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Kmart settles: refunds gift-card fees

Posted 2 years ago by Paul Michael

Filed Under: Shopping, Consumer Affairs

kmart card

CNNMoney.com has announced that Kmart has finally reached a settlement in the gift-card lawsuit. And that could be very good news for you if you had a gift-card issued between May 1st 2004 and the present day.

Why the refund? Well, since 2003 Kmart failed to disclose sufficiently the $2.10 per month dormancy fee that would be charged RETROACTIVELY after 24 months. Basically, your entire gift card could be wiped out if you tried to use it for the first time after 24 months and it was worth about $50 or less.

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