Posted by Joseph Y. Calhoun, III

The recent credit card legislation had these new rules for gift cards:

The new rules apply to all store and merchant gift cards, as well as cards for general use, such as a Visa gift card. These rules include:

* Limits on expiration dates The money on your gift card will be good for at least five years from the date the card is purchased. Money added or loaded on to the card must also be good for at least five years.

* Replacement cards. If your gift card expires and there is unspent money, you can request a replacement card at no charge.

* Fees. The law bans dormancy, inactivity and service fees on gift cards unless there has not been any activity for twelve months and the issuer clearly discloses all fees on the packaging. In those cases, consumers can only be charged one fee per month. Last month, Congress passed legislation to extend the effective date for the disclosure requirement until January 31, 2011, for cards issued prior to April 1, 2010.

Are we so god damned helpless that we need politicians to protect us from the evils gift cards? How sad that we can’t even take responsibility for something so simple. Personal responsibility? What the hell is that?