7 awesome ways online gift cards help you save money
What do you think of when you hear the word “gift card”? Birthday parties? Company gifts? Teacher Appreciation Day? Unless you’re someone who seeks out great shopping strategies to save money, you don’t think of gift cards as a great way to save money. That’s why it’s our best-kept secret.
Here are the top 7 to save money using online gift cards.
1. Buy online gift cards at a lower price
You can buy gift cards at a lower price than what they can be redeemed for (e.g. a $250 gift card you buy for $200). Online gift cards can be an easy way to save money because they guarantee a sale for the brand you’re buying the gift card for while giving you a great deal. Gift card resellers have deals with brands to buy gift cards at a discount—and they split that margin with you.
Brands win by getting more sales.
You win by saving more on the brands you love.
It’s so easy you’ll be shocked you haven’t done this before.
Where can you get discounted gift cards in Canada? Moola gives you free access to a mobile app marketplace where you can buy 200+ gift cards for Canada’s much-loved shops, services, and restaurants.
2. Get bonuses on online gift cards
Bonus gift cards are like discounted gift card’s fraternal twin. Instead of getting a $250 gift card for $200, you buy a $200 gift card and get a bonus of $50. The outcome is the same but the way you get there is a little different.
Sometimes, retailers will offer bonuses around the holidays to incentivize buying gift cards as gifts. However, sometimes bonus cards can have additional terms and conditions. When there are special requirements to use these bonus cards, such as a special redemption date, then they’re known as promotional gift cards.
There’s no reason why you can’t buy those gift cards for yourself and give the bonus card to your intended recipient. That way, you can perhaps turn your $25 restaurant gift card into a $50 restaurant gift card without spending extra money.
3. Use online gift cards to budget
If plastic gift cards are the 2020 version of envelope budgeting, then online gift cards are very 2021.
Budget better by turning your cash envelopes into gift card envelopes that are safely stored on your phone. Here’s how it works:
- Plan how much you want to spend every month in each category:
Every budget begins with a plan. Think about your monthly expenses and plan out how much you want to spend and save each month. Maybe $400 for groceries, $200 for eating out, $200 for clothes, $150 for gas, etc.
If you have no idea, just track your spending for a few weeks to get a sense of what a reasonable number is for you.
- Buy gift cards for that value in each category: Once you know how much you want to spend, buy a gift card in Moola for that amount. You can buy $200 to Superstore, $200 to The Ultimate Dining Card, $200 to American Eagle, etc.
Buying through Moola also gives you bonus money, meaning your $200 to American Eagle is actually $230, helping you get more with the money you already have. Not a bad feature in my book.
- Easily deduct your expenditure from the gift card balance or use Moola’s ‘Check My Balance” feature:
Now you know exactly how much you have left to spend in each category. As the month goes on, you can stay on top of your funds by seeing how much you’re spending with every transaction. When it hits $0, you’re done.
Budgeting with Moola helps you track your spending with visual reminders of how much money you have left in each category. You can even mix and match within a category so you have a pick of a family restaurant and something for date night! The best part? You don’t have to worry about losing envelopes or getting them stolen.
Avoid Gift Card Scams:
Be wary of requests to pay using gift cards
Online gift card purchasers are often subject to extortion. Criminals pretend to be someone you know, like your boss or family member, and ask you to buy a large number of gift cards which they claim they will reimburse you for.
By the time you’re getting duped, it’s usually too late. Do your best to stay informed to avoid losing big bucks in gift card scams.
4. Buy online gift cards
Electronic gift cards, or eGift cards, are gift cards that are purchased and delivered online.
They’re usually either emailed to you to print out at home or show at the till. But, if you’re using Moola, they’re sent directly to your phone.
Electronic gift cards can save you money because you can buy them at a discount. But, eGift cards also save you the time, resources, and effort to drive to the store.
Yes, you heard that right, deals and bonuses on gift cards you don’t even have to go to the store to buy. How good is that!
Moola is a great way to buy, and store, egift cards. Actually, all the gift cards you buy through Moola are egift cards. Many of them come with a few extra bonus bucks. Check out our sweet deals now and get saving!
Avoid Gift Card Scams:
Do not buy gift cards from gift card racks.
Gift cards that are available to purchase at gift card malls, or the ones that hang on the racks at the grocery store, are most vulnerable to scams. Thieves can take pictures of the barcodes and drain the funds as soon as the card is activated. By the time you go to spend your card, the balance is already $0.
You can avoid this by buying gift cards online from trusted gift card platforms like Moola, or by buying directly from retailers, where cards are kept secure.
5. Sell online gift cards that you don’t want
So, you’re a vegan and your employer just sent you a card to The Keg. What to do?! (firstly, you might want to make a quiet recommendation that they join Moola+ – Canada’s best corporate gifting platform)
Unused gift card money is literally wasted money. So, turn that gift card into cash by selling it online. There are a ton of sites where you can sell your gift cards or exchange them for ones that would be more useful to you.
With most of these sites, you’ll need to mail in your gift card before receiving cash for it. As an FYI – you also won’t likely get the full value of the card when you sell it. But, something is better than nothing.
As long as you’re okay with buying stamps and waiting a couple of weeks for a cheque, it’s a good option for getting some extra pocket money. Be sure you’re using a trusted site in order to avoid potentially getting scammed.
Paying with eGift cards is an easy way to save money
If you even only buy restaurant gift cards, the savings you can make on the card can pay for an extra appetizer!
With a bit of research and planning ahead, you can save a lot of money by using online gift cards in lieu of credit or cash. After all, a few dollars saved each week adds up!
6. Buy online gift cards from third-party retailers
I can’t even remember the last time I bought a gift card directly from a retailer. Third-party retailers just make more sense and there are 2 good reasons why:
- They’re (usually) cheaper:
Next time you’re at Costco, check out their budget gift card mall. All their gift cards are less than face value and offer incredible savings.
Better yet, download Moola and get budget gift cards right on your phone. $115 gift card for $100 anyone?
- They’re easier to get:
No one wants to go out of their way to get a gift card. Third-party retailers let you get your gift cards either online, on your phone, or in a place you’re already shopping. It’s a lot easier to get an American Eagle gift card on your phone than it is to drive to the mall and buy one./headline
Save more on gifts with online gift cards
It’s no wonder why third-party retailers are one of the leading drivers of the global gift card market. Coincidentally enough, Moola is a third-party retailer. Check out our deals now and stay super trendy.
With these 7 awesome tips, you’ll be ready to shop smarter and make the most of even the best deals.