Kentucky has few laws relating to gift cards and provides minimal consumer protection.In summary, the Kentucky rules are:
- Gift card expiration at least one year. If no expiration date is on the card, it is assumed to be valid until redeemed or replaced. (The Federal law is at least a 5 year expiration)
- Fees may not be charged prior to the expiration date.
Kentucky provides less regulation and consumer protection than most states. It is good to know the federal laws are helping to cover what some states are not.
The Commonwealth of Kentucky is the birthplace of both President Abraham Lincoln and Confederate President Jefferson Davis. They were born within 1 year and 100 miles of one another. Kentucky supplied troops to both sides of the Civil War. It is also the birthplace of Daniel Boone, Johnny Depp, George Clooney, John Carpenter, Muhammad Ali and many more. Kentucky is also the horse capital of the world and home to the Kentucky Derby. Kentucky is also the birthplace of Bluegrass music. Fort Mitchell, Kentucky is home to the Vent Haven Museum, the only museum of ventriloquist figures and the site of the annual international ventriloquist convention.
- How many people live in Kentucky? Well, according to the US Census Bureau about 4,380,415.
- Approximately 70% of Kentucky residents own their own home.
- The unemployment rate in Kentucky is 7.9% with a median household income of $42,248 and 18.1% living below poverty level.
Kentucky's Consumer Protection Laws
Interested in what Kentucky is doing to protect consumers? Go to the website of the Office of the Attorney General.
Gold Or Gift Cards?
A gift card weighs approximately 0.20 ounces. That's 5 cards per ounce and 80 cards in 1 pound. If a person weighs 150 pounds and the average card sold has a value of $25 then your weight in cards would be $300,000. Gold is currently at $1,282.87 per ounce. That same person's weight in gold would be $3,078,888. Well, if you increase the face value of each of the 12,000 cards that go into 150 pounds up to $257 then the cards beat the gold for value ($3,084,000).
Place Your Bets
The last winner of the Kentucky Derby brought home a purse of $1,414,800 for its owner. Assuming a face value of $25 per card, that would be 56,592 gift cards. If you stacked them, that would be a tower of gift cards over 141 feet high weighing over 700 pounds - a little more than half the weight of an average Thoroughbred.