9 October 2017
Consumer advocacy group, Choice has welcomed the NSW Government's decision to change unfair gift card expiry dates.
"These reforms have been a long time coming and are a big win for NSW consumers," says CHOICE Head of Media and spokesperson, Tom Godfrey.
"Unfortunately unfair expiry dates on gift cards cost consumers a small fortune each year.
"While a gift card might seem like a convenient and simple fix to your shopping dilemma, in reality you're often buying tricky terms and conditions your loved one will have to comply with.
CHOICE has previously called for a longer gift card expiry of 5 years and for people to be able to cash out remaining small balances – a requirement which is mandated in some states in the US.
"CHOICE believes three years is a reasonable expiry period for business to comply with, although it's worth shopping around for cards without any time restriction," says Mr Godfrey.
"These cards are a gift horse for retailers who can take advantage of inflation, changes in value and low redemption rates. The least these companies can do is offer a product that's fair, including a minimum expiry with no sneaky fees.
CHOICE is urging state and territory governments across Australia to implement similar reforms to protect shoppers.
"With these reforms making gift cards simpler and fairer for consumers, we hope it signals the beginning of the end of retailers cashing in at our expense," says Mr Godfrey.
"We'd like to see these changes rolled out across the country to make gift cards fairer for all consumers."
Tom Godfrey, Head of Media and Spokesperson, 0430 172 669, @choice_news
Set up by consumers for consumers, CHOICE is the consumer advocate that provides Australians with information and advice, free from commercial bias. As vital today as when we were founded in 1959, CHOICE continues to fight for consumers and uncover the truth.
By mobilising Australia's largest and loudest consumer movement, CHOICE fights to hold industry and government accountable and achieve real change on the issues that matter most.