Wednesday, September 30, 2009

AMEX drops Gift Card Fees

American Express announced today that it will drop monthly fees associated with gift cards--effective immediately. The Washington Post says, the credit card law that President Obama signed in May prohibits gift cards from expiring for the first five years. Fees can't be assessed unless the card has been dormant for at least 12 months. The gift-card provision of the law takes effect in August 2010. Seeking to stay abreast of changes and to keep a good face with its customer's American Express has voluntarily eliminated its fees just shy of one year in advance.

Are other prepaid card or gift card providers to follow?

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