Seven Ways to Make the Most of Gift Cards

If you're like me, you both gave and received several gift cards as gifts for the holidays. That's why I was interested to read MSN Money's post with seven tips for making the most of gift cards. Their suggestions:

• Mark your calendar (so fess don't eat away at the card's value)
• Know the different types of gift cards (cards good at one retailer versus those good at all places that take credit cards)
• Pair your gift card with a coupon
• Don't buy just because you have a gift card
• Share a 'heads-up' with e-gift cards
• Yes, Virginia, there are gift card thieves
• Keep it fun

A few comments on these and on gift cards in general:

• I try to use gift cards we get as soon as possible. I don't like managing a lot of them from random places (which can be the case when you get them as gifts -- versus buying them yourself for your own use to get a credit card rebate).


• I almost exclusively use gift cards that are for one retailer. I don't like the fees associated with the other cards.


• We use a coupon a LOT with gift cards. It's the reason we rarely use an entire Macy's gift card in a year.


• Gift cards are great re-gifting options -- if you don't like the place and know a friend will.


• You can always sell the gift card or donate it to charity if you don't like it. I've never done the former but have done the latter (with a local charity where you can actually hand the card to a person).


• I wish there was some way to simply convert gift cards to cash (at full retail value.) I guess there is, it's called "giving cash and not gift cards." ;-)

Anyone out there have some good tips for managing/using gift cards? If so, please share your thoughts with the rest of us in the comments below.

Comments

[Jonathan]

Re: a way to convert gift cards to cash -

Gift cards aren't worth the same as cash, because they are "restricted" to one store or to stores that take that type of card. And also, why would someone who had cash go to the trouble of buying your gift card from you for full face value?

I also don't like managing gift cards. I let my wife carry them all and keep track of them. We do enjoy getting them as gifts though, especially for restaurants since we don't generally feel it's worth the expense of going to a sit-down restaurant if we're paying out of pocket.

[Matt]

I have sold a gift card to a website that gave me 76% of the face value. Granted this is quite a bit less than the value but it did defuse a very touchy situation. Granted the person who gave us the gift card did not realize that the store is not available in Michigan and they said 'order something on line from them'. Ugh. What part of I don't want it do you understand.

I don't need $100 worth of cheese cake.

I was able to get an amazon gift card instead. No problems trading it in.

[Jamie]

I've been known to re-gift gift cards, to donate gift cards to charity, and to use those gift cards to buy gifts that I can give next year. I wonder if anyone has any experience with selling or swapping the gift cards via a site like PlasticJungle.com

[Apex]

@Jonathan,

I think you and I might have gotten the same model cerebrum. I notice yours works a lot like mine. :)

What can I say about gift cards. They are better than a fur tie. So they have that going for them. Which is nice.

[Don]

I have a folder on my desk into which I put everything that is owed to me (company expense reports, rebates that have been mailed, etc.). I also put unused gift cards in there. If they are my kids' cards, I write their names on them.

When I get payment for an expense report, I just take the report out and throw it away. When I go to a store I first look in the folder to see which cards can be cashed in.

Simple, but it works for me.

[Matt]

@Jamie

I used cardpool.com.

There are 5 top rated sites and carpool is one of them. I am not sure about PlasticJungle.com

Maybe google top rated

[John Perry]

I have used PlasticJungle.com in the past, they aren't bad and are legit. One thing to note though, make sure you know your gift card balance, I have a tool I use online that makes this very easy to find out how to check my balance on these gift cards:

http://www.giftcardbalancecheck.com

[Jeff Crews]

I am a big fan of gift cards. I wouldn't spend money on myself without having gift cards. I am always trying to save so gift cards are a great way to allow me to splurge. I have also found that there are some great website to sell your cards on. Any thoughts on this?