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Minnesota House of Representatives

State Representative Joe Atkins

583 State Office BuildingState Office Building
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4192

For more information contact: Matt Swenson 651-297-8406

Posted: 2007-11-20 00:00:00
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GIFT CARD LAW ARRIVES JUST IN TIME FOR THE HOLIDAYS

ST. PAUL – The day after Thanksgiving, holiday shoppers all across the state will roll out of bed before the sun comes up to meet the frenzy that is most commonly known as Black Friday – the busiest, and arguably craziest shopping day of the year. Thousands will rush to the malls to cash in on what are advertised as some of the biggest sales of the holiday season to find perfect gifts for family and friends.

Based upon recent buying trends, that perfect gift is… a gift card. According to the most recent National Retail Federation gift card survey, it is estimated that holiday shoppers will spend over $26 billion on gift cards this holiday season alone, making it far and away the most popular holiday gift.

A gift card is an even better purchase this year, now that a new Minnesota law prohibiting expiration dates and fees on gift cards and gift certificates has taken effect – just in time for the holiday shopping season.

"Gift cards are great," said State Rep. Joe Atkins (DFL – Inver Grove Heights), chief author of the new law. "But rather than being the gift that keeps on giving, they were often the gift that kept on taking. Expiration dates and fees eroded the value of the cards, sometimes leaving the recipient with nothing. That’s why we needed this law."

In fact, this year's NRF survey indicated that 27 percent of those who received gift cards last holiday season have yet to cash in – that's up from 16 percent last year at this time. Many of last year's gift cards have lost a portion of their purchasing value, are nearing expiration, or have expired already. But Rep. Atkins' legislation, passed in the 2007 session and signed into law by the governor, has put an end to all that.

"People spend money on these gift cards expecting their family and friends will be able to redeem the full value of the card," said Atkins, who chairs the House Commerce & Labor Committee. "By putting an end to gift card expiration dates and onerous fees, we made sure Minnesota consumers are getting what they paid for."

But Rep. Atkins warns that his legislation won't protect consumers from all expiration dates and service fees. He urges consumers to check the fine print. Atkins says to get their money's worth, holiday shoppers in Minnesota should:

1. Avoid bank cards and cards issued by credit card companies, which are subject to federal law and still have fees and expiration dates.
2. Look closely at the card – even though it may look like it comes directly from the retailer, the small print may reveal it is a bank card with fees and an expiration date.
3. Avoid cards where you can see the number on the card before purchasing it – those cards are popular with cyberthieves who use the number to make online purchases without having to buy the card.

"Consumers ought to get what they pay for," said Atkins. "And I'm committed to doing whatever it takes to make sure that happens."

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