Early holiday present: AmEx dumps gift-card fees

Although the credit-card regulations passed by Congress earlier this year don't go into effect until 2010, one major issuer is eliminating a monthly fee on its gift cards right now.

American Express announced that it's dropping the monthly $2 fee that used to be charged on its gift cards if the card went unused for more than a year after purchase. The cards still cost between roughly $3 and $7 to purchase.

Why up to $7 to buy a gift card? Unlike a merchant-branded card, which you can only use at that particular chain, the AmEx cards can be used at any place that takes American Express.