New rules for gift cards go into effect

August 23, 2010 4:56:56 PM PDT
The new gift card rules are going into effect and the rules are game changers.

All cards are good for at least five years, including bank branded cards like Visa and Mastercard.

The law bans inactivity fees on gift cards unless there has not been any activity for a year.

The law also now allows state laws that are stronger to stay in effect, so store gift cards bought in California may never expire and once they have a cash value of $10 or less, it can be redeemed for cash.