How to Save Money Using Gift Cards

Gift cards are more than just convenient gifts; they can be powerful tools for budgeting and saving money. With the right strategies, you can turn those colorful cards into real savings that accumulate over time.

You can save money using gift cards by buying them at a discount, utilizing them for planned purchases, and stacking them with sales and promotions. Curious about how to maximize your gift card savings? Keep reading to unlock tips and tricks that will turn you into a savvy gift card player.

Key Takeaways:

• Purchase discounted gift cards from platforms like Raise or CardCash to save up to 30% off the face value.
• Stack gift cards with sales, coupons, and cashback offers to maximize your savings on purchases.
• Keep track of gift card balances and expiration dates to ensure you utilize them effectively and avoid losing value.

Disclaimer: The information on this blog is for general educational purposes only and does not constitute personalized financial advice. While we strive for accuracy, FinanceBeacon cannot guarantee the reliability or suitability of the content for your specific financial decisions. Always consult a qualified financial advisor before making any financial choices. Use this information at your own risk.

Buy Discounted Gift Cards

Finding gift cards at a discount can feel like discovering hidden treasure. There are various platforms where you can snag these deals, such as Raise, CardCash, and GiftCardGranny. These sites allow users to buy gift cards at up to 30% off their face value.

Here’s how to maximize your savings:

1. Set Alerts: Many of these platforms allow you to set alerts for specific brands, so you’ll get notified when prices drop.
2. Check Daily: Inventory changes rapidly, so frequent checking can lead to great finds.
3. Checkout Restrictions: Make sure to read the terms and conditions; some cards may come with restrictions that limit their usage.
4. Compare Options: Prices can vary across platforms. Take a moment to check a couple of sites to ensure you’re getting the best deal.

Also, consider local retailers; stores like Costco or BJ’s Wholesale often sell discounted gift cards. It’s a small step that can contribute significantly to your overall budget.

Stack Gift Cards with Sales

Combining gift cards with store promotions can amplify your savings—it’s a savvy shopper’s secret. By timing your purchases when stores run sales, you can effectively stretch the value of your gift cards.

Here are a few strategies

• Use Coupons: If you have coupons that work alongside your gift card, use them to bring down your total before applying the gift card balance.
• Cashback Offers: Some credit cards offer cashback on certain purchases. Pairing your gift card use with a card that’ll earn you rewards can make your savings stack even higher.
• Holiday Sales: Major holidays or clearance sales provide excellent opportunities to maximize savings. Retailers often slash prices, enabling you to get even more for less.

Consider this unique angle : Utilize your gift cards for big-ticket items during seasonal sales. For instance, purchasing electronics on Black Friday using a gift card can lead to significant savings, especially if paired with other discounts.

Being strategic about your gift card usage transforms it from just an exchange of money into a powerful tool in your savings arsenal. With a little research and planning, you’ll find yourself saving more than you imagined.

Use Gift Cards for Budgeting

Gift cards can be a savvy budgeting tool if used strategically. Instead of overspending on your favorite retailers, buying gift cards for specific amounts can help you stick to your budget. To start, determine how much you can afford to spend on non-essential items—let’s say you’ve set aside $100 for dining out this month. Purchase gift cards for your go-to restaurants totaling that amount. This way, you’re less likely to overspend because you can’t exceed what’s on your gift cards.

Another smart tactic is to set aside gift cards received for birthdays or holidays. Rather than treating them as bonus cash, treat them as a budget line. For example, if you’ve got a $50 gift card to a clothing store, plan to use it for a wardrobe update rather than making impulse buys. By coordinating your spending with these cards, you create an effective barrier against impulse purchases while ensuring you still enjoy treats without breaking your budget.

Lastly, consider using apps or online platforms that let you purchase discounted gift cards. Sites like Raise or CardCash often sell gift cards for less than face value. For example, you might snag a $100 gift card for $90. This means you’re effectively saving 10% right off the bat!

Specific Stores Offering Bonuses

Take advantage of retailers that offer bonuses on gift card purchases, especially during peak seasons or special promotions. These bonuses can significantly amplify your buying power. Here’s a quick list of stores where you can often find these enticing offers:

• Target: Occasionally offers a $10 promo card when you buy $50 in gift cards.
• IKEA: You might see promotions like an extra $20 IKEA gift card when purchasing $100 in gift cards.
• Home Depot: Often has bonus promotions for seasonal sales, like an extra $10 gift card with select purchases.
• Amazon: Sometimes provides free shipping or discounts when buying gift cards during certain events like Prime Day.
• Macy’s: You might find offerings where you get $10 back for buying a $50 gift card.

For the savvy shopper, keep an eye out for holiday promotions. Many retailers ramp up their gift card bonuses during Thanksgiving, Christmas, and back-to-school time, allowing you to stack savings as you prepare for gifts or daily shopping.

Not only do these bonuses maximize your spending power, but if you’re strategic about when and where you use gift cards, it can turn into significant end-of-year savings. Always check store websites or trade-specific forums for alerts on upcoming deals. Happy shopping!

Keep Track of Expiration Dates

Gift cards can be a great way to save money, but they often come with expiration dates that can lead to wasted funds if you’re not paying attention. To avoid this pitfall, keep a dedicated list or digital note with all your gift card details: the retailer, amount, and expiration date.

Consider using a budgeting app or even a simple spreadsheet to track this information. Regular reminders about upcoming expiry can help you use them up before they go to waste. Some retailers also offer balance checks on their websites – make a habit of checking these balances periodically. This way, you won’t let that Starbucks ($25) or Amazon ($50) gift card slip through the cracks.

Additionally, combine gift cards with regular purchases. If you have a card from a specific store, plan a shopping trip around it to maximize its value. For example, if you know you’ll need new clothes at a certain store, use that gift card then and there. Just making sure you’re leveraging gift cards effectively can lead to serious savings.

Utilize Cash Back Rewards

Purchasing gift cards doesn’t have to mean sacrificing cash back opportunities. Many credit cards and programs have rewards specifically for gift card transactions, allowing you to save even more. Here’s a great starting list for some rewards opportunities:

• Credit Cards with Bonus Categories: Check if your credit card offers cash back for grocery or retail purchases, since many retailers sell gift cards too. For instance, a card that provides 5% back at supermarkets can include the gift card purchases.

• Online Rebate Sites: Before buying gift cards online, go through rebate or cash-back sites like Rakuten or TopCashback, which often have deals that can return up to 10% on your gift card purchases.

• Retail Loyalty Programs: Some retailers have loyalty programs that offer points for gift card purchases. These points can later be redeemed for discounts or free products.

• Special Promotions: Never overlook limited-time promotions. Retailers sometimes run promotions like “buy a gift card and get x% off your next purchase.” Be on the lookout for these seasonal deals.

Make gift cards a smart addition to your spending strategy. By combining them with cash back opportunities, you can amplify your savings while still getting the items or experiences you want.

Unique Ways to Earn Gift Cards

Gift cards can actually be earned in some pretty creative and rewarding ways. Here are a few methods to consider:

• Survey Sites : Platforms like Swagbucks, InboxDollars, and MyPoints pay users in gift cards for completing surveys, watching videos, and shopping online. Signing up is straightforward, and you can accumulate points or cash that turns into gift cards for retailers you love.

• Cashback Apps : Apps such as Rakuten or Ibotta offer cash back for shopping at specific stores. You can redeem these earnings for gift cards instead of cash, effectively stretching your shopping budget.

• Loyalty Programs : Many stores have loyalty programs that reward members with points for purchases. For example, Starbucks or Sephora allows customers to redeem points for gift cards, exclusive rewards, or discounts.

• Gaming Apps : If you enjoy mobile games, apps like Mistplay reward players with points that can be exchanged for gift cards simply by playing games.

• Social Media Giveaways : Follow your favorite brands or stores on social media. Many run contests or surveys that give you a chance to win gift cards. Just make sure to engage with their posts to increase your chances.

By diversifying how you earn gift cards, you can build a solid stash and keep your spending in check.

Interesting Gift Card Facts

The gift card industry is more robust than many people realize. Here’s what you should know about it:

• Growth Stats : In 2023, the gift card market in the U.S. was valued at approximately $200 billion, showing increasing consumer interest and demand.

• Unused Balances : It’s estimated that around $3 billion in gift card value goes unspent each year. This means a lot of money left on the table that could have been used effectively.

• Consumer Preference : A surprising 70% of consumers prefer gift cards over physical gifts, making it a practical choice for gift-giving.

• Seasonality : Gift cards are most popular during the holidays, with retailers offering various promotions leading up to major shopping days.

• Millennial Spending : Millennials are now the largest demographic group using gift cards, accounting for nearly 50% of gift card purchases, as they view them as a flexible gift option.

By understanding these dynamics, you can make smarter choices about how to use gift cards and take advantage of the growing market.