Are you looking to buy gift cards for yourself or a loved one?
The health crisis pushed the popularity of gift cards. Consumers spend more on gift cards to avoid in-person shopping.
With the holidays fast approaching, expect the demand for gift cards to rise. So many types of gift cards exist, making it tricky to choose the best one.
In this guide, you’ll learn about the best gift cards around. Read on and find out more:
Single-Store Gift Cards
If you like to keep things simple, single-store gift cards are your best bet. You can redeem these cards from any branch of a particular merchant or brand.
The Amazon gift card is one of the most popular examples of a single-store gift card. Users can redeem it in a physical Amazon store. They can also use it on the Amazon website or mobile app.
Single-store cards go beyond shopping. You can get them from leading restaurants as well.
Instead of paying in cash, you can use the credit inside the gift cards. It allows faster cashless transactions.
Single-store cards also don’t require activation fees. They have no expiration dates and non-use charges.
Give the card if your loved one is a regular shopper. It’s also a great choice for someone who loves to dine out in a particular establishment.
Multi-Store Gift Cards
This type of gift card allows you to spend it on several stores. You can use it in both physical and online stores.
Multi-store gift cards offer flexibility in their offerings. The establishments listed often have no affiliations with one another.
The list may contain a combination of restaurants, retail stores, and home improvement shops. It gives the cardholder have more options when using the credits.
Unlike single-store cards, users must redeem multi-store cards through a credit card or another banking system. Alternatively, you can swap them for regular gift cards at your desired store.
Multi-store gift cards have no activation and expiration dates. They also won’t charge for non-use.
Family of Stores Gift Cards
A family of the store gift card is similar to a multi-store gift card. It lists multiple stores, merchants, or restaurants. The difference is the establishments belong to the same parent company.
A Darden Restaurants gift card lets you buy from any of the company’s restaurant chains. Some of these include:
- Cheddar’s Scratch Kitchen
- Yard House
- Olive Garden Italian Kitchen
- Longhorn Steakhouse
Meanwhile, you can use a Gap Options gift card at Gap, Banana Republic, and Athleta. It comes with some limitations since the card only covers high-athletic wear.
Nevertheless, these cards have no activation and non-use fees. You can also use them anytime. It’s perfect when you aren’t familiar with the receiver’s brand preferences.
Category of Stores Gift Cards
This type of gift card covers goods and services within a specific category. An example is a “fuel everywhere card.” It lets you fuel up across all national brands or locally-owned service stations.
However, the station must cater to Visa debit cards. It means the merchant must apply for a Visa Merchant Account.
At the same time, they should pick a merchant category code (MCC). The code determines the nature of their business.
Another caveat is the activation fees. Some store gift cards have expiration dates and non-use charges.
Give the card to someone you know will use the service. It’s also a good choice if you wish your loved one to experience a specific service.
Any Store Visa and Mastercard Gift Cards
Banks also offer cards carrying Visa and Mastercard gift cards. They are similar to store gift cards since they only apply to merchants catering to Visa and Mastercard.
Their flexibility is top-notch. You can use them anywhere across every category type.
For example, you can pay for your groceries or clothing. They also cover restaurants and street fairs. Medical check-ups and bills payments also accept these cards.
However, the drawback is the activation fees and expiration dates. You will pay extra if you don’t use them.
Digital Gift Cards
Digital gift cards or electronic gift cards have no physical cards. Instead, they come as gift code numbers.
If you give someone a digital card, the merchant will assign a unique code number. It’s what they use to buy from the designated merchants.
Digital cards offer payment convenience. Your recipient can use mobile apps to do these transactions.
They also eliminate the risk of losing a physical gift card. Over half of American adults avoid using their gift cards. It amounts to about $15 billion worth of unused funds.
It often happens because they misplace their gift cards. By going digital, users can store the codes in Apple Pay, Google Pay, or Venmo.
Read more about buying and selling digital gift cards through a gift card kiosk.
Tips for Using Gift Cards
Use your gift cards wisely by maximizing their value. Spend them as early as possible. It reduces the risk of losing the cards or forgetting about their existence.
Use these cards for your daily needs. You will save more money to help build your wealth.
Keep the cards in a safe place. Your wallet should be your default storage. If you have a lot of gift cards, keep them in one place.
Understand the terms and conditions for your chosen card. It will save you from paying unwanted fees in the future.
Make a copy of the front and back portions of the gift card. It allows you to use it online using the saved information.
Make Wiser Choices
Choosing the right gift cards allows you to get more value from your purchases. You can also save more money and become more flexible with your spending. Regardless, consider all factors before buying anything.
However, using gift cards is only the start. Study other ways to save money to build your fortune soon.
Did this guide help? If so, please consider reading our other posts and learn more valuable tips and tricks today.