UPDATE – Gonna Use That Gift Card? NJ Will Happily Take It Off Your Hands [Poll]
I love gift cards, I really do. I think an Amazon gift card or a Target gift card are the perfect things to give that person who is difficult to shop for. That being said, how many times have you forgotten about a gift card that's sat around for a while? Click "Read More" for the latest update on this story!
If the state of New Jersey has their way, that unused cash will go into their coffers in Trenton. After the card sits idle for two years, the state wants to be able to take the value of the card as "unclaimed property". They actually figure that unused gift cards, travelers checks, and money orders could add around $79 million to the government's pockets.
American Express isn't too happy about this possibility, to the degree that they've gone so far as to pull their gift cards off the shelves in NJ. Go ahead, try to find an AmEx gift card down at the local Wawa (you can still order one online directly from American Express).
UPDATE 4/5 - On the heels of American Express pulling their gift cards from store shelves in NJ, another company will also stop doing business in The Garden State. InComm, a major gift card supplier, says they'll stop working with retailers in NJ after June 30th due to the "unclaimed property" law.
So what do you think, is two years long enough to expect someone to use a gift card? Is it fair game for the state after that? Or is it yours no matter how long it goes? Vote below and feel free to leave a comment!