​​Gift Card Laws and Policies

Spread the love

Gift cards, as the name indicates are preloaded monetary gift alternatives that allow the buyer or gift recipient to purchase goods and services at retail stores and other places. Gift cards are divided into two categories: “Retail” or “closed-loop” gift cards and “Bank” or “network” gift cards.

 

 

Retail gift cards are issued by a specific retailer or brand and can only be used at that retailer’s store, such as Walmart, Best Buy, or Amazon. Visa, Mastercard and American Express bank cards, for example, can be used anywhere acceptable. Gift cards can be purchased online or in person, with the buyer setting the beginning value.

 

Laws Regarding Gift Cards

There was a time, consumers used to dislike gift cards because of the confusion around hidden charges, expiration dates, stringent use conditions, and other restrictions associated with the use of the cards. Gift card regulations were primarily left to the discretion of the store or bank issuer, who frequently acted without regard for defined norms or regulations.

 

New laws governing gift card dormancy, inactivity, services fees, and expiration dates were enacted as recently as 2010 under the Credit Card Accountability Responsibility and Disclosure Act. In essence, gift card issuers are prohibited from charging inactivity costs, such as maintenance fees, balance enquiry fees, and transaction-based fees, until one year has gone since the card was last used. Gift certificates must also be valid for five years from the date of issuing.

What to Look for in the Small Print

Despite the fact that new rules have made gift card policies more transparent, buyers should still read the “small print.” While rules limit the amount of time that shops and merchants can charge fees, it’s crucial to understand what happens once that time has passed.

 

Here are a few things to check for when purchasing or utilising a gift card.

  1. Dates of expiration: These dates are subject to change. For further information, contact the business or the bank.
  2. Preventing Loss and Fraud Check with the retailer or your bank to see what will happen if your card is lost or used fraudulently. In certain cases, such as if the card has never been used and the initial balance is still intact, many retailers may offer gift card replacement.
  3. PINs (Personal Identification Numbers): Activation PIN codes are required for some bank-issued gift cards. Check with the bank to see what policies they have in place.
  4. Dormancy fees are imposed after a period of inactivity. It’s best to sell your gift cards for cash if you receive gift cards that you do not need from friends or loved ones, instead of letting them go dormant or expire. Do this on a reliable platform like Cardnosh. So when you get a Steam card and you’re not a game freak, this is best for you.
  5. Reloading cash on a gift card: Some retailers allow gift cardholders to reload funds on their cards for future purchases.
  6. E-gift card: An “e-card” is a type of gift card that is delivered to the recipient’s e-mail inbox and can be used in the same way as a physical gift card.
  7. Checking the balance of a gift card online is possible in some cases.
  8. Option for free shipment and delivery: Shipping and/or delivery charges are common with online transactions. You can check to see if the store offers free shipping with your specific card.
  9. Restrictions on use, such as “domestic use only,” limit the card’s use, for instance, to the United States.

Conclusively, speak with an experienced consumer protection lawyer in your area if you believe you’ve been the victim of unfair and deceptive company practices concerning gift cards, or if you have any other consumer-related issues.



Call Bridget Edokwe Esq on 08060798767 or send your email to ngbarrister@gmail.com


Get ‘Personal Property Law in Nigeria’ By Chief Mike A.A. Ozekhome, SAN (FREE)

Click below to download FREE

https://www.pulp.up.ac.za/monographs/personal-property-law-in-nigeria

CLICK HERE TO KNOW MORE ABOUT THIS BOOK Call: 08038784639 to get a copy handy now @ N5,000. The book is also available at the Nigerian Law School Book Bookshop Lagos, call the number to pick your copy

ADVERTISEMENT

BESTSELLER: Commercial and Economic Law in Nigeria By Chief Mike Ozekhome, SAN [ORDER NOW] To ORDER click the link https://kluwerlawonline.com/EncyclopediaChapter/IEL+Commercial+and+Economic+Law/COMM20210001

Price – N20,000 only To Order – WhatsApp, text or call – 08037009616 Office – No 1 Dyaji Close, Rayfield, Jos



Contacts for purchase: AbujaMohammed08077011782 Lagos- Ibidemi08051395562 EnuguLoveth08037320902

Buy the Book on Military Law, authored by a Veteran Military Lawyer, and launched personally by the then COAS.

SHOP NOW

CALL THIS PHONE NUMBER 07087622283 TO GET A COPY



To view About the book Author, Foreword and Table of Content, click Below [https://godigital.ng/about_book.pdf] To Place order and Cost, click here [https://godigital.ng/place_order.aspx Any further question or clarification call 08163162202 or send mail to info@godigital.ng

Price: ₦15,000 or £20 per copy [Hard Back– 20 chaps/715 pages] Contact Information Email: info@idrinstitute.com, info@adrinafrica.org WhatsApp only: 0803-703-5989 Voice Call – Mobile: 0817-630-8030,+234-805-2128-456, +234-909-9651-401 Landline: 09-2913581, +234-9-2913499, +234-9-2919209 Office Address: 50 Julius Nyerere Crescent, [Next To The World Bank], Asokoro, Abuja – Nigeria. Bank Account Details; Bank Name: UBA Plc.; Account Name: International Dispute Resolution Institute; Account Number: 1014072579

To get a copy kindly Call 07044444777, 07044444999 & 08181999888 or visit us at: Investment House, 7th Floor, 21/25 Broad St., Lagos. Buy online @ www.alexandernigeria.com





Available at Frank Agbedo & Co. Crown Chambers. 5th floor, left wing, Nipost Building, Lagos Island, Lagos State. Tel: 08033254471, 09077950432 Email: frankagbedo@gmail.com

The price of the book is fifteen thousand Naira (N 15,000) only.
Call any of the numbers below to place your order 08052508679, 08106743227; or visit, Theemploymentlawhandbook.com. for more information.


Law and Practice of Court Martial in Nigeria - N10,000. Handbook on Court Martial Practice - N6,000. Fundamentals of Confessional Statement in Criminal Trials - N8,000. To place an order Call or SMS the Publisher 08064999866 or email: lawcraftpublishersltd@gmail.com. Contact: Abuja - Alex 0803 599 1379, Lagos - Yetmoris 08033855230, Enugu - Helen - 07067176508, Port Harcourt and environs - Bukky 08034868754.



Price: 15,000 or £20 per copy [Hard Back– 21 chaps/700 pages]: Contact: info@idrinstitute.com, info@adrinafrica.org WhatsApp only: 0803-703-5989 : Voice Call – Mobile: 0817-630-8030, 0909-965-1401; 0705-767-0347; 0912-173-4691 : Landline: 09-2913581; 09-2913499

Steps To Subscribe To the Court of Appeal Reports Nigeria


Leave a Reply

Your email address will not be published.

%d bloggers like this: