GREAT News If You ALWAYS Have Expired Gift Cards
If you’re the person who checks their drawer and finds three $100 gift cards that expired three months ago, no doubt you’ve sworn at yourself more often than you’d like to admit.
Life is busy, human’s forget things.
Surely we shouldn’t have to LOSE the money?
So what happens to that money?
Basically, customers lose out, and retailers get ‘free money’ just because of an unwarranted time limit - and it’s enough to turn you off buying a gift card as a gift.
However, the nation’s top consumer group, CHOICE, has called on Australian gift cards to have a minimum three-year lifespan - no matter where they’re for.
It’s not a lot to ask, given that Aussies spend an average of $2.5 billion a year on gift cards, according to a report on the Daily Telegraph.
Good news for NSW, as today the government is expected to announce reforms that give card recipients longer to spend the card’s value.
“Too many shoppers are losing out as a result of expiry dates on gift cards,” said NSW Fair Trading Minister Matt Kean.
“This amounts to consumers simply handing over millions of dollars and getting nothing in return.
“This need to change now. There is certainly no expiry on the cash that businesses pocket.”
Now, Australia’s states are being urged to follow NSW, as already it’s set to save the state’s consumers around $60 million. Currently many popular cards — including those issued by Myer, David Jones and JB Hi-Fi — have a life of two years. Westfield, Country Road and Red Balloon sell cards that expire after just 12 months. And many smaller retailers such as beauty salons only allow three months to use the stored value.
The worst part?
Some people don’t even know their card has expired because it was a gift bought for them and the details weren’t written on the card.