It’s often easier to simply give gift cards to people than buy them individual presents. Still, finding the perfect gift cards that will convey your thoughtful wishes can be challenging. There are different factors to consider. Below is a guide to help you make the right decision.
- Decide on a budget.
Gift card rates differ depending on where you purchase them. They come in a variety of pre-loaded amounts. If you are planning on giving gift cards to more than one person, then it’s important to set a budget. You don’t want to spend too much and then deal with a huge credit card debt later on. Create a list of all the people that you want to give gift cards to, and then set a limit for each. It is also easier to stick to your budget when you properly plan everything.
2. Choose between closed-loop and open-loop gift cards.
Closed-loop gift cards are used for specific stores that issued them. In contrast, open-loop gift cards can be redeemed at businesses that accept them. Each type has pros and cons.
With closed-loop gift cards, the recipients won’t have to deal with activation fees. They won’t have to pay extra charges.
In contrast, open gift cards have activation fees. But they remain good options because they give recipients the freedom to use their gifts however they want. Recipients have more options to choose from, so they can use the gift card to purchase things they really like.
3. Get to know the recipients.
Open gift cards are suitable for people with whom you do not have personal relationships—like your employees, for example. You don’t know them well enough to know what stores they shop in or what items they want to buy, so it’s best to give them choices. But for close friends and family, it might be better to give gift cards that cater specifically to their tastes and personalities. Before you go around searching for gift cards and comparing gift card rates, try to think about their likes and interests. Find out if they have favorite shops and stores, and then buy gift cards from those stores if they are available. This way, you can show them your sincerity.
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