Gift Cards for Christmas-beware.

The Federal Reserve Board on Monday formally announced proposed rules that regulate fees, expiration dates and other key features of gift cards. “The rules would protect consumers from certain unexpected costs and would require that gift card terms and conditions be clearly stated,” the Fed said in summarizing its new rules, which specify how it will enforce the Credit CARD Act of 2009 enacted in May. These regulations won’t take effect until Aug. 22, 2010, although a few gift card issuers already are honoring some of them. Gift cards, no doubt, are catching on big-time. This holiday season gift-card sales are expected to top $24 billion. But gift-giving purists fail to see anything special about a card with its value stamped so visibly on it.However stats don’t lie._$24.8 billion: total gift card sales this holiday season_$116.51: average amount consumers will spend on gift cards this year_$88.03: average amount consumers spent on gift cards last year (2005)_79.7 percent: consumers who said they plan to purchase at least one gift card ICard http://budurl.com/384g a leader in Gift Card issuers offers no expiration date cards, emailable gift cards and certificates and the new green gift cards (no paper-no plastics gift cards). Shopping from home makes Santas’ job much easier this year with gift cards for Christmas. Beware.

Rockyj Owens
Happy Holidays

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