Attention Californians—If you received a gift card this holiday season, you might want to send a thank-you note to state Sen. Ellen Corbett, D-San Leandro.
She was the author of one of the more practical new laws that take effect today. Under Corbett’s legislation, consumers will have a right to cash in any unused or partially used gift cards when their value dips below $10.
Many of us have faced the predicament of having a gift card with just a few dollars left on the balance - and have been forced to decide whether to apply it to a purchase we wouldn’t otherwise want or toss the darn thing into a drawer, allowing the issuer to make a little windfall. It can add up to big money. According to the Consumer Federation of California, Home Depot and Best Buy each reaped $43 million from unredeemed gift cards in 2005 and 2006.