A third company has announced plans to pull out of New Jersey’s gift card market.
Friday’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.
Blackhawk says it will sever its ties with the state in June unless the law is changed. InComm says it will pull out June 30.
American Express has already removed its gift cards from New Jersey.