They don’t expire here, 3ither, but I found a 10-year-old gift card after a move and the company had switched to a new gift card system, so I had to spend an hour calling around to get my ancient gift card converted to modern store credit. It was not worth it for $20.
I wonder if prices being 24.99 makes a difference here too.
That would mean that for each gift card where the full amount is not spent, the company keeps 0.01. That 0.01 is technically owed but it doesn’t prevent the company from earning interest on the unspent cash (I don’t think).
Also some gift cards require own contribution to the purchase. For example a $25 card could only be used on a purchase of $25.01 or above so you still have to pick something that you will pay out of your own pocket for
Ikea where I live (Poland) does that. You have to spend at least 0,01 PLN yourself, even if it means not using the entire amount of the gift card that was available
That’s crazy. That sounds like it should not be legal.
Why not just require they spend $200 to use a gift card? That way the store either keeps the $50 gift card in cash on the books, or they make $250 in sales.
If you are in the US, gift cards are required to be valid for at least 5 years (federal rule) and many states have longer rules. Also some states require unspent money to be paid back to the card holder as cash. There was a thread a couple of days ago on Lemmy all about gift cards and relevant consumer protections.
They basically force you to go to a specific store after the holidays before the allotted time expires. What if I don’t have time to go to that store? What if I don’t need anything from that store? What if I don’t like the store?
I’d rather they give me something useless than a gift card that is going to expire anyway.
6 months later, all three cards have expired, so all three companies get $25 of free revenue, and no one really got anything for Christmas.
Gift cards are a fucking scam
Gift cards expiring isn’t legal in Canada. We just expect you to lose them, and there is still plenty of profit in that, apparently.
They don’t expire here, 3ither, but I found a 10-year-old gift card after a move and the company had switched to a new gift card system, so I had to spend an hour calling around to get my ancient gift card converted to modern store credit. It was not worth it for $20.
I wonder if prices being 24.99 makes a difference here too.
That would mean that for each gift card where the full amount is not spent, the company keeps 0.01. That 0.01 is technically owed but it doesn’t prevent the company from earning interest on the unspent cash (I don’t think).
Also some gift cards require own contribution to the purchase. For example a $25 card could only be used on a purchase of $25.01 or above so you still have to pick something that you will pay out of your own pocket for
Which gift cards are those?
I’ve never heard of that being something you would purchase.
I could only see it existing if I had a $1.00 gift card to the dollar store. Because nothing costs a dollar at the dollar store anymore.
Ikea where I live (Poland) does that. You have to spend at least 0,01 PLN yourself, even if it means not using the entire amount of the gift card that was available
That’s crazy. That sounds like it should not be legal.
Why not just require they spend $200 to use a gift card? That way the store either keeps the $50 gift card in cash on the books, or they make $250 in sales.
Kinda sounds like they require a link to your finances, so you can’t do anonymous online purchases.
If you are in the US, gift cards are required to be valid for at least 5 years (federal rule) and many states have longer rules. Also some states require unspent money to be paid back to the card holder as cash. There was a thread a couple of days ago on Lemmy all about gift cards and relevant consumer protections.
I hate them.
They basically force you to go to a specific store after the holidays before the allotted time expires. What if I don’t have time to go to that store? What if I don’t need anything from that store? What if I don’t like the store?
I’d rather they give me something useless than a gift card that is going to expire anyway.
I don’t understand them either, just give people cash
Another story of Americans (or from countries following American model) getting screwed? Where am I gift cards can be used for multiple purchases.
They can here as well, but they can expire if not used for 5 years.
And in places where the money doesn’t ‘expire’ because it’s illegal.
They charge a ‘Maintenance free’ of like $1/month every month until it is worth $0.
Tbf I am shocked they have not started charging overdraft fees on them because “Fuck consumers” is the American way.