Monday, May 10, 2010

Prepaid cards versus rebate cards

In a recent article at Fox Business, they look at the difference between prepaid cards and rebate cards given out to replace rebate checks. Rebate cards are not currently protected by the Credit CARD Act of 2009. Many consumers confuse rebate and gift cards, as they do look similar. But they aren't because a rebate represents free money to a consumer, rather than money that has been placed on a card by a consumer to make purchases. The best way for consumers to avoid fees and expiration on rebate cards is for them to use them.

What do you think? Should rebate cards and prepaid cards be held to the same standards? Or is there a clear distinction between the two? While the money loaded onto a rebate card isn't the consumers, do they still have a right to always have access to that money?

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