Getting the Most from Gift Cards
The holidays are near, and gift cards have topped the list of most-requested presents for five years running, according to the National Retail Federation. But some recipients inevitably end up disappointed. Whether you have a collection of unwanted cards you're looking to unload or just haven't decided what you want to buy, use these tips to get the most from your holiday gift cards.
Read the fine print. Passed In 2009, the CARD act states that retailers cannot impose expiration dates on gift cards for a minimum of 5 years, and inactivity fees can’t kick in for at least a year. That doesn’t mean that you can just forget about the fine print, though. Check your card to make sure that there are no fees or penalties and also check to see whether there are other retailers that accept the card (for example, a Pottery Barn gift card MAY be good at Pottery Barn Kids or William Sonoma). Call the customer service number on the back of the card if you have questions about how and where to use your card.
Treat it like cash. Take care of your cards as though they were cash, because, in most cases, if you lose them, they cannot be replaced. Also use your cards in a budget-minded way. Don’t just spend for the sake of spending because you have a gift card. Carefully consider your purchases and make sure you are buying something that you need and would buy even if you didn’t have a gift card.
Stack it with sales or coupons. Most retailers will not allow you to use two different coupons on one item, but using a gift card in conjunction with a sale and/or a coupon is fair game! Many stores have huge clearance sales right after the holidays, so consider using those gift cards right away on items marked down in January to get more for your gift card money. You may also want to shop around and select specific items that you would like to purchase with your card then wait for that item to go on sale.
Plan for or avoid overage. Retailers love selling gift cards because they know that when you come to the store to use the card, chances are you will spend more than the gift card amount. A good way to avoid this is to shop online before you go to the store and find a few items that are under your gift card amount that you may be interested in. Or stick to the gift card amount as a firm limit when you are browsing if you don’t want to shell out any extra cash. It is, however, okay to spend more than the gift card amount if it’s in your budget. Say you’ve been eyeing a new handbag but didn’t want to pay full price. Look at your gift card as a discount and splurge! Just make sure whichever way you go that you’ve planned ahead and that it fits in with your household budget.
Re-gift it. Receive a gift card that you know you will never use? Consider giving it as a gift to someone that you know will enjoy it. Be careful, though…check the balance before you re-gift!
Trade it in. Did your mother-in-law give you a gift card to a store you’ll never shop at? Trade it in for another card that you WILL use or even for cash at sites like www.PlasticJungle.com or www.GiftCardRescue.com. Those sites will buy your gift cards for as much as 92 percent of their value, or you can exchange them for another card to a different retailer. These sites are a great option for anyone wanting to purchase a gift card as a gift, too…you can often get gift cards for up to 20 percent off for certain retailers!
Donate your leftovers. Did you use a portion of your gift card and end up with just $3 left? You can donate the remaining balance (or the full balance of an unwanted gift card) to www.GiftCardGiver.com, and they will pool your funds together with others and distribute gift cards or merchandise to those in need. They even accept gift cards with less than $1 remaining! Another way to donate your unwanted gift cards is to give them to a school auction or a local charity.
Sara Keenan is wishing for some gift cards for Christmas this year! She hopes Santa will bring her an Amazon.com or a Target gift card!