Giving away gift cards? Know these rules and regulations in New Jersey

Gift cards are a holiday favorite, popular for their simplicity and versatility, and are among the most popular gifts, according to the National Retail Federation.

But before you stock up on these gift items on Black Friday, here’s what you should know about gift cards in New Jersey.

Do gift cards expire in New Jersey?

Although gift cards expire, some rules apply.

The Federal Credit Card Accountability Responsibility and Disclosure Act of 2009 made it illegal for gift cards to expire at least five years after purchase or the last balance on the card.

However, the CARD law allows retailers to reduce the value of the card if it is not used for a year.

However, in New Jersey the rules favor the user a little more.

According to the New Jersey Division of Consumer Affairs, gift cards may have an expiration date, but the money on them may not. This means retailers don’t have to honor the card, but they do have to let you use the money on it.

New Jersey also gives users two years before any dormant fees can be deducted from the card. And even then, the cap is $2 per month.

So if you had less than one Venti coffee card credit in your junk drawer from the pandemic days, it’s probably gone. But you should probably check it out anyway.

Can you exchange gift cards for cash?

Before gift cards, a popular gift was an envelope with a few George Washingtons inside.

Luckily, under New Jersey law, your gift cards have the same appeal.

In fact, there are several third-party vendors in New Jersey that will purchase your unused gift card.

If you have cards with a balance of less than $5, you can return them to the original retailer for cash value.

And if you have more than just a few dollars on your cards, you can try gift card swapping websites or apps that let you buy and sell cards you don’t plan on using.

Are discounts on gift cards legal?

As popular as gift cards are on Christmas morning, they’re even hotter on Black Friday.

Then many small businesses and national chains offer offers like “Buy a $50 gift card and get a $10 bonus card.”

These offers encourage buyers to spend more to get more. However, some bonus cards have different rules or expiration dates. Be sure to ask the dealer.

Are digital gift cards the same?

Digital gift cards are growing just as quickly as physical cards. They are preferred because they are harder to lose, easier to track and use, and can be passed on instantly.

Some recent data suggests that half of gift card users say they prefer digital cards over physical cards.

And yes, the same rules apply to the virtual cards in your digital wallet in New Jersey as the small plastic cards in your actual wallet.

Giving away gift cards? Know these rules and regulations in New Jersey

ByAmelia Journalton

By Amelia Journalton

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