Often we see a gift voucher or a token is given by some organizations in the form of rewards. So what are they? A gift card is a way to readily store money, which is usually issued by a bank as an alternative for cash. It is used for purchasing goods within a specific shop. They are also called cash cards, which usually look like credit cards having a particular code. These cards can be refilled multiple times through payment. But there are many other things one can earn on (https://prizehog.net/) like gift cards, discounts, vouchers, etc.
Although these cards don’t have the name of the cardholder on them, they do have a barcode and a serial number. Sometimes these cards can also be customized to show the employee how greatly it’s being appreciated. A gift card has three forms -Vouchers, Bank and Charity. To mention, bank issued cash cards can be used instead of cheques for discount purposes, whereas a charity gift card enables one to contribute a fair share of money towards charity.
This idea of giving gift cards first originated in the United States at Neiman Marcus Group Inc. Since then, it has become a trend and has made the process of giving gifts much more comfortable.
According to reports it has been observed that the UK, US, and Canada are the most active consumers of gift cards and talking about recent times India is also adapting to this method of giving gift cards. When we talk about India, it is the land of festivals, and so gift cards are mostly used on such occasions. The most popular gift cards are PVR gift vouchers, Shoppers stop coupons, Joyalukkas, etc.
Earlier, when the gift cards were new to the market, they had started replacing gift certificates, which were frequently being counterfeited. Nowadays, people are spending more money on these gift tokens. So they are also willing to minimize the expenditure on them. Here are some smart ways through which we can save money on gift cards and earn some benefits.
Sites that offer a discount on gift cards
As we know that various sites provide a refund on gift cards. It ensures adequate gift card values with some reasonable offers on significant retailer sites like Amazon, eBay, Myntra, etc. Sites like Giftcards.com, Cardpool, etc. apply discounts from 15 to 35%.
- Promo Codes at Stores
Most stores frequently use gift cards as a method of promotion for their brand. For example, Domino’s, Big Bazaar, Pantaloons, etc. give up to 15% off on selective cards.
- Rewards on Credit / Debit Cards
Some banks offer bonuses on credit or debit cards based on the purchase. These points are redeemable for gift cards in place of cash. The stores in which this process takes place could help the customers to earn reward points on top of the discount provided. SBI Freedom Rewards points allow you to obtain a rebate on transactions through Visa or MasterCard.
- Samsung Pay App
Samsung phone users have an inbuilt app, which is not only useful to make payments but also proffer deals on gift cards most of the time. Booking movie tickets through BookMyShow, booking hotels via sites like trivago, goibibo, etc. has been made easier through the Samsung Pay app. These gift cards are directly linked to user accounts.
- Mobile App Rewards
Apps like Paytm, PhonePe, Google Pay help to save on general consumer goods with a provision of gift cards that give cashback up to Rs.500 on a single purchase.
- Amazon Trade-In
Trading in used items to Amazon helps to gain gift vouchers on the exchange of old things. The lump-sum isn’t much, but it is enough to be used for some other time.
Apart from the various upsides of gift cards, they do have a few drawbacks. We still see some criticisms regarding them now and then. Like for example, the organizations which offer such gift cards apply specific terms and conditions that may not be in favor of the cardholder. In case of any scam or loss, the company would not be liable to reimburse anything. Besides this, emerging has been observed in a survey that even after receiving cards, the majority of people don’t end up spending them.
A significant downside of gift cards is that they can be easily exploited by fraudsters in a manner that can also harm the ownership rights. Taking advantage of digital advancement, cybercriminals and hackers can easily access online customer portals and empty the funds.
Although there has been a lot of fraud associated with gift cards, still, some are pretty safe. Stick with the ones that offer a money-back guarantee. After all, they are inexpensive and easy to handle. So the next time you use a gift card, use it wisely!