Changes to NSW legislation see Gift Card expiry dates changed
Gift Cards are always a popular choice for a present, they provide convenience and most retailers offer them to consumers, meaning they are readily available in those gifting times of needs. But a large percentage of them are lost or failed to be used before their expiry date, in fact statistics show that of the $2 Billion spent on Gift cards in Australia, 10 to 27 perfect are never redeemed. This means that the retailer benefits off the unredeemed cards.
So with the cost of expired gift cards coming in at least $200 million a year, there is rising pressure for other States and Territories to follow the new legislation that NSW has now brought in which sees all gift cards and gift vouchers to have a minimum expiry of three years.
Although there will be a transition period for some months to come, the New South Wales Parliament has introduced legislation that enforces this three year minimum expiry date on gift cards and vouchers. Amendments to the Fair Trading Act 1987 Make it so that from the 31 March 2018, all gift cards or gift vouchers sold to a consumer in NSW must have a mandatory minimum expiry of 3 years. There is also a ban on charging any post-purchase fees associated with redeeming the card/voucher that would reduce its value. For full details and limitations on this legislation, along with guidelines on transition period check out this link.
Although only law in NSW currently, the consumer group Choice is urging state and territory governments to implement similar reforms so that shoppers can be protected and currently a lot of large national retailers have taken this on board and implemented it in all the stores nation wide.