By Craig Wong
If you end up with a present card you don’t suppose you’re going to make use of, specialists say you might have choices.
Natasha Macmillan, director of on a regular basis banking at Ratehub.ca, says we’ve all been in that state of affairs the place somebody doesn’t know you, however nonetheless needs to get you one thing and provides you a present card for a retailer that you just in all probability gained’t use.
If that’s the case, she mentioned you might have choices.
“You may have the ability to use the reward card for a gift for a pal or a member of the family. That may really enable you get monetary savings whereas utilizing the reward card on the identical time,” she mentioned.
Macmillan additionally mentioned you possibly can look to resell a card by a platform corresponding to Fb Market, Kijiji or different web sites specializing in shopping for and reselling reward playing cards.
“You do should watch out with a number of the scams and issues on the market, nevertheless it’s additionally useful and that approach you may get money for the reward card and even alternate it for an additional reward card,” she mentioned.
If you happen to’re contemplating that possibility, she mentioned to all the time ask for the money or e-transfer earlier than handing over the reward card.
Based on Accenture’s 2024 Canadian vacation purchasing survey, 64% of shoppers acquired reward playing cards final yr, every of whom acquired 4 on common.
However regardless of being a preferred alternative, the report mentioned four-in-10 recipients did not redeem the complete stability of the cardboard from the vacation season final yr. That resulted in an unspent whole reward card stability of $136 on common per client.
The Accenture report famous 31% didn’t use their reward card as a result of it was unique to only some manufacturers or shops and 27% couldn’t discover objects to buy.
If re-gifting or promoting don’t enchantment to you, some charities will settle for reward playing cards as a donation. The foundations round what sort of reward card a charity may settle for can range and never all charities will settle for all reward playing cards, but when they do, and relying on the quantity, it might imply a charitable donation tax receipt that may assist cut back your invoice come tax time.
Mark Aston, govt director at Covenant Home Toronto, which helps younger people who find themselves experiencing homelessness and trafficking, mentioned the vacations might be powerful for a teenager who’s remoted and doesn’t have the assist of household and mates that many people depend on.
A present card can assist a teenager purchase themselves a deal with that they’d not in any other case have the ability to afford.
“Serving to to normalize the expertise across the vacation season is basically useful and impactful and to that finish, reward playing cards might be actually useful,” Aston mentioned.
He added that Covenant Home is open to accepting every kind of reward playing cards as donations that it will probably cross on to these in want to assist with the price of residing and supply just a little cheer.
Present playing cards to grocers, drugstores and low outlets can assist with the day-to-day necessities, however he mentioned reward playing cards for much less apparent treats like film tickets are additionally welcome.
“We’re extraordinarily appreciative of any reward card donations,” he mentioned.
In the meantime, Macmillan mentioned donating a present card that isn’t going for use is usually a win-win.
“The reward card doesn’t go to waste and also you get that tax receipt in return, and it does enable you get monetary savings on the finish of the day,” she mentioned.
This report by The Canadian Press was first printed Dec. 26, 2024.
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Final modified: December 27, 2024
