Well, this is a crappy policy. If you have any Steak ‘n Shake gift cards, be careful if you don’t use them for more than two years as they’ll start to lose value.
That’s because although the cards don’t have an expiration date per se, Steak ‘n Shake charges a $1.50 monthly fee after 24 months of inactivity. As per the card’s terms:
The card has no expiration date, but after 24 months of card inactivity, a $1.50 per month service fee will be deducted from the card’s balance until depleted, except where prohibited or restricted by law. Inactivity fees are charged based on the state in which this card was purchased. Use of this card constitutes acceptance of these conditions. All Gift Card transactions from the Steak ’n Shake® website are conducted in the state of Indiana, and follow Indiana Gift Card commerce regulations.
Steak ‘n Shake gift cards are available year-round at large discounts from stores like Sam’s Club, plus there are other sales that discount their cost further. There are currently almost 500 of their gift cards listed on Raise, so if you bought some a long time ago and have been floating the cost while waiting for them to sell, it could be worth dropping the resale price to offload them before fees start being charged.
h/t escot