Gift Cards

Have you even tried to use a gift card, only to find out it is expired, or the value has decreased?  I'm talking about those American Express, Visa, and Mastercard gift cards that charge a fee to activate.  (Who gives those anyway?)  These companies have enough money without charging inactivity fees or setting expiration dates. Seriously though, I didn't know money expired.
I admit, this isn't really a customer service issue; rather, it seems more like a complete scam!
The Federal Reserve Agrees.  The Credit Card Act of 2009 entails new rules that allows people like you and me to keep our money (well, keep our money a little longer). Cards cannot expire before 5 years, and inactivity fees can only take effect if the card has not been used in 12 months.  These rules apply only to cards sold after August 22, 2010, so make sure to use the gift cards you already own now.
Remember, these companies are going to try and implement fees in other areas such as balance inquiries.

In Summary, the Federal Reserve is trying to ensure that consumers are not scammed by gift card retailers.  New rules take effect, but fees and expiration dates still exist.  If you want to give a gift, try cash (it doesn't expire).  Other companies such as the Gap allow you to use their gift cards at all Gap owned entities including Banana Republic, PiperLime, and Old Navy.  These cards have no fees/expiration dates.  Don't forget about stores that offer incentives to buy gift cards.  This is especially try during the holiday season where you can often get a free $10.00 gift card when you buy $50.00. And who can't use a gift card to Target?  Skip the Bank-owned cards, and try one of these....just be sure to check for fees.

Until I shop again,
The Customer Service Spy
Twitter.com @TheSpyShopper