New Rules in Texas Will Protect Consumers

In response to many consumer complaints about gift cards having expiration dates, a few companies have begun doing away with them. 

The Texas Legislature is attempting to take things one step further. 

They are looking to outlaw any sort of gift card expiration.

It is estimated that over $70 billion in gift cards will be purchased this holiday season.  One third of those will be used within 90 days, another third within six months, with the remainder sitting unused for six months or longer.

The new law is an attempt to protect consumers.  Many cards begin to expire between six months to two years.  It is this last third of unused gift cards that is the aim of the legislature. 

The new law would apply to gift cards from stores but would not apply to gift cards issued by credit card companies such as Visa and Mastercard.  It is great to see Texas taking a step towards consumer protection, and even better that some companies began the transition on their own.  Hopefully the new legislation will lead to greater ease of use with all types of gift cards.