One unexpected benefit of the CARD Act, if it passes the Senate vote, is that Senator Charles Schumer of New York has included a provision that prevents abusive gift card practices.
Specifically, the provision:
- prevents gift cards from expiring for five years after issuance;
- forbids so called “account maintenance” fees unless the card has been dormant for at least 12 months;
- and gives the Federal Reserve the power to cap fees.
The Senate may vote on the CARD Act as early as today, but you’ve still got time to send an email to your senators telling them you want it passed.