Five Factors To Be Considered Before You Buy A Gift Card

Five Factors to Be Considered Before You Buy a Gift Card

Buying gifts cards and presenting them to your friends, relatives, employees, & clients is a common trend among people all over the world. However, what most of the people don’t know about are the cons associated with a gift card, however, there are obviously a lot more pros as compared to cons in terms of gift cards as gifting options. It’s a fact that gift cards serve as a perfect choice for all kind of gifting occasions, whether it is corporate gifting, family gifting, or special occasion gifting such as marriages, birthdays, work anniversaries, employee reward & recognition programs, or festival gifting.

They provide absolute freedom to the recipient in terms of shopping as per his personal needs & wishes. But, there are a few important factors to be taken into consideration before going ahead buying for these perfect gifting products.

What Exactly Are Gift Cards?

Gift cards are perfect alternatives to cash payments as gifts. By presenting them as gifts to your loved ones, you can make them shop across a physical or online store of their choice for their favorite things. Further, in many cases, it allows for personalization by allowing you to add a note or message alongside it. These monetary cards make it possible for the recipients to buy their gifts by themselves, and as per their own choices & needs.

How These Cards Work?

They can be made use of at any store that accepts plastic money. A few of these cards issued by the nationalized banks are also applicable on eshopping. They work similar to debit cards, in general. Each time the card holder buys something using it, the related amount gets deducted from the available balance in it. One can dispose the card after the balance in it has been exhausted completely.

Features Associated With A Gift Card A lot of banks offer gift cards. The minute details related to such a card might vary, but the broad features remain the very same. Some cards are easily reloadable while some are not, but in case reload is possible, it usually can be carried out in the denominations of INR 100, 500, 1000, 2000 & 5000 respectively. There is a validity associated with a GC, which is mostly 1 year.

There might be a card issuance fee attached with it, or there might be a zero deduction against issuance of such a card by your bank. There are no charges applicable on making transactions using a GC in almost all kinds of transaction possible.

Refund Possibilities These cards are mostly non-reloadable once the balance is exhausted. After the validity expires, even if you have some amount left in the card, you cannot use it. Most of the banks will deny using unused funds after the card’s validity has expired. But, a few banks do allow a user to withdraw the unused funds.

Gift Card Loss Cases Like other kind of plastic cards such as credit/debit cards, a GC can get lost or stolen. In these cases, the first thing you are supposed to do is to inform the bank about the same in order to make the card deactivated for preventing the potential misuse. After that, one need to report it to the police & has to submit a copy of FIR made regarding the same to the bank. The

concerned bank will then provide for the refund of unused amount while subtracting the charges alongside for loss of the card.

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