Don’t let your gift card expire: Did you know that about $3 billion worth of money is left unspent on gift cards collectively every year? Shocking, right? And, do you know who gets to keep all this money? The companies, of course. If you get a gift card, treat it the way you would treat cash or your credit card. Even if you have just a dollar left on your gift card, there are always ways to buy something and bring the value down to zero.
Understand the different types of gift cards: Gifts cards can be open-loop or closed-loop. Open-loop gift cards would be Mastercard®, Visa®, or American Express® gift cards - these cards can be used like regular credit cards. Closed-loop cards are brand-specific, and can only be used with a specific service provider. Know how your gift card can be used to get the most value from it.
Be aware of the restrictions: Gift cards can have a few restrictions. For instance, open-loop cards may not let you pay for items that cost more than what’s left on the card. An easy workaround to this is by buying an e-gift card for the amount you have left on your open-loop card - so you are essentially transferring the money that is on your open-loop card to the e-gift card. Being aware of such restrictions will help you get the most value from your card.
Check if you can exchange your card for cash: A few states in the U.S. allow consumers to exchange their gift cards for cash - this usually only applies if the value of your gift card is under $10.
Look up the expiry date: Don’t hang on to your gift card for too long since it may just expire before you use it. Many companies even charge you an inactivity fee. So, look up the expiry date and check if there are any terms regarding the inactivity fee.
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