CAN GIFT CARDS EXPIRE?
CAN GIFT CARDS EXPIRE? Gift cards are more like prepaid debit cards that contain a specific amount of money and can be used to buy products from stores, do online shopping, and pay bills. Gift cards are given mainly by stores to their customers as a thank you for their consistent patronage. However, you can also buy gift cards from the stores and other places to give out gifts.
There are usually two types of gift cards: Open-loop and closed-loop cards. Both cards can be used physically and online.
1. Open-loop gift cards
Open-loop gift cards are like the equivalent of Cash. A credit or debit card can be used at many different merchants because it can run on various card systems. An example is Visa gift cards, which can be redeemed anywhere visa is accepted in stores, online, and even through phones.
The benefit of an open-loop gift card.
Open-loop gift cards can generally be used anywhere. That means you can use it at any store, either physically or online. As a result, open-loop gift cards are almost as flexible as Cash.
2. Closed-loop gift cards
Closed-loop gift cards are often marketed by stores and can only be used at the merchant listed on the card. For example, Amazon gift cards and Walmart gift cards are closed-loop gift cards because they can only be redeemed at Amazon and Walmart, respectively.
Benefits of Closed-Loop cards
Closed-loop cards are typically free to activate. Meaning if you want to buy the card, you only pay the amount loaded on the card. Retailers and stores rarely charge activation fees because they do not need to make money from the sale of the card itself. Instead, these merchants make money on their gift card program when customers redeem the gift cards by making a profit on sales of products gotten via the gift card.
Though Physical cards still dominate the market, digital cards (e-Gift cards) are snowballing.
HOW LONG SHOULD YOU KEEP A GIFT CARD?
The longer you hold on to a gift card, the more likely you will let it go to waste by either losing it, forgetting it, or allowing the value to be depleted from non-use. It is a risk to hold onto a gift card for a long time because the retailer for the card can go out of business, and although you can still retrieve your money, it will take a lot of time and stress.
INACTIVITY OR SERVICE FEES ON GIFT CARDS
Depending on the merchant you got it from, a gift card that has been with you for at least six months or a year may become inactive. To reassess such given cards, you will have to pay a reactivation fee.
EXPIRY DATE OF GIFT CARDS.
Most closed-loop gift cards do not expire, but open-loop gift cards like Debit and credit cards have expiry dates printed on them.
For example, on Amazon, gift cards and unused gift card balances expire one year after the date of issuance. If you have a gift card that has expired, you can request the revalidation of such gift cards.
1. Amazon gift cards
Amazon gift cards used for transactions on Amazon.com, including any unused gift card balances, expire one year from the date of issuance. Still, you can request revalidation of any expired Gift Cards.
2. Google play gift cards
Google Play gift cards actually have no expiration date. Also, your google play gift is not subject to card maintenance or dormancy fees.
3. Amex gift cards
Amex gift cards do not have expiration dates. Instead, a “valid through” date is indicated on the front of each gift card, which means it can’t be used after this date. However, American Express always issues a replacement gift card at no cost if the “valid through” date has passed and you still have funds on the gift card.
4. iTunes gift cards
There is no expiration date for iTunes gift cards, so you should be able to redeem even ancient cards. In addition, you can use such cards for online transactions on the iTunes store.
To prevent loss of money through loss of validity of your gift card, the best thing to do is sell gift cards online for Cash, and the best site is Astro Africa.
Astro Africa is an online platform where you can buy and sell gift cards. It is a customer-oriented platform with the best rate in Nigeria and Ghana. On Astro Africa, you get paid immediately after your gift card is confirmed. Astro Africa is a legitimate platform for trading gift cards. Visit www.astroafrica.site for more information on how to trade your gift cards for instant Cash.