Here are some things you may not know about prepaid purchase cards:
- Most prepaid purchase cards never lose their value or expire.
- Expiry dates are allowed on prepaid purchase cards that are sold for a specific good or service (like a manicure).
- Businesses can charge fees if the prepaid purchase card was free (donated as a raffle prize).
- Prepaid purchase cards from federally-regulated financial institutions may charge activation fees, maintenance fees, inactivity fees and more. Shop around.
- Merchants can charge a fee to replace a lost or stolen card.
In Manitoba, prepaid purchase cards, including gift cards and gift certificates, are subject to regulations that protect both buyers and sellers. You can learn more at http://www.gov.mb.ca/cca/cpo/prepaid_cards.html.