Mr Kean said the new gift card laws officially start today and are a big win for consumers across the state.
“These reforms put consumers first by mandating a minimum three-year expiry date for all gift cards sold in NSW,” Mr Kean said.
Under the new laws, businesses will also be banned from applying post-purchase administration fees to gift cards, which reduce the balance left on the card.
Most gift cards previously came with a 12-month expiry date; however, up to eight per cent of recipients did not use the full balance in time.
Mr Kean said the reforms would put up to $60M a year back in the hands of NSW shoppers.
“This is all about giving consumers confidence that when they buy gift cards for friends or relatives, they’re getting value for money,” Mr Kean said.
In response to the reforms, some retailers including Woolworths, have decided to scrap expiry dates altogether for gift cards sold across the nation.
“These Australian-first reforms send a strong message that NSW is leading the way in putting consumers first, and I commend those businesses which are delivering for their customers by providing even more flexibility,” Mr Kean said.
Gift cards purchased before 31 March 2018 will have the same expiry date and terms and conditions that applied at the time of purchase.
For more information about the reforms, visit http://www.fairtrading.nsw.gov.au
