Card Hub’s 8 things to know about gift cards

Becoming an expert on gift cards will lead to savings and success.

We have published a couple of posts lately concerning gift cards. With 60% of consumers seeking gift cards this year and so many different businesses offering them, it can prove incredibly valuable to know the ins-and-outs of the gift card market. In response, Card Hub has developed a list of eight tips (plus two more) to help you save money this Holiday season when shopping for gift cards. Here’s the summars:

1. You can sell unused gift cards for cash, recoup funds from expired cards, or re-gift old gift cards by asking the store to exchange it for one of this year’s models.
2. Check to see which stores or restaurants are on the wish lists of the people you are buying for, as tailoring your gift cards to the specific person you’re buying for make them more personal.
3. Certain discounted gift cards are available (keep your eyes open for which ones as we post about them), and your loved one will still receive the full value of the card while you save a few bucks.
4. Focus on stores that will mail or email your gift card for FREE, as shipping costs can add up fast.
5. You can find value in buying gifts cards with rewards, as most credit card companies offer more value with gift card redemption than with cash back.
6. Gift cards tied to particular retailers are more valuable than general-purpose cards (i.e. Visa, MasterCard, Discover), as the latter tend to charge fees.
7. Prepaid cards also can charge fees, and they are not the same as gift cards.
8. Roughly two-thirds of consumers spend more than the face value of their gift cards, so be careful not to overspend.
9. The CARD Act prohibits gift cards from expiring less than five years from the date they were issued or money was last loaded. So, old cards aren’t necessarily wasted.
10. According to an American Express survey, two-thirds of affluent women hope to receive gift cards during the holidays. Yet, very few receive them as men tend to give them clothes and jewelry instead.