It’s easy to let gift cards gather dust in a drawer, but with a few smart strategies, you can maximize their value and make your dollars stretch further. Many people receive gift cards, many of which go unused every year. Below are a few things to consider to make the most of yours.
Understand the rules and terms
Gift cards can have different rules depending on the type. Some cards set up for a specific good or service, like a coffee or a manicure, may have expiration dates and fees. While most cards with a dollar value generally do not expire or have fees, often, promotional gift cards do. Always check the terms and conditions of your gift card to understand any potential fees or expiry dates.
Set up reminders
Set yourself up for success by using reminders. Use whichever reminder system works best for you to help keep your gift card top of mind. It can be a notification on your phone or a sticky note on your computer whatever way will make sure you don’t lose or forget about the gift card. This is especially important for those that have expiry dates. Reminders also mitigate the risk of the retailer closing or filing for bankruptcy before you have a chance to use your card, leaving you with a useless gift card.
Track your balance
Keeping track of your balance is good for a couple of reasons. Being aware of how much is left on the card helps you plan how to use it. It also keeps your gift card top of mind so you remember to use it.
Keep a pen or note-taking app handy to track the balance of your card. Alternatively, each time you use the card, ask the cashier for the receipt. Often it will indicate the remaining balance on the card. Then keep that receipt with the card. Many cards also allow people to check their balance online or by calling a phone number on the back of the card.
Strategically spend gift cards
Use your gift cards for planned purchases instead of impulse buys so you don’t waste money on things you don’t need. Really maximize the value of the card by waiting to use it when the item you want to buy is on sale. Another option is to use it in combination with other offers like reward points or promotions.
Trade or sell unwanted gift cards
Receive a gift card you won’t use? Consider trading it with a friend or family member. Alternatively, you can sell or trade your unwanted cards on various online platforms. While you won’t likely receive the full value, it is better to get some cash rather than letting the card go to waste. Just do some research to ensure you’re dealing with a legitimate company.
Consider digital options
Tech can come in handy for maximizing the value of a gift card. Transfer the value of your card to your phone’s wallet app for more security and convenience. Alternatively, if the retailer you’re buying from has an app, load it up on your phone. You may be able to transfer your gift card information to the app. At the very least it’ll make it easy to stay on top of when sales come around.
Options for your unwanted gift cards
- Donate your gift cards to charities for an easy and thoughtful way to make a difference.
- Regift a card to someone who can use it.
- Depending on your state or province, you may be able to trade in your low-balance gift cards for cash. This usually applies to cards with balances under $10.
Be aware of fraud
Unfortunately, gift card fraud has become pretty commonplace. Below are some ways to mitigate the risk of getting scammed.
- Make sure the card and packaging haven’t been tampered with before purchasing.
- When buying a gift card, make sure the retailer activates the card and verify the amount loaded.
- Avoid using third-party apps to check your balance because they can lead to theft or scams.
- Be careful when buying or checking balances online, as scammers may try to create fake websites. Use a search engine to find the official company website.
Wrap up
Gift cards are essentially money. That being the case, it’s worth putting a little thought into getting the most out of it. Just like wanting the biggest bang for your Loonie. Following the tips mentioned will help you do just that.
Asking to be gifted gift cards for essentials because your debts have you just getting by? There is a way out of the vicious debt cycle. Our trained Credit Counsellors can show you how. Call for a free consultation today.
