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Pros And Cons Of Gift Cards And How To Use Them Wisely

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It has already been established that gift cards, a form of payment that can be used to make purchases at retail stores, gas stations, restaurants, other locations and online is gradually substituting cash and other payment methods.But this usefulness is not limited to mere substitution. The following are more of its uses:

• Gifting
Gift cards can be an appropriate gift for the holidays or any other special occasion. Be it to celebrate holidays, birthdays, graduations or promotions. Gift cards might be preferable if you have no idea what to buy for someone on your gift list, as they allow the recipient to buy what they want and when they want.

• Financial Control
Gift cards can be used to control spending as well as limit bank overdrafts.

• Convenience
Gift cards are very easy to use and they provide convenience during transactions. They can be used both electronically and physically.

• Redeemable
Gift cards can be converted to other currencies such as Dollars or Naira. Trading platforms such as Cardvest offers fast and reliable gift card trading with the best rate in Nigeria.

• Flexibility
Gift cards are so flexible that they can be used physically anywhere and conveniently online.

Just like every other things, Gift cards also have some downsides. Here are some:

• Charges
Some prepaid gift cards charge a fee when you purchase them. You may also pay a separate fee to reload money to a gift card if you wish to reuse it. And when you fail to use your card, You could be charged an inactivity fee.

• Expiry
After purchases are made with a gift card, there may be a small amount of money left, which if not used, whether due to forgetfulness or inertia, ends up as money wasted.

• Limitations
Some Gift cards, especially Closed-loop cards limit purchasing power as they can only be used at specific places. When you purchase this type of gift cards, you or the gift card’s recipient would be able to use them to make purchases only at the retailer issuing the card.

• Expiration
Gift cards expire after few years although there is a law that prevents gift cards from expiring for up to five years after their activation date. But note that failing to use a gift card could trigger an inactivity fee.

• Restriction
Some Gift cards just like the issuing retailers are restricted to some locations and using them may require some obligations.

How to use Gift Cards Wisely
In order to minimize potential problems, the following are few simple steps that gift card recipients can take:
• Go through the terms and conditions when you receive or buy a gift card so that you understand your rights.
• Register your card immediately. This gives you protection if the card is lost or stolen.
• Make use of the gift card as soon as possible. Unless you know that the card has no hidden fees or expiration date, make it a priority to use it. Or You can redeem it into your currency of choice.
• Report complications either to the company that issued the card, or to the Federal Trade Commission, whichever is appropriate for the circumstance.


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