In one of our previous blog posts, we checked the various features of a gift card that make it user-friendly. We shall continue with our informative series on gift cards that are perfect for personal and corporate gifting.
As we have explained, a gift card offers flexibility to both the receiver as well as the giver. Importantly, it is not limited to one time usage. It is valid to be used on more than one occasion, and at different shopping avenues, for purchasing items of varying amounts until, of course, the card exhausts its value.
Check for their validity as these cards invariably come with an expiry date. Of course, the time span allowed to use it is quite extensive. It can be anywhere between a year to five years depending on the issuing authority.
However, it makes sense to use a gift card without delay because rising inflation can eat into its value as the cost of something you want to purchase might well increase before you know it.
If you fail to use its full value and there’s any amount balance on the card after the date of expiry, the bank will most probably return the amount pending after deducting certain fixed charges.
Also, banks usually impose a time limit after the expiry date within which the gift card must be returned to it in order to collect the balance amount. If the outstanding amount on the gift card has been used up fully before expiry, you should return the card to the bank.
If the card carries substantial amount of value, it may become a tedious task to constantly keep track of the amount spent and the balance remaining on it. To overcome this issue, each card carries the Internet banking user name and secret password, as well as a personal ATM pin.
The balance amount may be checked either through the issuing bank’s ATM services or its net banking facilities. We have discussed how to use a gift card, but you may want to know how and where to purchase one. We shall check the details in the next blog…