New terms and conditions for gift vouchers better for buyers

The Fair Trade Commission (FTC) on Thursday unveiled new standardized terms and conditions for various retail chains that issue electronic gift vouchers online and on mobile applications, such as the Starbucks gift card and Kakao Mobile Store coupons.

The terms and conditions do not carry legal force, but are significant in that they serve as the standard criteria for when the FTC hands out penalties to retailers that engage in unfair transactions with gift vouchers, the FTC said.

From now on, consumers can receive a refund for the remaining money on the voucher when they use more than 60 percent of the given amount. The voucher issuers must set an expiration date of at least 15 months, and consumers may request an extension for up to three months. Before, vouchers expired after nine months. And even if voucher holders miss the expiration date, consumers will now be able to receive a refund of up to 90 percent of the given amount.