of 2009 will address these fees, but two gift card issuers have jumped ahead of the new federal regulations and have eliminated all after-purchase fees.
GiftCards.com two weeks ago eliminated expiration, transaction and replacement card fees on its Visa-branded gift cards; in March the Pittsburgh-based company eliminated the monthly maintenance fee. Pensacola, Fla.-based First Gulf Bank NA issues the cards.
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