Starting on August 22, 2010, rules on prepaid gift cards will change, but not all that much. The biggest changes are that they can't expire within five years of activation (unless the agreement explicitly says otherwise)
Inactivity fees will be limited, but not eliminated. You can't be charged any kind of inactivity fee or service charge unless there has been no activity for a 12-month period, or unless the fees or charges were disclosed up front (read the agreement carefully). If there are fees, there can be no more than one per month.
If it looks like a gift card, it may not be a gift card when it comes to these rule changes. These expiration rules don't apply on prepaid phone calls, reloadable cards, loyalty or award cards, cards issued for special events or venues like an amusement or theme park, or cards issued in paper only.
The bottom line is before you buy a gift card, or if you receive one for whatever reason, be sure to read the fine print to make sure that the card will work for you.
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