Gift Card: A Gift Card generally is a Card that is redeemable only for goods and services and typically marketed as gifts for purchasers to deliver to gift recipients. Gift Cards may be Open Loop Cards, Closed Loop Cards, Partially Open Loop Cards, or variants thereof. In some statutes and regulations, the term Gift Card is a defined term and these definitions vary. Among other rules, Gift Cards are subject to regulation by Consumer Protection Laws, Unclaimed Property Statutes, Privacy Laws, and Anti-Money Laundering Regulations.
