Not all gift cards are created equal.
While picking up gift cards is supposed to be an easier task then shopping for individual gifts, there are a number of factors to consider when purchasing a gift card.
You can pick cards based on how sought after they are, what the resale value is, or even the cost. Yes, you can buy gift cards for a discount online. The price you pay can be lower than the amount the gift recipient is allowed to spend!
WalletHub recently released a list of the most popular gift cards. In order their list includes: Amazon, Visa, iTunes, American Express and Walmart.
However, it may be worth your time to shop around and see which gift cards can be bought at a discount.
Website like Gift Card Granny, Raise and GiftCardBin all sell deeply discounted gift cards.
As of Monday, the front page of Gift Card Granny offered deals on gift cards for Olive Garden, TJ Maxx and CVS as “daily deals.” Each of the cards was selling with a discount of at least 15-percent.
Some of those websites will also allow you to trade your unwanted gift cards too. So if you receive a card you don’t see yourself spending, keep the websites in mind if you decide to “resell” your gift card.
If you decide to give a gift card through Visa, MasterCard or other credit card retailers, keep in mind that there is generally a fee when you purchase a card like that.
WalletHub states, “There’s generally a fee of at least $3.95 when you purchase such a gift card, followed by a $2.50 monthly inactivity fee if the card isn’t used for 12 consecutive months.”