Although gift cards are great gifts, they will not be of much use if they aren’t used. Nearly 85% of Americans gift or receive gift cards each year. However, more than half of these are not used. This is right: out of the 3 billion dollars that are loaded onto gift cards each annual, approximately 1.7 billion aren’t spent. This is known as “spillage.” VOUCHAIN creates a decentralized infrastructure to support retailers and shopping centres, facilitating voucher issuing. It also facilitates management and administration, which leads to tangible benefits and increased efficiency across the value chain.
This could be due to many reasons. The gift card issuer may be criticized by the consumer. Gift cards can also get lost, thrown away, or mixed up with wrapping paper. Gift cards are money and should not be wasted. You can watch the video and then see our recap of strategies to maximize your gift cards.
Here are some tips for gift cards
These are some general tips to help you save money on gift cards.
Keep track of the information on your card.
Keep a duplicate of each card’s front and back. If the number is not printed on the card, include the toll-free number of the issuer. Gift cards may be used online in certain cases. This means that even if the card is lost, you still have all the information you need to make a purchase.
Place your card(s), in a safe place.
These are not things you want to show off and keep in plain view. This is what you wouldn’t do with cash. Instead, keep them in your purse or wallet and consider putting them in a special place in your home where you can store all of your gift cards.
It is better to spend the card sooner than later.
You may forget to use your gift card if you keep putting off using it. You should also spend your gift card before it expires. This will prevent any transaction fees or dormancy charges.
It can be used for necessities.
A gift card is not “free money.” However, it doesn’t mean you should spend it all. Consider using the card to purchase necessities you wouldn’t otherwise need. This will really help you save money. This advice is dependent on your financial situation, financial goals, and whether you have the ability to save more to pay off debt.
Be aware of the conditions.
Make sure you understand the terms of your card and any fees. You will also want to find out if your card is able to be split with cash purchases. If you wish to purchase something $100 but only have $50, it is important to check that your card allows you to split the purchase and make the payment in cash. This was difficult in the past with bank-issued credit cards.