There's more evidence, the CARD Act of 2009 is having a positive impact on the terms of bank-issued gift cards. Wells Fargo has announced both the Wells Fargo Visa Gift Card and the Wachovia Visa Gift Card no longer have monthly fees and the funds never expire.
While they could impose fees and expiration dates, it's good to see Wells Fargo join a growing group of companies who have eliminated expiration dates and monthly fees for gift cards. The purchase fee of $3.95 is also on the lower side of the spectrum for a bank-issued gift card.
Remember ScripSmart can help you find the best Visa gift cards. Just check ScripSmart's Gift Card Score® for any gift card before making the purchase.
One Negative Side Effect
It appears the CARD Act of 2009 continues to have one negative impact for consumers: bank-issued gift cards which were once redeemable outside the U.S. are now only redeemable within the U.S.; It's a worthwhile trade off and we believe a direct result of the 'only one fee per month' requirement of the CARD Act of 2009.
Another Option For International Use
If you're looking for a product which is accepted like a credit card outside the U.S., consider a reloadable pre-paid visa card like the Walmart MoneyCard. There will be more fees; however, it's flexibility may make those fees worthwhile.
Remember only bank-issued gift cards are covered by the new federal rules. Here are some signs which may indicate your buying a product which is not governed by the new federal gift card rules:
- It's not marked as a 'gift card'
- It's reloadable
- It requires a social security number when first purchasing
- It's intended as a substitue for a checking account
One last thing to note: you must be a Wells Fargo or Wachovia customer to purchase either gift card.