The National Retail Federation estimates consumers spent
$55 billion on gift cards and certificates last year, the majority of
which were purchased during the Christmas holiday season. This amount is
expected to grow to $85 billion business by 2007. Approximately 3-5% -
$1.6 to 2.75 billion worth or more - are never redeemed.
In the past, many retailers have imposed activation charges, monthly
service fees and expiration dates that can render a gift card or
certificate worthless after a period of time, but increasingly state
regulators are scrutinizing the practice.
About two-thirds of states have either enacted or proposed laws that
specifically address gift cards, from banning "unconscionable" gift card
service fees to banning inactivity fees and expiration dates altogether.
California, as an example, banned expiration dates in 1997 and non-usage
fees in 2004.
It may be possible,
therefore, for owners or purchasers to reclaim unused balances. For
assistance recovering unused gift certificates gift card balances, go to:
Gift
Card / Certificate Search
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