by KYW's Lynne Adkins
If you have an American Express gift card, you can take your time selecting the perfect purchase.
Companies tacked on monthly service fees of a couple of dollars a month, if you didn't use the card quickly enough. American Express has just repealed those fees so you can take all the time you want to spend. Ed Nelling, Drexel University professor of finance, says consumers didn't like it:
"Especially in the current economic climate with everyone watching every dollar so closely, people were averse to using these gift cards or giving these gift cards to someone when they know that the gift card may waste away after some time."
He says card companies executives realized the penalties were just driving some of the buyers.
E-Mail Story
Print Story
