Easy, flexible and convenient – Gift cards are still the number one gift this holiday season. Canadians spend around $6 billion on them annually.
Alberta regulations have done away with expiry dates on gift cards. They can’t expire if they have a dollar amount on them. However, if they are for a service and NOT a dollar value, as in a a gift certificate for one massage, those can expire.
Some gift cards are also exempt from the legislation. Cards attached to banks or credit card companies can expire. Examples of these would be VISA gift cards, Mastercard Gift Cards and gift cards offered by some shopping centres. These cards can also charge additional fees for activating the cards, not using the cards within a specific time period, and even a fee for checking your balance on the gift card. If you
choose to give this type of gift card to a friend or family member, make sure they read the fine print and use the card up as soon as possible.
Consumer Reports magazine estimates one out of every four gift cards remains unused more than a year after it was received. Many are lost or discarded. On average, every Canadian household has over $300 in unused gift cards lying around (my husband falls into this category). If you add them up across the nation, $1 billion dollars is potentially being wasted every year. Amazing!
Websites like CardSwap.ca give consumers a chance to sell, donate or buy unwanted and unused gift cards. You can buy them at up to 40% off, or sell them for a loss of only 6% or 10% of the total value (depending on the website). Gift cards are validated by the company and guaranteed before being sold.
My husband hates gift cards. He never uses them. I love them! They so many people from buying and receiving horrible gifts that no one wants. They also ensure that my “hard to buy for”, shopaholic teenage niece and nephew are thrilled with their Christmas gift every single year. Super Auntie scores again!
Julie Matthews
Trouble Shooter
On Twitter @GlobalTshooter
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