Since the cave man showed loyalty to his fellow hunter by sharing an antelope drumstick, humankind has felt the need to give gifts. From the exchange of those early humble haunches, humans have evolved gift giving into a science, resulting in the time and money saver known as the gift card. Let’s examine the history of gift giving and gift cards to really catch a glimpse of the impact it’s had on our lives
Many historians believe we owe our entire civilization to the gift-giving instinct: It's the groundwork of bartering and the basis of our modern economic system. Land passed from one generation to another was considered a gift, while the Romans and Greeks believed good luck to be a "gift" from the gods. Rulers, gods and religious leaders had long received
"tributes" from their underlings, whether in thanks or fear of domination
In the past, uniform standards concerning gift cards did not exist. This was set to change as an addendum to the Credit CARD Act of 2009 directs the federal government to create consumer-friendly standards pertaining to gift cards. Most notably, the new regulations prohibit retailers from setting expiration dates unless they are at least 5 years after the card's date of issue or the date on which funds were last added to the card. In addition, retailers are no longer able to assess dormancy, inactivity, or service fees unless the card has been inactive for at least 12 months, and if fees are added after that period, the details of such fees must be clearly disclosed on the card. Additionally, retailers are unable to levy more than one fee per month. The new provisions took effect on August 22, 2010.
Open loop cards are governed by rules of the Comptroller of the Currency, however oversight has been criticized.[] Closed loop gift cards are subject to rules set by different state regulations, and issuing authorities vary widely in the rules they set for the consumer. Rules can be changed by the issuer without notifying the consumer.
