4 Ways to Get the Most out of Your Gift Cards

using giftcards wisely

There’s no question that at some point during your life you’ve struggled to come up with a gift idea for someone in your life. Whether that person is a loved one or someone you barely know, the go-to gift in this case is usually a gift card. They’re quick and easy to purchase, versatile, and satisfying to most gift recipients.

Some years, you yourself may feel inundated with gift cards. If this year was one of those years and you’re buried in a heap of gift cards, we’ve got some tips for you. If your free money is burning a hole in your pocket, read through to the end of our blog post before you give in to that spending temptation.

According to the National Retail Foundation’s holiday projections, over half of all consumers surveyed reported that they expected to give at least several gift cards as Christmas presents. The average person has approximately $300 worth of gift cards in their possession immediately after the holiday season. When that’s the case, self-control and intelligence comes in handy in order to get the most bang for your buck.

Tip #1: Check the balances. Before you launch into a spending frenzy, make sure you know the exact balances on each gift card. This helps prevent overspending and surprises at the checkout counter. After the holidays, the last thing you need is an expense you weren’t expecting. There are various ways you can check your gift card balances:

  • Call the number on the back of the gift card.
  • Search the company online and visit their website. Most stores will have link to check your gift card balance, like this one at Kohls.com.

Tip #2: Wait for the sales. Just as you should when using your own money, wait for a sale when preparing to use your gift cards unless you need an item ASAP. If it’s a pleasure item you’re coveting, like that fresh pair of sneakers you’ve had your eye on or a new smart watch, wait until the price drops.

While there are some companies and certain products that rarely (if ever) go on sale, many items will go on sale regularly. The key is to muster up enough self control to wait for deals like “buy one, get one free” or a percentage off. Your patience will pay off when you’re able to get the most out of your gift card(s) and are able to avoid spending any of your own money.

Tip #3: Trade, sell, or exchange. It’s rare that you’ll receive a gift card that doesn’t suit your personal taste, but if you don’t expect to ever use a card you’ve been gifted, there is a growing market wherein you can sell or trade your unwanted gift card. You probably won’t get 100% of what the gift card is worth, but the more popular the store and gift card, the more your card will be worth in trade. On sites such as Card Kangaroo and CardCash, you can trade or exchange electronic gift cards and even partially used gift cards. Right before the holiday season begins is the prime time to unload the gift cards from your hands, but immediately after the holidays is a close second.

Tip #4: Stock up for next year. If you aren’t a planner, here is a good opportunity to get a jump start on next year’s gifts, whether for birthdays, house-warming, baby showers, Christmas and more. If you aren’t fond of the gift card that you were given, you can easily re-gift it to someone else. Just make sure it’s not back to the same person or someone in the same family.

Gift cards can easily burn a hole in your pocket until you have given in and spent them all. This is where wisdom, self-control, and patience are key. Be intelligent about when and how you spend your gift card(s). By taking your time waiting for the right sale, you’ll be able to get the biggest bang possible out of any gift card(s) you received!

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