Benefit for gift and credit cards
When the Card Act takes effect today it will benefit the consumers who use credit cards and gift cards.
The regulations, which are part of the Credit Card Act, apply to retail gift cards for individual stores as well as cards with a MasterCard, Visa, American Express or Discover logo that can be used wherever those brands are accepted.
As quoted from cantonrep.com
The new rules don’t apply to reloadable prepaid gift cards and cards that are issued as a reward or through a promotion.
The Credit Card Accountability, Responsibility and Disclosure Act, passed by Congress last year, deals mostly with credit-card regulations.
Those fees eat away at the value of the card.
If a gift card remains unused for 12 months, gift-card issuers can charge only one fee per month. Some gift cards could expire in as little as 13 months. Russell said the new gift card regulations are likely to increase purchase of the cards during the holiday season.
Other changes going into effect today concern credit cards. Consumers Union says credit card issuers no longer will be allowed to charge a late payment fee that is larger than the minimum payment.
