INDIANAPOLIS (WISH) — If you’re taking stock of your stocking or looking through those holiday presents, you likely have at least one gift card.
There are some things you need to know about gift cards before you toss it into a drawer or wallet. For example, you might not want to wait too long to spend them. I-Team 8’s Stephanie Zepelin has the consumer tips.
Richard Shevitz, an attorney at Cohen & Malad, where they work on a lot of consumer protection lawsuits, says a federal law provides that gift cards cannot expire any sooner than five years after they have been issued.
“We’ve fielded calls about gift card issues from time to time,” Shevitz said.
He said the issue with gift cards primarily is that the law provides that nothing should interfere with the full cash value of the gift card.
Some states mandate gift cards hold their value beyond five years, but that list doesn’t include Indiana.
Listen to the video for more tips.