Editing Gift card (section)

==Regulations==

=== Canada ===
All Canadian provinces have passed laws to ban expiry dates and fees collected on gift cards.<ref>{{cite news|url=https://financialpost.com/entrepreneur/gift-cards-come-with-regulations|title=Most provinces now disallow expiry dates|last=Entrepreneur|date=27 February 2012|newspaper=Financialpost|access-date=29 March 2019|archive-date=12 December 2019|archive-url=https://web.archive.org/web/20191212044951/https://financialpost.com/entrepreneur/gift-cards-come-with-regulations|url-status=live}}</ref> However, provincial gift card laws do not apply to sectors that are regulated under federal laws. For example, gift cards that resemble credit cards ( i.e. with American Express, MasterCard, or Visa branding) and phone cards are regulated by the federal government. Under the federal ''Prepaid Payment Products Regulations'', effective 1 May 2014, federally regulated gift cards may only charge maintenance fees under certain conditions and may not set an expiry date for funds on those cards.<ref>{{cite web|url=https://www.canada.ca/en/financial-consumer-agency.html?itemid=249|title=Financial Consumer Agency of Canada|date=26 July 2015|website=Canada.ca|access-date=29 March 2019|archive-date=29 March 2019|archive-url=https://web.archive.org/web/20190329222632/https://www.canada.ca/en/financial-consumer-agency.html?itemid=249|url-status=live}}</ref>

=== United States ===
In the past, there were no uniform standards concerning gift cards. This was set to change,{{needs update|date=April 2025}} as an addendum to the [[Credit CARD Act of 2009]] directs the federal government to create consumer-friendly standards pertaining to gift cards.<ref>{{cite web|url=https://www.govtrack.us/congress/bills/111/hr627/text|title=Text of H.R. 627 (111th): Credit Card Accountability Responsibility and Disclosure Act of 2009 (Passed Congress version)|website=Gov Track|archive-url=https://web.archive.org/web/20120404032822/https://www.govtrack.us/congress/bills/111/hr627/text|archive-date=4 April 2012}}</ref> Most notably, the new regulations prohibit retailers from setting expiration dates unless they are at least five years after the card's date of issue or the date on which funds were last added to the card. In addition, retailers can no longer assess dormancy, inactivity, or service fees unless the card has been inactive for at least 12 months; if fees are added after that period, the details of such fees must be clearly disclosed on the card. Additionally, retailers are unable to levy more than one fee per month. The new provisions took effect on 22 August 2010.<ref>{{cite news|url=http://wkow.com/Global/story.asp?S=12188430|archive-url=https://web.archive.org/web/20110718073219/http://wkow.com/Global/story.asp?S=12188430|url-status=dead|archive-date=2011-07-18|title=Gift Cards|date=August 2010|work=WKOW}}</ref>{{needs update|date=April 2025}}

Open loop cards are governed by rules of the [[Comptroller of the Currency]]; however, oversight has been criticized.<ref name=consumer/> Closed loop gift cards are subject to rules set by different state regulations, and issuing authorities vary widely in the rules they set for the consumer.<ref name=consumer/> Moreover, rules can be changed by the issuer without notifying the consumer.<ref name=consumerreports/><ref name=lewis/>