Experts report that US citizens buy about $100 billion worth of gift cards/certificates every year. While many recipients have asked about these cards (who doesn’t love the versatility they offer?), the fact is that 2-3% of these cards/certificates are not redeemed. Considering the size of the market, that’s quite a chunk of cash: more than $2 billion in forgotten cash! In case you got a gift card this year – and I guarantee many of you did – the right approach to kickstarting the brand new year is to try and use all of those cards as early as possible.
Retail stores know a particularly important truth about gift cards: they are a great blessing with numerous rewards, many times over. This applies to a period after the original sale for a number of reasons. First of all, the retail stores receive the money immediately. Whether or not the gift card transaction is recorded as a proper “sale” prior to can i convert gift card to bitcoin redeeming the card is of little concern to stores considering they receive cash from the start. Also, most people rarely just use the amount on the gift card. Accordingly, around 30% of cardholders shell out more than the amount of money on the card, consequently the other 70% of buyers don’t use the full amount; Any circumstance ends up with extra cash for retail deals. Next, gift cards consistently direct people to merchants and create product loyalty. And in the end, retail stores find that some of their cards will be misplaced and go completely unused, earning them 100% revenue from those sales. Basically, gift cards really are a retail store’s best allies!
However, gift cards can also be a shopper’s best allies if used intelligently. First and foremost, it is advisable to find out what your expectations – as a gift card holder – should be. The rules for using cards/certificates depend on the state, so people are subject to significantly different rules depending on their location. Luckily, the staff at ScripSmart.com offer a helpful list of state-by-state gift card guidelines. For buyers who reside (and/or will be shopping with these cards) in California, Washington, Connecticut, Minnesota, Rhode Island, Massachusetts, Florida, Montana, Maine and Oregon, you’re in a prime position! These states have fairly accommodating gift card policies (for example , most prohibit expiration). Beyond typical state guidelines, as of 2010, the US government enacted legislation on some types of gift cards. To read more about it, visit the Federal Reserve Board’s website on the subject. In addition, it is recommended to read the guidelines that accompany almost every card – this will not rudely greet you with additional fees or other conditions.
Now that you’ve found out what your legal rights are as a gift card holder, the next task is to figure out how you’re going to use your card. If you want to use it to buy items, it’s better to do it as early as possible. However, if you don’t use the gift card within a few days, it’s best to inventory your gift card(s). This is often quickly completed by creating a file on a PC or any secure device that contains the following items:
- Is it a gift card for a store or bank?
- When did you receive the card?
- What is the amount on the gift card?
- All phone numbers on the back of the card. • The account and security number of the card
Logging these details can help you get all the information you need about your gift cards and can come in handy in case the card gets misplaced. Make sure you keep the data in a safe place, because if someone else gets this information, they basically get everything they need to use your card.
The obvious way to make sure you’re definitely using your gift card is to simply carry it with you when you go out. Nonetheless, it’s your job to remember that the gift card is with you. One method to prevent forgetting your card is to set a day when you should spend it. a specific time frame may be several months in advance. Mark this “appointment” in your agenda or even set up a cell phone prompt that you’ll be sure to check out. And if you ‘ve subscribed to a web-based application that notifies you when you’re near a certain location, you can expect to redeem your card quickly. Once you’ve applied for the card and have a few dollars left over, remember that certain states allow you to cash out those few dollars so you don’t spend more than the card is worth.
However, for those who choose not to use your gift card/certificate, there are a number of different solutions to consider. A first alternative is to gift your card to someone else. Although you will not derive any primary financial benefit from your gift card, it will certainly save you from buying another gift. Be careful, however, as it’s often unwise to use this approach unless the beneficiary lives in a state where gift cards don’t expire. In addition, you can sell or trade a card/certificate. It’s definitely handy to make a deal with others you know or choose a provider over the internet (there are several) that can speed up the sale or trade of your card. While it’s doubtful that you’ll get 100% of the card’s value (whichever approach you prefer), due diligence is vital as numerous online resources produce wildly different prices. Finally, if you are encouraged to “prepay”, it is possible to give gift cards/vouchers to specialized non-profit organizations that request them. These types of foundations accept the most common types of cards that hold large or small amounts. They will then transfer money to an alternative card and make it available to people in need. This last option bolsters ailing charities and also results in a tax deduction for you. Of course, it’s wise to research your options to make sure the people you’re giving your gift card to are honest and that almost all donations go to real needy people.
Valuable tips for buying gift cards online
Many people have saved hundreds of dollars by scouring the internet for used gift cards that can be bought, sold and traded online at incredibly low prices.
Buying a used card is likely to be one of the most popular gifts to date, generating approximately $20 billion in total retail sales each year during the holiday season. Many experts expect a total of sixty billion more to be spent on branded cards in the coming years.
However, a seldom known fact is that about 10% of the dollars on all these tickets sold is actually not spent. As a result, many sellers have suddenly popped up online, creating a little-known secondary market for these popular items. Many analysts are estimating that that’s another $2 billion in additional sales.
For all buyers, these private and commercial sellers present an amazing opportunity to purchase one at savings of 10 to even 50 percent off the original face value. All of these cards can be gifted to friends and family or redeemed for merchandise at the store. For all merchants, this can be an easy way to exchange an unwanted gift certificate for a more desirable one from a store they actually prefer without the original giver ever knowing. For all sellers, it’s a rarely quick and easy way to get cash for their unused card.
As a note of caution, gift card exchangers must exercise extra caution when exchanging cards. While the majority of online sellers are legitimate, the aftermarket is still a developing business. While there are a number of policies and safeguards in place, a transaction is only as secure as the people involved in it. In addition, there is still the very real concern of stolen goods and fraud.
There are currently many different business models when it comes to buying second-hand cards online. A closer look reveals that there are more and more reputable online marketplaces like eBay.
One can also purchase these cards online from certain card trading websites, but all of this generally comes at a price. Although it varies from site to site, these used card sites typically require users to pay a registration fee, typically around fifty cents to a few dollars, or a transaction fee of 3-8% of the gift card’s total value. Many of the sites charge a combination of both, which can greatly affect the overall value of your card.
Another fact to be aware of is that not all gift cards are traded equal. Keeping a close eye on market demand will help you in your search for the perfect used card.
Firstly, you have to be careful and take many things into account, e.g. B. when to buy and sell. Many gift card exchange sites are disproportionate in supply and demand and have significantly more sellers than buyers on any given day. However, in the first few weeks at the beginning of each year, particularly in January after the holiday, this imbalance is amplified as the market is flooded with unwanted Christmas gift cards. Other peak times are the weeks after similarly popular holidays like Valentine’s Day and Mother’s and Father’s Day.
For the savvy shopper, this means much more choice to choose from and prices that can be 15-20% lower than at other times of the year. Waiting can be a good incentive for potential sellers, but not for too long. Some gift cards that have an expiration date or charge fees if not redeemed are banned on some online sites to avoid problems.
Second, you need to consider what you want to buy and sell. While it may not be easy to spot on a casual visit to these sites, frequent used buyers and sellers understand that not every used card is a good bargain. Most cards sell for ten to fifteen percent of their full face value. Note that a 30 to 40 percent reduction is considered an excellent offer. However, the popularity of the retailer and the condition of the card determine whether a used card is really worth its price.
Looking at it from a shopper’s perspective, the biggest bargains can be found at national retailers, which have many unique gifts. Cards from these nationwide chain stores, in most cases, take longer to sell and are often available at discounts of 20 percent or more. Smaller regional stores often sell at a fifteen to twenty percent discount because there are fewer bidders and less demand. Cards from larger retailers are trading at a bigger discount after the holidays, as so many impulse purchases occur that the secondary market is flooded with second-hand gift cards.
Now, if you look at this from a seller’s perspective, gift cards that bring in the most money are for large retail and discount chains. Demand for used gift cards from office supply retailers is also quite strong. They all typically yield at least ninety cents on the dollar.
However, for the majority of shoppers, a good rule of thumb is to consider both the discount and the actual total value of the gift card. While twenty percent off a $25 gift card is good, twenty percent off a $100 gift card can be a lot better when you pay attention to the transaction fees and other potential risks. From a seller’s perspective, this reasoning also makes trading a gift card an attractive business rather than just trying to sell it.
It is recommended to inquire about the condition of the card, especially if you do not intend to use it yourself. Some sites have a condition rating system that classifies the wear and tear of each card, while other sites allow you to email the seller. Finally, it is extremely important that you check that it is really a gift and not a voucher or credit note, which sometimes look deceptively similar.
A few final precautions to keep in mind is the possibility that you might end up with something very different than what you initially how to convert gift card to bitcoin thought. A seller of used gift cards should expect immediate payment, and buyers should use a credit card or online payment service and expect to receive a card within a reasonable time.
Pretty much all online auction or seller websites today include some form of fraud protection, although the complexity and scope of coverage varies. On eBay in particular, sellers are required to register with a credit card and are only allowed to sell one card with a stored value of up to five hundred each week. This ensures that the buying experience is safe and enjoyable for someone looking to buy used gift cards. Search our extensive directory and find the right used gift card for yourself or family and friends. Buying gift cards to use online is simple and straightforward and can be done from anywhere in the world.
