Congress Extends Transition Deadline for Gift Card Rules

With a resounding "Yay!" I post today about one of the smartest things Congress has done in a very long time. They passed the ECO-Gift CARD Act, which will avoid the destruction of over 100 million plastic cards, ensuring that consumers can access these cards during the busy holiday shopping season.

"The act extends the August 22nd gift card implementation deadline, as mandated by Federal Reserve regulations pursuant to the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act, to Jan. 31, 2011. This would allow the industry to sell existing gift cards, gift certificates, store gift cards and general-use prepaid cards produced prior to April 1, 2010."

This is a reason for celebration not just for retailers but for consumers as well. So let's raise a hearty cheer of "Great!!, knowing that we can shop this coming holiday season without interruption. At a time when we are having so many second doubts about the actions of government, it is really refreshing to run across news like this.

Here is the full article from PRNewswire.com.