One reason people buy gift cards is to hit a certain spend threshold for a credit card bonus. Whatever the reasons for purchasing Nike gift cards are, many people always remain with a large stack of empty or partially used gift cards.
Tips to Maximize Gift Cards
Here are several tips that will help you maximize your gift cards and stay clear of gift card pitfalls.
- Don’t waste your gift cards
- Purchase the gift cards at the right stores
- Differentiate two types of gift cards
- Familiarize yourself with gift card restrictions
- You may exchange your gift cards for cash
- The majority of cards expire
Don’t Waste Your Gift Cards
Statistics have it that consumers leave a $1billion of unspent gift card value every year. Wondering where this money goes? Of course, companies keep it in exchange for nothing. Treat gift cards like cash. This way, you will not let money slip away inform of gift cards.
Purchase the Gift Cards at the Right Stores
Buying a gift card directly from a store is not the best approach. The majority of stores have deals during the holidays. Buy Nike gift cards during such periods where you will be buying a particular number of gifts, and get an extra gift card for free.
Differentiate two types of gift cards
Gift cards come in two types, open loop and closed loop. Examples of open-loop cards are Mastercard, VISA card, and American Express Gift card. They can be used in the same places that regular cards are accepted.
Closed-loop gift cards are brand specific. You can only use these cards in specific restaurants, stores, or service providers.
Familiarize Yourself with Gift Card Restrictions
Open-loop cards give you the freedom to purchase whatever you want. But they are complicated when it comes to online transactions. When you buy gift cards online, you must enter the open-loop card code in the regular credit card field for a transaction to be successful.
Store-specific cards facilitate easy online transactions. The only challenge is that they can only be used in specific stores or groups of stores. These cards come with no fee and have no expiration dates.
You May Exchange Your Gift Cards for Cash
If the gift card has a low cash balance, there are outlets where you can exchange the remaining balance for cash. This is possible, especially when the balance is under $10. Most cards attract a 5-10% discount. In others, you may get up to 80-90% cashback for selling. Different cards cost different prices.
Majority of Cards Expire
Gift cards come with expiration dates. Others charge a monthly fee after 12 months of inactivity. Therefore, you must carefully read the terms and conditions before you buy gift cards online to know about expiration and your gift card’s inactivity fee.
Make every effort to use the card because if unused, that is money gone to waste. Be keen on expiration dates. Also, regularly use the cards to avoid giving the money back to the stores through inactivity fees.