{"id":151,"date":"2019-10-30T06:17:02","date_gmt":"2019-10-30T06:17:02","guid":{"rendered":"https:\/\/mixto.ca\/blog\/?p=151"},"modified":"2019-10-30T16:22:00","modified_gmt":"2019-10-30T16:22:00","slug":"7-things-you-need-to-know-about-gift-cards","status":"publish","type":"post","link":"https:\/\/mixto.ca\/blog\/7-things-you-need-to-know-about-gift-cards\/","title":{"rendered":"7 Things You Need to Know About Gift Cards"},"content":{"rendered":"\n
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Holiday season’s coming up, and whether we\u2019re giving or getting them, gift cards are going to be a popular choice. Check out these tips for some useful advice on how to get the most out of your gift cards.<\/h3>\n\n\n\n
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Customer using a gift card for online shopping.<\/figcaption><\/figure>\n\n\n\n
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Source: CreditCards.com<\/a>
Who doesn\u2019t love a gift that puts you in the driver\u2019s seat? No surprise then that gift cards are the No. 1 requested present 9 years in a row, according to research from the National Retail Federation. \u201cConsumers love them,\u201d says Jennifer Tramontana, director of communications for the National Branded Prepaid Card Association. But how well do you know your gift cards? From tips for protecting cards to accessing them via a phone and replacing bum cards that don\u2019t work, if you buy or use gift cards, here are seven things you need to know:<\/p>\n\n\n\n

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1. Retailers want you to use that card.<\/h2>\n\n\n\n

You may have suspected retailers don\u2019t want you to use their card so they can keep its entire value. Definitely false, says Timm Walsh, board chairman of the Retail Gift Card Association and vice president of sales for Regal Entertainment Group. \u201cThe truth of the matter is we prefer they be spent,\u201d he says. \u201cWe actually make more if they\u2019re spent at the retailer.\u201d<\/p>\n\n\n\n

When consumers redeem a gift card, 65 percent spend an average of 38 percent more than the card\u2019s value, according to 2014 statistics from CEB TowerGroup. \u201cWhen you get a gift card, you tend to think of it as free money, and you splurge a little bit,\u201d says Walsh.<\/p>\n\n\n\n

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2. Storing gift cards on a phone is becoming more common. <\/h2>\n\n\n\n

\u201cMore and more gift cards are being redeemed through mobile technology,\u201d says Walsh. It\u2019s \u201ca lot easier to store your gift card\u201d on your phone. Some apps allow shoppers to \u201ctake a picture of the front of the card and store it,\u201d along with the recorded balance, says Kendal Perez, spokeswoman for CouponSherpa.com, who recently test-drove the Gyft app. It\u2019s \u201chelpful because I\u2019m a visual person, and I could glance quickly and see what I have,\u201d says Perez.<\/p>\n\n\n\n

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3. You can shield some gift cards from theft and loss. <\/h2>\n\n\n\n

In the past, gift card issuers would declare that cards were as easy to spend as cash. Unfortunately for some consumers, cards were also like cash in another way: If lost or stolen, they were gone permanently. These days, with bank-branded cards, you can register the cards with the issuer to get protection from loss or theft. \u201cThe funds will be replaced if it\u2019s lost or stolen,\u201d says Tramontana. It works for some retail gift cards, too. \u201cThere are some retailers that are going to the registration model,\u201d says Walsh. To register a gift card, call the toll-free number or visit the website listed on the back of the card. You\u2019ll supply the card number, and likely the PIN and expiration date of the card, along with your name and address. \u201cIt\u2019s real simple and takes about five minutes,\u201d says Tramontana.<\/p>\n\n\n\n

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When you get a gift card, you tend to think of it as free money, and you splurge a little bit.<\/p><\/blockquote><\/figure>\n\n\n\n

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4. There is a remedy for cards that don\u2019t work. <\/h2>\n\n\n\n

Once in a while you step up to the register and pull out a gift card, only to be told the card\u2019s no good or it\u2019s worth much less than promised. Now what? You need the activation receipt, says Hillary Mendelsohn, author of \u201cThe Purple Book: The Definitive Guide to Exceptional Online Shopping.\u201d Hopefully, the person who bought the card kept it \u2014 even if that person was you. Every once in a while, \u201cthey just don\u2019t activate them correctly,\u201d she says. With that slip of paper, a gift card giver can at least prove the card was activated, she says. \u201cAnd they can take it back.\u201d Returning a malfunctioning gift card? Deal with the company that issued it, Mendelsohn advises. That means if it\u2019s a store gift card, take it back to the store. And if it\u2019s a bank-branded gift card, call the toll-free number on the back of the card, she says.<\/p>\n\n\n\n

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5. There are two kinds of cards and (generally) two menus of fees.<\/h2>\n\n\n\n

With cards that carry a credit card brand name, you often pay a purchase fee, says Christina Tetreault, staff attorney for Consumers Union. In return, you can use them any place that accepts that card brand. Buy a gift card at or for a particular retailer, and you pay only the face value of the card. But you can only use it at that specified retailer, and sometimes at affiliated businesses. The majority of retailer gift cards don\u2019t have expiration dates, activation fees or dormancy fees, says Walsh. Under the federal Credit CARD Act of 2009, gift cards have to be good for at least five years from the purchase date. The act\u2019s rules on gift cards also limited dormancy fees, banning them in the first year. After the first year, dormancy fees can be charged once per month, but such charges must be clearly disclosed. \u201cThe advice that I give people, and take myself, is to spend them as soon as possible,\u201d says Tetreault. \u201cSpend them right away.\u201d<\/p>\n\n\n\n

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6. You can stretch more out of cards. <\/h2>\n\n\n\n

When is a $50 gift card worth more than $50? When you use it online to score a discount or free shipping, says Mendelsohn. If you\u2019re making a purchase with a gift card, shop both the brick-and-mortar location and the store\u2019s website to see if one of them will offer a discount, free delivery or free shipping, says Mendelsohn. \u201cMost retailers have moved to this digital-and-physical environment,\u201d says Tramontana.<\/p>\n\n\n\n

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The advice that I give people, and take myself, is to spend them as soon as possible. Spend them right away.<\/p><\/blockquote><\/figure>\n\n\n\n

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7. You have to treat them gently. <\/h2>\n\n\n\n

Plastic gift cards still use magnetic stripes, like pre-chip credit cards. Those stripes can occasionally get demagnetized by other things that you routinely carry in your pockets or purse. Some gift cards include a scratch-off panel. If you\u2019re too zealous or use something too sharp you can accidently remove the numbers underneath, says Mendelsohn.  \u201cThen it\u2019s no good to you.\u201d Some gift \u201ccards\u201d are made of paper or thin cardboard. Yet another reason to put them in a separate envelope, she says. \u201cYou have to be super careful.\u201d<\/p>\n\n\n\n

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+<\/a> Learn about Mixto’s Customized Gift Card Programs. <\/a><\/h3>\n\n\n\n

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