May 6, 2024 Gift Card Terms and Conditions 1. Validity and Expiration: Gift cards purchased in New York State on or after December 10, 2022, will remain valid for a minimum of nine years from the date of purchase If the remaining value of a gift card or gift certificate is less than five dollars, the recipient has the option to receive cash for the balance. 2. Prohibited Fees: All fees related to gift cards and gift certificates are prohibited under the new law. This includes: Activation fees Retroactive fees Redemption fees Service fees Dormancy fees Latency fees Administrative fees Handling fees Access fees Periodic fees Renewal fees Re-loading fees Any other fee of any kind. 3. Exceptions: A gift card or gift certificate redeemable at multiple, unaffiliated merchants or service providers may charge a one-time activation fee, not to exceed $9. 4. Display of Terms: Businesses must prominently post the ‘Terms and Conditions’ that apply to their gift cards. This includes information on how to replace a missing card. 5. Consumer Protection Nine years of validity for gift cards. Cash redemption for balances under five dollars. No decline in value due to fees.
