Did you know you could use your card to pay for normal day to day transactions? This, however, depends on the type of card and the retailer involved, and also that your gift is a debit card from a bank. Instead of buying things with your card, you may just ask to keep the money worth in the bank, you may even ask to convert it to cash immediately depending on the Terms and Conditions of the Bank.
You could also dispose of them by sale. Several websites have arisen to this occasion. You can now sell your gift cards online, a good number of buyers will show interest on these websites for several reasons known to them, and you can sell there. You should note however that you may have to sell at a minimally lower price compared the face value of the card. Also, make sure you compare prices from different sites so as to get a good deal.
Instead of keeping them stored and unused, you could just give them to friends who really need them.
4. Barter them
This way you can exchange them with friends who have something of the same value that you want to collect from them.
5. Spend them on your smartphone.
Using GoWallet for example, you can conveniently use the money worth of your gift card, buy airtime, buy data among others. You can also do this with Apple Passbook and Google Wallet.
6. Check the Balance.
So as to enjoy the full benefit of your gift card, you may want to keep track of the balance on the gift card. You can do this by checking the issuer’s website, or through Applications like GoWallet to scan your card(s) and leave it to track your balance for you. GoWallet also performs gift card exchange services.
7. Set up a Trading Circle.
You can also collaborate with your coworkers and trusted friends to set up a trading circle to match cards with recipients. Be sure they are telling the truth about the balances on their cards. You can go like, Will you take two of my Applebee’s for one of your AMC Theatres?
Why you should stop Giving Gift Cards
I have so many reasons why I don’t buy the idea of giving out gift cards, some of which I will discuss under this heading. The next time you wish to give a gift, try not to heed to the temptation to just grab a Gift card off the rack. Gift cards come with a whole bunch of significant setbacks. Some of which may include:
- The fact that most banks charge some amount of fees on the card balance, I feel this is an unnecessary waste of money.
- Most of these gift cards restrict buyers from buying from only one specific retailer or a group of retailers such as Gap and Banana Republic, which will result in a decrease in its utility.
- Some Banks also charge monthly “dormancy fees” on their gift cards, this is usually done after the card had not been used for at least 12months. This is practically not fair, I should be able to save up the value of my money for as long as I want.
- Another bad news is that the worth of the gift card may be lost if let’s say the issuer of the gift card goes bankrupt.
- You may also lose the value of your gift card irretrievably if lost or stolen, because some issuers may not ordinarily provide a refund, some may charge you before making a refund.
- You also don’t have the right to challenge or dispute erroneous or inaccurate charges on your gift cards unlike in Debit cards.
It is good to always understand the terms and conditions imposed on the transactions and dealings you enter into the day-to-day. This will save you from suffering extra liability, or unnecessary waste of your precious cash. This is why you should try to study and imbibe in the helpful points stated in this article on how to fully explore the use of your gift cards. As I stated also, you may also chose not to use gift cards at all. To know more about your rights in a gift card, you may also check out your state laws governing the management of gift cards. The National Conference of State Legislatures made provisions to aid customers in understanding their gift card rights. Consumers Union also provide simple and easy to read chart too.
Note finally that, in other to save the person you are giving the gift card from unnecessary stress and surprises later, try to read and understand the terms and conditions required by the issuer of the Gift card before gifting.