How to spend the last dollars on a gift card: instructions
'07.01.2019'
Source: Consumer Reports
Spending the latest 50 cents or another small amount on your gift card may not be easy at all, especially if you are buying online.
So, on holidays you received a gift card. It may well be that you have already taken advantage of this gift and bought what you wanted. But what if after the purchase on your card there is still some money left? Tells Consumer Reports.
Zaida Haze, a 45-year-old resident of Fort Lee, New Jersey, has amassed an entire wallet of underused gift cards that she has been given for several years. “You don't want to throw away the card where there is still money,” the woman admits.
And there are many like her. A recent survey conducted among 1004 adults from the United States showed that about 20% of Americans keep three or more gift cards with active balances. And almost 40% of them say that less than 25 dollars are left on the cards.
It is not hard to assume that the sum of all this is a lot of lost money. In 2015, US residents bought gift cards totaling nearly $ 130 million. Of these, $ 1 billion was never spent.
What can be done?
- Universal Gift Card
If you have a small balance on a gift card issued by Visa, Mastercard or American Express, it can be difficult to spend these funds if you shop online. The point is exactly how ordering works on most retail websites.
Shelly Hunter, a gift card specialist, shares a tip. When you purchase a product online, you need to enter your Visa or Mastercard gift card number in the debit or credit card field on the website. Do not enter it in the gift card field, which is reserved for company store cards. In other words, you cannot pay for your purchase using both a gift card and your credit or debit card.
“If you have $ 3,98 on your Visa gift card and you buy a product for $ 5, your gift card payment will be declined,” says Hunter.
But options are possible.
Buy an electronic gift card from the online store. For example, Amazon and Walmart allow you to use a universal gift card to purchase an electronic gift card that can be used on their sites. No commission is charged for this, and you can apply the cost of the e-gift card to the purchase, and then pay the balance with a regular credit or debit card.
An interesting strategy is offered by Sam Ochs, an experienced video game player from northern California. He says he uses his Xbox subscription to spend small balances. “Friends sometimes give me gift cards, and if there are a few dollars left on the card, I just use them to pay for Xbox services or games,” he shares a secret.
True, there are limitations. Amazon and Microsoft (which owns the Xbox) will not sell you an electronic gift card worth less than a dollar. Other retailers may also set minimum amounts.
Place an order by phone. You can ask a customer service agent to spend money on a gift card, and then put the balance on a credit or debit card. (This is a great option if you have a small balance on a universal type electronic gift card that you cannot use either online or in a regular store).
Go to the store. Typically, stores have the option to apply your gift card balance to a larger purchase, says Courtney Jespersen, a savings expert. “Even if your order only costs one or two dollars, you will completely use up all funds,” she prompts.
- Gift Card for a specific store
Is there a residual balance on your card, but you didn't find anything in the store? You have several options:
Ask the seller to give you cash. Some states have laws that require retailers to cash balances on gift cards they have issued. For example, in California, stores typically must give you cash for every gift card they have issued, with a balance of less than 10 dollars. On Rhode Island, the balance should be less than 1 dollars.
If such there are no rules in your state, still ask the seller to cash your card.
“A smile and a polite request often go a long way,” says Sarah Skirball, retail and trends expert at the online coupon site.
Try using the card in the affiliate store. In some cases, gift cards for certain stores operate in other locations and stores owned by the same company. For example, the Gap gift card also works in Old Navy, Banana Republic and Athleta. The Olive Garden Gift Card can be used to pay for orders at LongHorn Steakhouse, Yard House and any other restaurant owned by Darden Restaurants.
In any case, do not wait too long
Some gift cards may expire five years after their issuance or after the date of the last refill, and some even imply a penalty for inactivity a year later, if you have not bought anything. According to credit analyst Jill Gonzalez, the commission amount of 2,5 dollar can destroy the remaining value of the card.
To reduce the likelihood that you will never spend money loaded onto a card, it is recommended to load your gift card into an application like Gyft or Raisewhere you can control the balance of several cards at once.
