The Minister for Consumer Affairs has announced that a national scheme for the regulation of gift cards is to be implemented in the ACT.
The Minister, Shane Rattenbury said changes to the Australian Consumer Law aim to provide better protection for gift card consumers across Australia.
“There’s no reason why a gift card should expire after a short time,” Mr Rattenbury said.
“It’s been paid for,” he said.
“Consumers have been ripped off by gift cards expiring early.”
Mr Rattenbury said that with the exception of a few limited-use gift cards and vouchers, all gift cards bought from 1 November this year will have a minimum three-year expiry period.
“Even if traders state an earlier expiry date, it will be invalid and consumers will be entitled to the mandatory three-year period,” he said.
“It will also be illegal for traders to charge post-purchase or administration fees that will reduce the value of the gift card.”
He said Access Canberra had received around 100 general complaints and enquiries about gift cards over the past five years.
Mr Rattenbury said a breach of the laws could attract a $30,000 fine in the case of a body corporate, or $6,000 for individuals.