AP: 3rd company to yank gift cards from NJ

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Associated Press

Posted on April 5, 2012 at 2:00 PM

Updated Thursday, Apr 5 at 2:01 PM

TRENTON, N.J. (AP) — A third company has announced plans to pull out of New Jersey's gift card market.

Thursday's announcement by Blackhawk Network follows a similar announcement earlier in the day by InComm.

Both companies are third-party providers of gift cards to malls, groceries and convenience stores. They say it's too hard to comply with changes in New Jersey's unclaimed property law that lets the state take the value of unredeemed cards.

The law requires gift card sellers to obtain ZIP codes from buyers so the state can claim the value of cards not redeemed after two years.

Both companies say they will sever their ties with the state in June unless the law is changed.

American Express has already removed its gift cards from New Jersey.

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