Some US retailers are putting restrictions on card purchases, a result of new rules that put them on the hook for fraud. Some merchants are requiring that customers buy the cards with cash or asking that they show identification.
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Gift Cards Feel Pinch of New Rules
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Americans are expected to load $651 billion on prepaid cards this year, up 57% from six years ago, according to consulting firm Mercator Advisory Group. Nearly half of that is expected to involve the “open-loop” cards branded by Visa Inc., MasterCard Inc. or American Express Co. that can be used anywhere and that are affected by the new limits. Gift cards also are a favorite among criminals, who pay for them with stolen credit-card data.
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