Simon Property Group agreed to modify its gift-card fee in New York that was misleading and costly for consumers. Gift card users faced a $2.50 administration fee per month for unused gift cards beginning on May 18th.
Simon agreed to only charge the fee if the card hadnt been used in one year. They did extend the expiration date of the cards out from 1 year to 18 months. And they made the customer service hotline a free call instead of 50c per call.
If you arent in New York, be mindful of your gift cards you may have received from Simon Property Group. They are still good cards and the stores are great, its just they cant expect consumers to leave the cards in a drawer for 3 years.
The Simon card includes full disclosure of all fees. They are also putting an adhesive label to the front of the card that clearly spells out any charges. That way if a consumer gives a gift card, they will also be aware of the terms.
Check out their actual terms:
http://www.simon.com/giftcard/terms_and_conditions.aspx
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