Law’s cutbacks on fees, charges boost gift cards |

Law’s cutbacks on fees, charges boost gift cards

Gift cards are making a comeback after falling out of favor the last few years, according to TowerGroup. That’s thanks to new laws that cut down on the fees, restrictions and money lost when the cards are unused for long periods.

Use of preloaded gift cards is set to rebound after falling more than 9 percent from 2007 to 2009.

Analyst Brian Riley predicts consumers will spend about $92 billion using gift cards in 2010. That compares with $88 billion last year, which was down from a peak of $97 billion in 2007.

By the end of next year, Riley projects gift card spending will jump to $96 billion. And by 2012, the business will be back above the earlier top, at about $99 billion.

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