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Saving Money with Gift Card Purchases

May 19th, 2017 | No Comment Yet

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Gift cards are slowly becoming a vital part or retail. They’re useful as a last minute present and can help families allocate funds for personal budgets. Some people actually prefer them over carrying cash. Clothing stores, coffee shops, gas stations and grocery stores all sell them and accept them as a method of payment. That said, here are a couple of gift card tips you can use to save money and make sure your financial goals are met.

Buy discounted gift cards

You might think that the only way to buy gift cards is from the checkout aisle at your local grocery store. However, you can save hundreds of dollars per year simply by purchasing discounted gift cards. A lot of different stores use them as a means to drive their business, while restaurants sell them for less than face value in order to bring in more customers. But the best way to get a discounted gift card is to purchase one online.

People are constantly receiving gift cards they either don’t want or have no use for and sell them on various online marketplaces. The range of discounts can go anywhere from 1% to 50% if you’re lucky, but the average discount is around 10% of face value. Some of them haven’t been used, while others have already been partially used and when you buy one, it can either be delivered electronically or by mail. Just be careful with electronic ones, as some merchants require that you only use them online.

Purchase gift cards with reward points

You can shop for a lot of things using reward points, even gift cards. In fact, some companies offer additional discounts on purchasing gift cards using reward points and you could potentially spend 10% to 20% fewer points for a gift card than normally required. This is an ideal solution for those trying to save a few bucks and use up points before they expire.   

Stack coupons with gift cards

You can easily combine online coupons with gift cards and save more money than you typically would using only one of them. Don’t worry if you can’t find any available coupons for your brand and simply Google it or visit some of the numerous websites dedicated to buying and selling coupons. There are various coupon sites online that offer additional discounts with their coupons. Use both discounted gift cards and discounted coupons during special promotions and sales in order to receive the biggest possible discount on your purchases. Those like eftpos gift cards have a general purpose and are great for everyday spending.

Be careful with the fees

Most gift cards come in two forms, general purpose and store-specific. You can find general purpose gift cards at your local bank or a credit card company and use them with literally any retailer that accepts them. On the other hand, store-specific gift cards can be used only in specific stores. For example, Starbucks gift cards are store-specific, meaning you can only use them at Starbucks.

Never pay for shipping

Around a third of all gift cards purchased online come with a shipping charge. This is simply a waste of money considering that the average shipping fee is around $4, maybe $5. Add that to every card you order and even a discounted card becomes overpriced. Find a store which doesn’t require you to pay any shipping fees or consider sending an electronic gift card instead. Most people prefer them anyway because they’re a lot easier to use when shopping online.

If you ever receive a gift card you don’t want, don’t throw it away in a drawer somewhere but treat it like money. Just because you have no use for it, doesn’t mean that it can’t be put to good use by someone else. You can always sell unwanted gift cards online and use that money to get discounted cards you can actually use. Couple your cards with coupons and reward points in order to save as much money as you can.

Author: Emma Miller

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