The third and final phase of the Credit Card Accountability Responsibility and Disclosure (CARD) Act kicked into action this month and the new rules also reign in fees on gift cards, which in the past lost value as they sat unused.

A huge money maker for the gift card issuer – sometimes called leakage.

Going forward, the law states that gift cards cannot expire for at least five years and cannot be subject to inactivity, dormancy or service fees, unless there has been no activity for one year.

The other fees on gift cards can still erode the value of the card, but it’s nice to know that not using the card will not be cause for a fee.