Types Of Gift Cards

Gift cards have become popular for all sorts of gift giving occasions, including corporate gifts, birthdays, and any other occasion that involve giving someone a gift. They give a convenient way to customize an individual gift without upsetting the recipient while letting the recipient choose what they enjoy.Types Of Gift Cards - $1000 Visa Gift Card

In this brief article, we’ll go over some of the different types of gift cards and why many retailers sell them, as well as how to get the best value for your dollar when buying them at certain retailers. By the time you have finished reading this article, you’ll know a lot more about gift cards!

The first type of card is debit/credit cards. They are essentially just like cash, with all the same restrictions and benefits. You cannot buy gift cards with credit cards or put them on Paypal. If you use a debit card to make online purchases, some retailers place some sort of fraud protection measure or system in place to prevent you from using your account number for purchases you did not make.

Prepaid debit cards, like debit cards themselves, have no restrictions on the types of purchases you can make. They do, however, require you to maintain an active balance on your account to keep the funds available. For many retailers, this means added fees and charges, such as chargebacks and balance inquiry fees. Some stores provide no fees at all for their prepaid cards.

Store-based gift cards are offered by most major retailers like Amazon, Target, Walgreens, Walmart and come with different restrictions. The most common types of store-based cards include gas cards and store coupons. Most of these cards come with added fees, such as setup fees, per transaction fees and redemption fees. They also usually require you to make frequent use of the credit card to avoid accumulating too much debt.

Prepaid cards are virtually free from most types of fraud. They usually come preloaded with money that is ready to use when you need it. The only restriction is that you cannot use these cards to make in-store purchases unless you provide the credit card information to the retailer. They typically do not have any other type of restrictions or reporting mechanisms than what would apply to debit cards. However, since they lack a credit limit, you must be careful to watch out for fraud.

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Gift Certificate Types Of Gift Cards

{expire | date | gift | purchase price} Gift certificates are purchased directly from the store where the gift card was purchased. This type of gift card normally has an expiration date on the back of the card. Most often, the expiration date is less than five years from the date of purchase.

Finally, remember to check the fine print of any contract or agreement that you sign with the financial institution that issued the card. The fine print will outline the types of gifts that are not eligible to be purchased with that particular card, as well as the restrictions that go along with it. Make sure that you read the terms before making any purchases using the card. In addition, make sure that you keep your account records and PIN numbers safe because failure to comply with the terms and conditions of the issuer can result in serious penalties.

Other Types Of Gift Cards

Open loop gift cards are offered by some issuers, but usually through third-party companies. These types of cards allow the holder to spend the funds on virtually any purchase that makes use of the credit card. An important note about these cards: the holder is still required to report any and all unauthorized purchases. If you do not follow this rule, you may be hit with high interest charges, late payment charges, and in some cases, legal action taken against you. For this reason, it is crucial to always be aware of your spending.

One last example of different types of gift cards is the prepaid card. Prepaid cards are similar to debit cards, but instead of loading the card with funds, they are activated by paying an electronic fee after shopping at a participating retailer. Just like debit cards, many times an individual will not even need a card to withdraw cash from ATMs or use online services. Another advantage of prepaid cards is that their value is tied to the actual amount of money that is loaded onto the card. Because there is no maximum limit to how much can be purchased or spent, using prepaid cards can be a very smart way to manage your finances.

Finally, the final category is reward cards. Reward cards are available for a variety of products including gasoline, gift cards for restaurants, such as MacDonald’s, Taco Bell, Starbucks, movies, etc… In essence, rewards programs are available to individuals who wish to extend the use of their card.

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