Did You Know?
If you sell a gift cards or gift certificates for your business during the holiday season or throughout the year, the recipients must have at least five years from date of purchase to use it. Under Federal Reserve rules, the expiration dates on gift cards and printed or electronic gift certificates must be at least five years from the date of purchase. But issuers can start charging monthly fees on gift cards that are not used within a year. (ed, note - if no expiration date is printed, certificate may not expire)
The so-called "dormancy”or "inactivity" fee may be charged once per month with no limit. The fee must be clearly disclosed on the card or certificate, so remember to add the fine print if you will be charging those fees. Cards or certificates issued as a reward or part of a promotion can expire in one year. Also, gift card issuers are not required to replace lost or stolen gift cards.
Some states, such as Massachusetts, extend gift card expiration dates beyond the federal law requirement. The federal rules apply in Wisconsin, however, which does not regulate the sale of gift cards and certificates.
Moral of the story: Encourage your clients to use their gift card within a year to ensure they get full value.
[Law Source: Wisconsin Department of Agriculture, Trade and Consumer Protection]
If you are an AMTA Member, you can get some good discounts on certificate & Gift Card services:
Vistaprint offers members a savings of 20 percent sitewide, if you would like to design & print your own certificates.
Square is a source for gift cards, and offers online stores for purchase. AMTA members receive a free card reader, and as part of an exclusive promotion to AMTA members, for a limited time, Square is now offering AMTA members $1,000 FREE in credit card processing fees, to use within 360 days, when you sign up for Square.
Spafinder Wellness 365™'s Gift Card Program allows you to boost your online presence and attract new customers with the most trusted spa and wellness marketing and gift card program on the web. The first 60 days are free for AMTA members.
If you sell a gift cards or gift certificates for your business during the holiday season or throughout the year, the recipients must have at least five years from date of purchase to use it. Under Federal Reserve rules, the expiration dates on gift cards and printed or electronic gift certificates must be at least five years from the date of purchase. But issuers can start charging monthly fees on gift cards that are not used within a year. (ed, note - if no expiration date is printed, certificate may not expire)
The so-called "dormancy”or "inactivity" fee may be charged once per month with no limit. The fee must be clearly disclosed on the card or certificate, so remember to add the fine print if you will be charging those fees. Cards or certificates issued as a reward or part of a promotion can expire in one year. Also, gift card issuers are not required to replace lost or stolen gift cards.
Some states, such as Massachusetts, extend gift card expiration dates beyond the federal law requirement. The federal rules apply in Wisconsin, however, which does not regulate the sale of gift cards and certificates.
Moral of the story: Encourage your clients to use their gift card within a year to ensure they get full value.
[Law Source: Wisconsin Department of Agriculture, Trade and Consumer Protection]
If you are an AMTA Member, you can get some good discounts on certificate & Gift Card services:
Vistaprint offers members a savings of 20 percent sitewide, if you would like to design & print your own certificates.
Square is a source for gift cards, and offers online stores for purchase. AMTA members receive a free card reader, and as part of an exclusive promotion to AMTA members, for a limited time, Square is now offering AMTA members $1,000 FREE in credit card processing fees, to use within 360 days, when you sign up for Square.
Spafinder Wellness 365™'s Gift Card Program allows you to boost your online presence and attract new customers with the most trusted spa and wellness marketing and gift card program on the web. The first 60 days are free for AMTA members.