Gift cards have become an increasingly popular gift choice among all demographics and all special occasions as they are quick to buy and are often the best substitute for the perfect gift.
However, gift cards are far from perfect and shoppers need to be aware of the risks associated with them.
Gift card sales are in the billions of dollars range and are only set to grow further. If you want to buy a gift card for someone, it is important to take some steps to ensure that your money does not end up down the drain:
- Make sure the gift card matches the interest of the gift recipient. Seriously, do you think Grandma would appreciate $25 towards her next meal at “Hooters?”
- Check the finances of the company issuing the gift card. If they close before the card is redeemed, the gift recipient may be out of luck.
- Ask the issuing store if there are any expiration dates, fees or penalties for the gift card they are issuing to ensure the recipient gets to take full advantage of your generosity.
- If you are opting for a gift card from a national bank, you need to check with them about any possible expiration dates, fees or penalties that may devalue your gift.
If you receive a gift card, make sure to use it quickly and have fun with it.
Remember that someone took the time to pick that out for you and they want you to truly enjoy the gift you received!