Gift certificates and credit receipts

Gift certificates and credit receipts are valid on the terms agreed.

A gift voucher or credit note is valid against the seller, and anyone to whom the seller may transfer their business, for up to four years from the date of issue, unless otherwise agreed.

The period of validity of a credit note may be shortened in accordance with the guidelines on credit notes. If the period of validity is shorter than four years, this must be specifically stated when the credit note is issued, as well as on the note itself.

If a business gets a new owner, gift vouchers and credit notes remain valid against the party to whom the seller transfers their business. However, if it is a new company, there is no entitlement to redeem gift vouchers and credit notes.

If the seller goes bankrupt during the period of validity of a gift voucher or credit note, a claim can be lodged against the bankruptcy estate. Such a claim, however, is rarely worth much. If a new shop replaces the one that went bankrupt, no claim can be made against it.

In other respects, gift vouchers and credit notes are valid on the terms agreed. If a dispute arises between a consumer and a seller concerning gift vouchers or credit notes that cannot be resolved, it can be referred to the Complaints Board for Goods and Services.

Links of interest

• Complaints Board for Goods and Services

• Guidelines on returns, gift vouchers and credit notes (in Icelandic)

• Act on the Limitation of Claims (in Icelandic)

• The Consumers Association of Iceland

• The European Consumer Center