Cash The Checks

With the holidays rapidly approaching you’re undoubtedly looking for just the right present for your friends and relatives. If you can’t figure out what to give, a gift card is always a safe option. While you may have heard bad things about gift cards in the past, things in the gift card game are changing. These changes are making gifting and receiving gift cards a more pleasant experience. Here are some things you should know about gift cards.

You Can Sell Your Gift Cards

There is a whole new market that has been created the last few years. It involves people selling their gift cards for cash. Sure you won’t receive the full amount left on the card, but it’s a neat way to get some value out of them. Other users can then purchase your gift card at a discounted price.

Re-Gift Your Gift Card

If you received a gift card as a present but never used it, there’s no shame in regifting it. A gift card doesn’t have a name attached to it so nobody will know. But let’s say you kept the gift card in your wallet and it showed some signs of wear a tear. Most stores will now allow you to trade in your unused gift cards for brand new ones.

Store Gift Cards

When you buy someone a store gift card it may seem that you’re limiting their options. They have to buy something from that store. If instead you want to give them the freedom to buy anything they want from any store you can give them a Visa gift card for example. The problem with that is that these cards carry a whole host of fees such as monthly fees, loading fees and inactivity fees. This is why you’re better off buying a store gift card with no fees instead.

Expiration Dates

New rules on gift cards have made them more friendly to use. The Credit Card Act of 2009 mandated that gift cards cannot expire for five years or five years from the last time money was loaded onto them. There are even stricter rules for companies and these rules vary depending on the state you’re in. In California, for example, gift cards have no expiration dates or fees. Also, in California, gift cards with under $10 on them can be redeemed for cash.

Overspending

One reason why stores like selling gift cards so much is because consumers typically overspend when using gift cards. Be wary of falling into that trap. Only buy what you truly need. Since your gift card won’t expire for a long time don’t try and spend all of it at once. You can make minor purchases and continue using your gift card until you’ve exhausted the funds in it.