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Why Should You Not Be Going Crazy About Gift Cards?

//Why Should You Not Be Going Crazy About Gift Cards?

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What is the ideal holiday gift? It’s neither the most recent cell phone nor a cashmere sweater and it’s unquestionably not a fruitcake!

The item topping consumers’ holiday wish lists is a gift card whether you would like to believe it or not!

Gift cards are considered to be the perfect gift for the beneficiary making it necessary to find out how to get gift cards free. They are also ideal for the buyer as they seem to be hassle-free. All they need to do is wrap and send without the long decision-making process of getting an item the recipient would enjoy. These pretty little cards are like money presented with no strings attached. However, this is not the case, gift cards seem to be a trick retailers are using on their consumers to have them spend more. In reality, there is no such thing as ‘FREE’ when it comes to gift cards.

According to Investopedia, customers tend to spend more than the value of their gift cards. It is believed that for a $50 voucher, a customer will end up spending at least 20% more. This equates to millions in profits for companies regardless of clients spending just a few dollars above the margin. Consumer reports also prove that about a third of customers never redeem their gift cards. When retailers collect money without an exchange for goods, it results in pure profits. Since there are no downsides for the retailer, most consumers end up taking the bait and spend more than they should.

This article will try help you evade the spending trap and get the most out of your cards.

Use Your Cards As Soon As You Acquire

This is the easiest way to ensure gift cards are not forgotten. Since they are not protected against inflation, they tend to lose value over time. Most retail experts advise consumers to use their cards right away in order to make use of every penny of credit they deserve.

Get to Understand the Relevant Terms and Conditions

Time limits in the past posed a great problem for the end consumers as they had short expiry dates. But as of the year 2010, these cards have a longer duration of five years or even more. Inactivity fees are also limited unless in certain circumstances within the Federal Trade Commission’s policies. There are however other fees such as balance inquiry and transaction charges that can reduce your credit. Get to understand all the terms of your cards so as not to miss out on any penny.

Think of the Gift Card as Cash

Consumers are not aware but they are close to three times likely to pay up full prices for items when using gift cards.

How to get gift cards free have the same effect as credit cards, which make users feel less attached to the transactions. They often believe it isn’t real money which leads to more spending. Your card should be considered as cash and you should put limits on spending. If used in the right way these cards can serve your purpose well, so shop responsibly.

2018-05-31T06:44:36+00:00May 31st, 2018|Categories: Gift Cards|

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