As we approach the traditional gift giving season, where those of us that are starved of both time and imagination will often resort to buying gift cards for friends and family, it may be worth noting the impact of new legislation concerning gift cards.

From 1 November:

• Gift cards must have a minimum three-year expiry period;
• Information about the expiry date must be displayed prominently on the card itself;
• Terms and Conditions cannot allow certain post-supply fees to be charged; and
• Certain fees cannot be charged after the gift card is issued.

Any terminology that may otherwise have the effect of reducing the expiry period or allowing for further fees, will be deemed void. Contravention of any of the above requirements attracts a maximum penalty of $30,000 per offence.

So, if you are purchasing a gift card this year, at least you have the knowledge that the gift card you buy should represent better value than last year’s card!