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Gift Card Gap? US Banker

26.05.10

All agree the new rules for prepaid gift cards are just common sense.

But implementing the required changes will be a challenge, and many worry the short time frame for doing so could hurt sales just as the busy holiday season starts to get underway.

The rules limit the fees collected on dormant cards and require better disclosure of the fees and expiration dates.

Though the changes are part of last year's Credit Card Accountability, Responsibility and Disclosure Act, the deadline for complying had been left open initially. Then in March the Federal Reserve Board decided on Aug. 22 as the effective date.

"The industry was hoping they could keep the old plastic on the shelf until January because of the holiday season coming up," says Judith Rinearson , a partner at law firm Bryan Cave , who represents the Network Branded Prepaid Card Association and Retail Gift Card Association . Instead, "everyone is scrambling," she says.

Prepaid players such as American Express and Green Dot Corp. prepped for the regulations by dropping fees, adding disclosures or making changes to the expiration dates on their gift cards. Still, many in the industry are worried about upfront costs that issuers are likely to pass on to consumers—which ultimately could dampen sales.

Source:

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