The Laws, Regulations, Guidelines, and Industry Practices that Protect Consumers Who Use Gift Cards

32 Pages Posted: 15 Sep 2008

Date Written: July 2008

Abstract

This paper discusses consumer protections available to gift-card users. Specifically, it examines the ways in which value loaded at the time of purchase is protected for future card use or returned to consumers when the card is not used or has expired. The consumer protection information included in this paper is derived from a number of sources, including several types of state statutes, Federal Trade Commission decisions, financial industry regulatory agency guidelines, and previous interviews with payments industry experts regarding practices concerning network-branded gift cards. This paper expands research begun by the Payment Cards Center in 2004 into prepaid cards generally and the protections available to consumers who use gift cards specifically.

Suggested Citation

Keitel, Philip Lehman, The Laws, Regulations, Guidelines, and Industry Practices that Protect Consumers Who Use Gift Cards (July 2008). Federal Reserve Bank of Philadelphia - Payment Cards Center Discussion Paper No. 08-07. Available at SSRN: https://ssrn.com/abstract=1266789 or http://dx.doi.org/10.2139/ssrn.1266789

Philip Lehman Keitel (Contact Author)

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

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