The Fed announced its new proposed rules for Gift Cards from the responsibility given to it by the Credit Card Accountability Act of 2009. The major change from rules on gift cards previously discussed is that rather than allowing monthly fees after 12 months, they will require that no fees be charged until 12 months of inactivity have passed. That won’t matter for people who receive a card and put it in a drawer.

The other interesting proposal is regarding the expiration of a gift card and the expiration date printed on the card, as it is with almost all open-loop (Visa-type) gift cards. In some states, these cards often have expiration dates that is before they are legally allowed to expire. The new rules include two proposals, one that would require the expiration date on the card to be at least 5 years out from the purchase of the card, and the other to allow for a shorter expiration date to be printed on the card but to allow consumers to receive a new card at no cost. It seems that it is up to Congress to suggest which proposal should be adopted