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Some states are scrutinizing the gift card business this holiday season. The Illinois Attorney General's office said in a statement released yesterday that consumers should read the fine print on gift cards to make sure that they know the expiration date and fees for the card. Illinois law requires all gift cards consumers purchase after Jan. 1, 2008, remain active for at least five years and that issuers clearly display expiration dates and fees on the card. If an expiration date is not on the card, then it must note a toll-free telephone number to call so the cardholder can determine when the card expires. But the office warns that consumers must still be careful because gift cards purchased before this year do not need to remain active for five years. Bank-issued prepaid cards are not subject to the new law.
