There’s no question that a lot of people buy gift cards. After all, they may be a part of the points and miles game or you’re buying them to hit a specific spend threshold for your credit card bonus. No matter the reason why you are buying gift cards, the reality is that a lot of people just ends up with a bag filled with them. So, how can you make the most out of your gift cards?
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5 Tips To Get The Most Out Of Gift Cards
#1: Don’t Let Them Go To Waste:
While this seems a pretty obvious tip, the truth is that a lot of people simply waste gift cards every year. And when you don’t spend them, companies ate the ones that keep them in exchange for nothing.
The reality is that even if you have less than a dollar left in a gift card, there is always a way to spend it.
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#2: Understand The Differences Between Gift Cards:
One of the things that many people don’t know about gift cards is that there are 2 main different types: the open loop and the closed loop gift cards.
In the case of open loop gift cards, these are the ones that you can use anywhere where regular credit cards are accepted. Some examples include Visa, Mastercard, or American Express gift card. These cards can be used anywhere regular credit cards are accepted.
On the other hand, the closed loop gift cards are the ones that are specific to a card and they are meant to be used at a specific service provider, restaurant, or store.
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#3: Understand The Restrictions Of The Open Loop Gift Cards:
There’s no question that open loop gift cards are more complicated than the closed loop ones. So, there are some things you need to pay attention to.
One of the things that many people often forget is that many companies allow one store’s gift card to be used at its sister stores. A good example of this concept is a Gap gift card. The Gap gift card can also be used at Old Navy, Athleta, and Banana Republic stores.
It’s a good gift card practice to always make note of the other opportunities for shopping within the store’s family of stores. For example, Target allows shoppers to trade in many restaurant and airline gift cards for one of their store’s gift cards.
#4: You May Have The Option To Exchange Your Gift Card For Cash:
Sometimes, you just wished you had the money instead of all those gift cards laying around. And the truth is that, sometimes, you can.
When the cash balance on your card is low enough, there are 11 states in which you can exchange your gift card for the remaining cash balance. Most often, this is the case when the balance is under $10. It’s best though to know the rules in your state.
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#5: A Huge Percentage Of Gift Cards Expire:
In case you don’t know, the sad truth about gift cards is that they have an expiration date. As if this wasn’t enough, some of them even have an inactivity fee.