Make the Most of All the Gift Cards That Are Piling Up
Whenever anyone asks me what I want for my birthday or a holiday, I give them the same two-word response: gift cards. Sure, they may not be the most original gift idea, but gift cards are truly the gift that keeps on giving. Okay, maybe that last part isn't entirely true, since gift cards have a dollar limit. But in my opinion, they are the ultimate present. Think about it: You can purchase them from almost any store for any dollar amount. You can buy them online, making them an easy but great last-minute gift idea. You can get them for someone you know really well or someone you don't know at all.
But even someone who loves gift cards can get stuck with a few too many. Translation: I end up buying things I don't really want or need. To help you maximize your gift cards, Woman's Day spoke to financial advisor Shannon McLay, CEO and founder of the Financial Gym, to get her tips on making the most of this universally loved gift.
You don't have to spend a gift card all at once.
People seem to have a "use it or lose it" mentality when it comes to gift cards and, to be honest, we don't blame them. After all, you don't want the giver's money to go to waste because you forgot about a lingering balance left on a card. But, under federal law, a gift card can't expire within five years of the date of purchase. So McLay suggests "spreading out the usage and thinking about it as something that can help you throughout the year."
"If you don't really need anything then you'll spend the money just to spend the money, but maybe in five months you have a wedding or something to go to and that gift card would've been better spent at that time."
Use promo codes and coupons with your gift cards.
Before using your gift card, look online to see if the store is offering any promo codes or coupons. Not only will this give you more gift card money to spend (duh), it could prevent you from having to whip out your credit card to pay the difference.
Regift it or use the gift card on someone else.
McLay points out another no-brainer: A gift card "doesn't necessarily have to be for you." Try viewing it as a gift buying card, and reserve it for purchasing presents around the holidays when your spending is especially high. You'll save some of your hard earned cash, and the recipient won't know the difference.
Consider selling the gift card.
We've all gotten gift cards to a place we've shopped at just once (or maybe never). And although this can be an opportunity to try shopping somewhere new, it can also be an opportunity to sell the gift card and make extra cash to put toward something you really want.
First, ask friends and family members if they want to buy your gift card before turning to the internet. (Just, you know, make sure you're not asking the person who gifted it to you.) In doing so, you have a better chance of getting the full cash value. You'll also get the money right away, rather than waiting on an e-payment.
If the friends and family don't bite, turn to a reliable gift card swapping site. Some of the most reputable sites include:
Card Cash - With this site, you can get up to 92% of the card's value or you can trade it in for a gift card you'd actually use.
Card Pool - Here, you can be paid in cash or Amazon gift cards. Once you sell the card, you can either send it to Cardpool or sell it electronically.
Gift Cash - This site lets the buyers decide the price, so you may not get exactly what you want.
Before trying to sell your card, however, make sure to read the fine print. Some sites with take a cut of the sale, and others may not pay you at all.
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