Gift cards now will need to have a three-year minimum expiry date, and expiry dates will need to be prominently displayed.
Together with other state and territory Consumer Affairs Ministers, ACT Minister for Consumer Affairs Shane Rattenbury recently agreed to implement a national scheme for the regulation of gift cards, no matter where in Australia consumers purchased them.
"There's no reason why a gift card should expire after a short time. It's been paid for. Consumers have been ripped off by gift cards expiring early," Minister for Consumer Affairs Shane Rattenbury said today.
"With the exception of a few limited-use gift cards and vouchers, all gift cards bought from now on will automatically come with 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. It will also be illegal for traders to charge post-purchase or administration fees that will reduce the value of the gift card.
Access Canberra has received around 100 general complaints or enquiries about gift cards over the last five years.
"The ACT Government is committed to ensuring Canberrans are informed and empowered about their consumer rights," Minister Rattenbury added.
In 2016, industry bodies estimated that around 34 million gift cards are sold in Australia each year.
