What you need to know about Gift Cards:
Giving it might just be a very good idea as long as you make sure you read the conditions attached before buying the said card.
A gift card is a prepaid card that you can use to make purchases. You can use gift cards in a single store or in a group of stores,
such as a chain or mall. the general rule, gift cards are already loaded. They can be physical cards or electronic cards.
Usage of gift cards:
When you use a gift card to make a purchase, the value of the purchase is deducted from the balance of the card.
For example, if you use a $100 gift card to make a $ 25 purchase, the card balance will be reduced to $ 75.
You can not withdraw cash from a gift card.
Gift cards should always read as follow:
- already loaded
- do not expire
- rule of thumb, have no fees
- You can sometimes add funds to a gift card.
If you have an old gift card, you may have to transfer the funds to a new card. Be sure to read the terms and conditions
of any gift card you purchase or use.
- Gift Cards with an expiration date, it should be mentioned on the card
- Most gift cards do not expire, again it is worth to check before buying
Important to know:
When you buy a gift card, you do not pay a tax on its value. The merchant bills the amount of the tax when you use the card to purchase a taxable product. For example, you pay the tax on your purchase made with a gift card in the same way as when you use a credit card or cash.
The following gift cards may have an expiration date:
Promotional Gift Cards:
Companies give gift cards as part of loyalty programs or rewards. These cards can only be used to make purchases from a specific merchant or group of merchants. These cards often have an expiration date.
- Gift cards for a specific service
- Gift cards for specific services may sometimes have an expiration date. For example, a gift card for a meal in a restaurant may have an expiration date.
We are including below some of the popular gift cards, you can make your choice at any given time you are feeling for,
Enjoy it and make great purchases.