Today, we told the Fed in our comments what we want for the holidays, and for every other time we give and receive a gift card:

Cap the amount that gift card issuers can charge for inactivity fees. The Credit Card Act of 2009 prohibits card issuers from charging inactivity fees on cards if they have been used within the past 12 months. After twelve months of inactivity, card issuers will be allowed to charge a monthly inactivity fee. Consumers Union urged the Fed to protect consumers more fully by limiting the amount that that can be charged for inactivity to no more than the actual cost incurred by card issuers for maintaining the card.
Limit fees on low value cards. Consumers Union urged the Fed to follow the lead of states like California, Oklahoma and Washington which have limited fees that can be charged for inactivity when the balance on the card is $5 or less. These states limit card issuers to charging a $1 per month fee.
Limit when inactivity fees can be charged. Many consumers report that they face difficulties using their gift cards because merchants often will not accept their cards when they don’t cover the full cost of the purchase or when they cannot determine the remaining amount on the card. Consumers Union urged the Fed to count such transactions as “activity” on the card so that consumers don’t start incurring inactivity fees when they’ve attempted to use them.
Make sure consumers are protected from early expiration of gift cards. Under the Credit Card Act of 2009, gift cards cannot expire less than five years from the date the card was purchased or money was last added to the card, whichever is later. However, many gift cards are stamped with a “valid thru” date,” which is the estimated lifespan of the card’s magnetic stripe and could be less than five years from the time the card was purchased. Consumers Union urged the Fed to require card issuers to select expiration periods long enough that the card will have at least five years of remaining life when it is purchased. Card issuers should be required to disclose on the card that the card may be valid beyond the date imprinted on it and to provide an 800 phone number on the card that consumers can use to easily find out when their cards actually expire.
Protect consumers from losing funds on lost or stolen prepaid cards. Prepaid cards are reloadable cards that can be used to make payments similar to debit cards and are becoming increasingly popular. But consumers using prepaid cards don’t enjoy the same safeguards as debit cards if their cards are lost or stolen and could end up losing all of their funds. Consumers Union urged the Fed to ensure that prepaid cards come with the same protections as debit cards so the consumer’s liability is limited to $50 and he or she can recover missing money.

New gift card regulations will go into effect August 22, 2010, so next year's holiday season is bound to be filled with new gift card terms. Until then, be sure to use any gift cards you receive right away!