Four Tips for Avoiding a Gift-Card Fiasco

Here are four tips from David Bach, author of the Automatic Millionaire, on how to properly handle any gift cards you may have received as presents this year (or anytime in the future, really):

1. When You Get the Card, Photocopy It.

2. Check the Expiration Date.

3. Don't Lose the Change.

4. Read the Fine Print.

My thoughts:

1. Overall, these are good tips.

2. I NEVER photocopy the card. Then again, I treat it like cash, so I handle the card itself with extra care. This goes for whether the card is new or if it's only what's left on the card.

3. In the past two months, we've received several gift cards/gift certificates including ones to Burger King, KFC (yum!!!!!), Carrabba's, our church bookstore, the Gap, and Target. It's s bit hard to keep track of all of them and you really need to be diligent about it to make sure you don't forget about any. I have a system I use on my Palm to make sure I use them all.

4. In the past few months, we've given a few gift cards. They seem to work best for us when you know the type of item a person would like, but don't know exactly which one to get. For example, my son went to a birthday party and we knew the birthday boy liked video games. But we didn't know which ones. So we gave him a gift card to Best Buy. Problem solved.

Comments

[Jen W]

I am going to do my friends and loved ones a favor and not get them gift cards unless they request them. I myself am stuck with a wallet full of cards I have received, with poor options: spend them but make up the difference with my own cash, lose them because I can't find anything I want, underspend and throw away the rest of the value, waste my time in a store because I can't find anything I really need or want, or palm them off as a regift.

[Anne]

Don't forget EBay! I've purchased full gift cards from solid vendors there. It works well. You can sell that Old Navy card and pick up one for Talbots.

I wish more of my family members did gift cards!