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Modern finance options have come a long way and have provided us with a multitude of ways to interact with money. One of these methods is through a gift card. But what should you consider when purchasing a gift card?
Check the Dates
The first step in purchasing a gift card would be to check the dates. Presumably, you’re making this purchase because you want to gift someone money but in a way that gives them the freedom to spend it without it being as crude as handing over some bills. But gift cards can sometimes be sneaky about when they expire, so it’s important to check. Most people assume that they have an unlimited amount of time before they need to be spent.
Check Where You Can Use the Card
Not everywhere is advanced enough to allow the card to be used. Some sectors, however, make a point of being optimized for such technology. The online casino industry, for example, represents somewhere in which these modern methods of finance can thrive. Players at various sites can use many different methods to deposit and withdraw funds. At a Paysafecard online casino, for example, being able to pay via Paysafecard would be considered a benefit for those who enjoy utilizing online payment and spending methods. This helps casinos stand out from competitors who don’t offer as wide a range of options, and, similarly, it may be more beneficial for you to go for a card that can be redeemed and accessed online for this same reason.
Check for Any Special Requirements
Some gift cards have a specified list of restrictions for what they can be used towards. For example, some aren’t compatible with sales, and some supermarket cards don’t cover things like petrol. It’s important to fully look into what might be restricted from being purchased with a gift card, especially if you are buying it with the intention of the recipient using it for something that could be restricted. Love2shop vouchers, for instance, can’t be used against store accounts.
Check the Retailer
It’s alright buying a gift card, but if the retailer goes out of business the next day, not all cards can be redeemed elsewhere. Some are rendered redundant when the store goes out of business. Others are rendered redundant even if a new buyer takes over the company. So, when investing, it could be worthwhile to check the health of the company. You never know which businesses might go bust.
Does the Recipient Want One?
Not everyone wants to receive a gift card as a present – 25% of gift cards are never redeemed. Sure, you’ve given your present and ticked the box but, if it goes to waste, you could have used the money to purchase something that would have been more appreciated. So, before deciding, make sure the recipient actually wants one. If they never use the retailers listed and have no interest in doing so, then a gift card might not be for them.
Gift cards are a suitable present in most cases, however, and can be a good investment to help small businesses stay afloat in the present, with the promise of helping them out at a later date. It’s important to check that they can fulfill what you want them to do, so reading the small print on a gift card is crucial.