If you're alreadywaving a white flagover picking out the perfect presents for your loved ones, resist, comrades, resist the temptationsof the slap-in-the-face gift card. If it helps,heed thewarning from none other than Sheldon from Big Bang Theory, "You haven't given me a gift. You've given me an obligation." So, turn to cash - and here's why:
First, cash isnot a thoughtless giftand there'sno reason to claim that giving gift cards have 'slightly more' thought behind them. You could easily argue that cash is the ultimate gift card while limitedgift cards reduceyour friend or loved one toapredictable shopper.
A survey for the 2017Health of Cash report by Cardtronics found that even though Americans are more likely to give a gift card as a present, more people would prefer receiving cash instead (50% cash vs 29% gift card). And why wouldn't they? Cashis accepted just about everywhere, has no expiration date, mandatory mailing list subscriptions or HIDDEN FEES!
Second, how often do you spend the exact valuein a gift card and no more? Imagine you've been given a $50 gift card to use for youronline purchases, but what you want costs $55.99 (delivery costs, darling). Do you choose something else, or doyou now have to spend $5.99 of your own money as well? This is great for retailers, but consumers are left to navigate a maze of federal, state and corporate policies, and often end up with worthlessovervaluedgift cards.
Alternatively, you could opt for avariety of lower priced items and end up spending $45.99 with the gift card. But that's okay because you'll spend the next$4.01on your next shop. But then a week passes and you cannot seem to remember where you left the gift card! Life gets in the way, work is crazy, attending the kids' school plays come first and suddenly it's a year or so later, you finally find the card but lo and behold, the expiration date was last week. Nothing left to do but accepttheloss. But hey, it wasn't your money anyways it was a gift. This thought(less) process doesn't happen with cash.
Third, cash is the number one contingency payment plan.With 2017's many life-destroyingnatural disastersdominating the headlinesand an increasingly politicallyviolent world, we're reminded time and time againhowin a crisis,we turn to cash for water, food, medicine, supplies and transport. When the sky is falling, youcanpray for bars on your phone to save you but it's the paper in your walletthat will get you what you need, when you need it - and gift cards are no match.
