New York officials are making major changes to credit cards and gift cards to “protect” Empire State residents.
Just before Christmas, Gov. Kathy Hochul signed a package of legislation that officials believe will “protect” New Yorkers from “exploitative credit and gift card practices in New York.”
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One bill will create a grace period for Empire State residents to use credit card reward points after closing a credit card account. The other bill will ban fees and expiration dates on gift cards and gift certificates.
“It’s more important than ever that we protect them from unfair practices that have a real impact on consumers’ bottom line,” Hochul said. “This legislation will guarantee a season of good cheer in New York State by making sure that no New Yorker unfairly loses their accumulated credit card rewards or is shortchanged when buying a gift card for a loved one.”
Change To Gift Cards Sold In New York
Gift Cards
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Legislation S.3467-B/A.4629-C prohibits fees and expiration dates on gift cards and gift certificates.
“Many gift cards are sold with a variety of fees attached that can significantly reduce their value. These include fees paid at the time of purchase and dormancy fees for failing to use a gift card for a certain period of time,” Hochul’s Office stated.
The new bill will ban all fees on…
