Is Gift Card Better Than Cash: Gift Cards have been in vogue for some years now. In the United States, a gift card is known to be one of the most popular things to gift someone doing festive periods. With more and more companies opting for gift card options, there seems to be no better choice of presents.
Is Gift Card Better Than Cash
These days there are even websites from where you can earn profits on your gift card. You can also buy gift cards online.
Here Are Few Edges Gift Cards Have Over Cash
1. More Discounts!
A gift card increases your chances of getting more discounts from your purchase at a particular store. How, you might ask? Well, consider this. You have Amazon gift cards with you. Amazon occasionally has discounted sales and the discount available to people using the Amazon gift card is most times higher than those using other traditional payment methods. Amazon gift card users get to enjoy up to 60% discount on specific goods. The system is specifically put in place to promote the use of gift cards.
2. Much More Personal
Admit it. We all love presents which are personalized, rather than a generic gift. A thoughtful gift speaks of a certain level of personalization and it also shows that the person who gave you the gift thought about your like and dislike. The gift cards can be virtually anything, right from Sephora gift cards to Steam gift cards. For wear or video games, there is a gift card for almost all consumer commodities. You can even get more personal by designing your gift cards with graphically pleasing images or a specific message written on them. You can gift an iTunes gift card with specific colour and pattern like a Pink Floyd template! Gift cards can be highly personal, ranging from entertainment, clothing, hotels and many more.
3. Much More Special
Be it a birthday or wedding, when was the last time you remember someone gifting you cash? You probably can’t relocate, because this seems to be a common theme, but if it’s a gift card, you probably do. Not only is a gift card personalized, but you can spend it whenever you want and only for something exclusive. In most cases, when we receive cash, we end up spending it on other stuff. Gift cards are much more special because the giftee must have thought of what you like before purchasing them for you, this shows the person knows you and can help propel a non-plutonic relationship.
4. Greet Budgeting Mechanism: gift cards can also be used to monitor your spending. If you are guilty of overspending on specific goods, you can get a gift card from the specific store to help you prevent overspending in the store. Say you buy $100 worth of Sephora gift cards and that is your budget on clothing for the month, this helps you set aside different funds for this purpose and you won’t have to deep into your cash every time you want to make purchases as this might give room to go over your budget.
Gift cards have their advantages over cash from a corporate point-of-view also. Studies have consistently shown that consumers prefer gift card incentives to cash. According to the Incentive Federation, research has shown that merchandise and travel-related incentives were more attractive than cash – and in the merchandise category, gift cards were the most popular award items. Roughly 70% of the respondents consented that they could build a more thrilling and memorable program using merchandise and gift cards than they would use cash.
How do companies utilize gift cards in their incentive programs?
- Recognizing performance
- A matter of sales incentives
- Business gifts
- Spot rewards
- Consumer promotions
- Wellness programs
- To begin/ maintain a business relationship
It’s no surprise therefore that 81% of companies in the UK for instance give employees non-cash rewards and recognition. It is also known that employees perform better if they feel recognised and appreciated, so understanding what type of rewards employees prefers can make a huge difference to performance and productivity.
Trade gift card for cash
Gift cards can also be traded for cash. Say you bought a gift card or you were gifted one and you have no use for it, you can exchange it for cash instead of letting it go idle until you forget about it. Trading your gift card for cash can be done on Cardest; the number one gift card exchange platform in Nigeria and Ghana.
You get the best resell value for your gift card if you trade it on Cardvest. You simply have to set up your account and submit your gift card to trade it, the Naira or Cedi equivalent will be sent to the provided bank account.