How to Save with Gift Cards 🛍️
We all make purchases in life. Whether it’s groceries, home supplies, entertainment, or leisure, we all shop. One of the best ways to save money is by purchasing gift cards at a discount. The global gift card market size was valued at $615 billion in 2019 (that’s right, billion with a B). That means that there is a lot of unused gift cards out there. Whether people didn’t get a chance to use them or no longer need them, many people with gift cards are not using them and would instead trade that in for cash.
There are 2 gift card types:
- Individual/department stores
- Gift cards from Visa, Mastercard, etc.
In this article, we discuss gift cards for individual/department stores. Ideally, I want to buy gift cards to stores I either commonly shop at (like Amazon) or save up for big-ticket items (like Best Buy or Home Depot).
How Much Can You Save? 💵
You might be asking, how much can you save? It depends on the store. The more liquid and high demand it is, the less you can save. You won’t see too many places selling Amazon gift cards for over 10% off, but you might see a The Children’s Place gift card go for 25% off just because not as many people would shop there compared to Amazon.
Where and How Do You Buy Gift Cards? 🏬
1. Browse the secondary market for gift cards
Facebook Marketplace, Craigslist, OfferUp are just some of the examples of a secondary market for gift cards. Just do a search for “gift card,” and you’ll see lots of options to choose from. I recommend meeting the person at the store to validate the value of the gift card. I’ve bought numerous gift cards from Kijiji like Home Depot and Apple at 20% off. I have a YouTube gift card video series that walks through specific examples in detail.
2. Buy gift cards from a 3rd party site
Some sites facilitate the buying the selling of gift cards and validate the value. With this option, you are sacrificing a bit of the discount for convenience and peace of mind. Some examples include:
3. Buy gift cards from Costco
Yes, Costco sells gift cards. They have a limited selection, but they have them in-store and online. They usually have food places like pizza and steakhouses, spa, travel, and adventure gift cards. I always make sure I have some Pizza Nova gift cards handy. Here is a gift card for Uber Eats at 20% off. This is one of my favorite options because it’s a trusted seller, and they will always have gift cards in stock, and usually, it’s a discount of 15–25% off.
4. Buy gift cards at grocery/drug stores
Almost every grocery and drug store has a gift card section. They are usually at full price, but there are times when individual gift cards go on sale, so keep an eye out. I have bought Gap gift cards from Canadian Tire at a 25% off discount before.
5. Buy gift cards during Christmas
Many retail shops have a gift card deals during the holidays. One example is Subway’s “get a free 6-inch sub with a purchase of a $25 gift card”. Right there, you are saving around 25% or $5 for a free sub. I like to buy the $50 Cineplex gift card because it comes with a free movie ticket, popcorn, and a drink.
With the right planning, you can save between 10–25% off specific purchases. Option #1 is usually cash or a quick Venmo, so make sure you have the cash flow for it. As for options #2–5, you can combine credit card churning to add additional savings.
Thanks for Reading!
Sam Szeto contributed this article to share his knowledge about how purchasing gift cards can be a great way to save money. Let us know if you‘re going to start using gift cards to save money in the comments below! If you want more related content, be sure to subscribe at Millennial Investments 💰 to learn more wealth-building tips and tricks! Happy reading, and thanks for supporting our work! 😇🙏