Number: RS22431
Title: Gift Cards
Authors: Pauline Smale, Government and Finance Division 
Abstract: Terms and conditions (including fees, lost or stolen card policies, and expiration dates) for individual card products vary. Gift card programs have different features and applications. In addition, the varying capabilities of merchants' data processing systems can affect card usage. This can be confusing to both recipients and givers. Federal regulators have responded to concerns. Advisories were issued providing consumers with information and tips on gift cards. In addition, regulatory guidance articulates practices to be followed by financial institutions that establish and administer gift card programs. Some states have consumer protection laws that cover gift cards. Consumer advocates have urged Congress to create a set of national disclosure standards for gift cards and to curb or prohibit fees.
Pages: 5
Date: October 5, 2007