HTN: Gift Card Protection

New York Senator Charles Schumer says the credit card bill of rights being considered by the Senate this week now includes protections for gift cards. Schumer says the bill will include new rules that curb hidden tricks and fees on store gift cards. Schumer says under the rules, gift card companies would not be able to reduce the balance of a card for a whole year and if used once, consumers would get a whole other year from that date. It would also prevent cards from expiring for five years. The credit card bill of rights also includes protections for credit card holders, putting an end to sudden spikes in interest rates.