After complaints from customers, American Express will stop deducting monthly fees on gift cards that go unused. The change takes effect immediately and includes gift cards already purchased by consumers. Previously the company had deducted $2 each month a year after an active gift card went unused from the card's value.
Complaints were only a part of it. The move comes on the heels of a credit card law passed earlier this year prohibiting dormancy fees on gift cards, unless they have been inactive for more than a year. The company will continue to charge an upfront fee of course. Prices from $2.95 to $6.95 on "general purpose" gift cards worth between $25 and $500.
At least they won't charge you if you lose them. If lost or stolen, they replace the cards at no additional cost.
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