Consumer group calls for gift card expiry dates to be scrapped nationwide
National consumer group Choice is lobbying for nationwide changes to gift card expiry dates, with an aim to remove expiry dates completely, reports SmartCompany.
The growing calls for changes to gift card expiry dates come after the New South Wales state government recently ruled to extend expiry dates to at least three years from the date of purchase, a two-year increase on the current most common time limit of 12 months. The new rule will apply to all gift cards bought in NSW as of 31 March.
According to NSW fair trading minister Matthew Kean, Australians lose an estimated $200 million every year from unredeemed gift cards.
Several Australian retailers do not have expiry dates on their gift cards, including Bunnings, JB Hi-Fi, Apple, The Good Guys and, most recently, Woolworths Group.
‘Gift cards effectively take the value [of] cash, and water it down with limitations, expiry dates and other terms and conditions,’ said Choice spokesperson Tom Godfrey. ‘This creates clear benefits for retailers, and major risks for shoppers.’
‘We’d like to see all retailers follow the lead of Woolworths and Bunnings and remove gift card expiry dates completely,’ said Godfrey. ‘Cash doesn’t expire so why should a gift card?’
Category: Local news