Shine Fm Blog

7 Gift Card Tips

Following a lengthy discussion at a recent family function, we learned that a) all the cousins are fine with receiving gift cards for Christmas and b) my mom is DEFINITELY not! It got my thinking though about the meaning behind a gift and what about the 'rules' behind a gift card.

So if you get a gift card this Christmas here are some things to keep in mind.

1) Mark you calendar - Funds on a card must be good for 5 years and generally there will be no fees for the first year after the gift card is purchased, but there are fees you may be charges after that, or if it's lost or stolen, so look for the fine print. **(See Below for Note Specific to Alberta)** 

2) Know the different types of gift cards - There are 2 main types; closed loop (specific to one retailer) or open loop (network-branded cards to be used anywhere).  The closed loop cards usually have no fees, but if a store goes under you won't be able to use it.  Open loop cards often carry the imprints of major credit ard companies, which mean you can uses them anywhere the brand is recognized, but that also means it may be subject to other fees. 

3) Pair your gift card with a coupon - Rarely can you combine coupons at a store, but you can always use a coupon and pry the balance with your gift card! Be sure to check out the stores website or social media pages for coupons or coupon codes.

4) Don't buy just because you have a gift card - Yes you want to use the card quickly, but you want to be smart about your purchase.  Wait for something you actually want or need.

 5) Share a 'heads-up' with e-gift cards - Electronic gift cards are a generally new concept, the problem with them is that people don't always realize what they are and my never open them.  Pre-empt the e-gift card with a note saying "I wanted you to have this for ________, so be sure to watch out for the e-gift card".  Double check email addresses so it goes to the intended person and follow up with an email to make sure they received it.

 6) Gift card thieves - Yes, they're out there, so treat your gift card like cash.  Some people will copy gift card numbers and check to see if the cards have been activated.  Once they are, they will use those numbers to use the money loaded on the cards.  Fight back by checking the balance on your card from time to time in store or online.  Another way to fight back is to simply use it right away! :)

7) Keep it fun! - Be creative with the presentation when you give a gift card.  For example, give a coffee store gift card in a mug or print a picture of the item you'd like the money to go towards.

For more, visit: http://money.msn.com/how-to-budget/7-ways-to-make-the-most-of-gift-cards-bankrate.aspx

**(NOTE:  Gift cards purchased in Alberta are no longer subject to expiry dates and fees that lower their value over time. Alberta’s Gift Card Regulation, part of the Fair Trading Act, is effective November 1, 2008.  http://www.servicealberta.ca/pdf/tipsheets/Gift_cards.pdf)**

Know someone who should know about this?