Buffalo, N.Y. (WBEN) - With less than two weeks remaining before Christmas, many people are beginning to make their final preparations for the holiday. This includes checking off the gift list for many family members, friends, and even co-workers you may be hoping to please this season.
There is some good news this holiday season, as there is a new change recently going into effect for those looking to purchase gift cards as presents this Christmas.
"The change is the new law that was passed last year, it just went into effect this past week, that provides more security and protections for consumers in that the gift cards, themselves, will now expire after nine years, whereas previously, it was a five-year limit," said Matt Krueger, Communications Director with the Better Business Bureau of Upstate New York.
It was last December when Gov. Kathy Hochul signed a package of legislation geared towards protecting consumers from exploitative credit and gift card practices in New York State. This new bill will protect credit card holders by creating a grace period for the use of reward points after the closing of an account, and also prohibits fees and expiration dates on gift cards and gift certificates.
This year's change to state rules regarding gift cards is certainly a nice little way to help benefit consumers in the long run, just as long as they remember to use their gift cards, of course.
"I think we've all done that, where we get a gift card for Christmas or a birthday, we drop it in our desk drawer intending to use it later on, and then we completely forget about it," Krueger said. "This certainly is a nice protection for consumers that if you do find it in that desk drawer or an old coat, five, six years down the road, you can still use it."
As long as people don't forget about their gift cards for too long, Krueger doesn't see any negative aspects for these changes for consumers in New York State.
"Certainly there are a lot of pros here for the consumer," he said. "This gives you an extended period of time where you can use that gift card, you don't have to worry about fees and interest charges eating away at that gift card over time.
"As far as the business side of this goes, really, a legitimate business is not going to have a problem with this. It's just providing a fair transaction here, and that's always been what we look for, is to create a marketplace where buyers and sellers can trust each other."
And not only does this change of policy apply to the large sale merchants, it will be a widespread change, even down to the local, smaller stores.
So what else does Krueger and the Better Business Bureau advise people to be aware of when it comes to the holidays this year? Krueger says there are always concerns with purchasing gift cards, especially when it comes to gift card scams to avoid.
"We always recommend that you buy gift cards from a trusted retailer, go with the companies that you know. If you're purchasing them at the store themselves, you know it's going to be legitimate, safe and worthy of your money. If you're buying them online from a third party, you have to be very careful, because that's where scammers can create fake websites or they can sell fake gift cards where it's just a ploy to steal your money from you. So definitely know who you're buying from, and only go to those trusted sources," Krueger explained.
"Also, if you're paying bills and somebody requires you to pay with a gift card, that is almost a sure sign that it is a scam, because government agencies and companies will not do that."
Hear more of our conversation with Krueger available in the player below: