The retail industry did a fantastic job convincing the general population that gift cards are a better, more thoughtful gift than cash. After all, anyone can give cash. But a piece of plastic that is specifically tailored to the receiver's unique interests? Now that’s a gift that really takes thought and effort (sarcasm).
Allow me to list several reasons why gift cards are, in fact, a far worse gift than cash.
1) Gift cards are only good at select locations. Cash works everywhere.
2) Nearly 10% of all gift cards go unused.*
3) Gift cards force the receiver to use currency at a place he may not otherwise choose to do so.
4) Gift cards often require the receiver to spend above the card’s value so he can "use up the whole thing.”
5) Did I mention cash works everywhere?
Why did we let them trick us into believing gift cards are better? They are not. And yet, I’m as guilty of it as anyone. Is there anything we can do to make it not seem lame if you send an envelope with a nice, crisp Andy Jackson along with a birthday wish?
* http://moneyland.time.com/2012/01/09/billions-wasted-do-gift-cards-make-sense-when-so-many-go-unused/
Allow me to list several reasons why gift cards are, in fact, a far worse gift than cash.
1) Gift cards are only good at select locations. Cash works everywhere.
2) Nearly 10% of all gift cards go unused.*
3) Gift cards force the receiver to use currency at a place he may not otherwise choose to do so.
4) Gift cards often require the receiver to spend above the card’s value so he can "use up the whole thing.”
5) Did I mention cash works everywhere?
Why did we let them trick us into believing gift cards are better? They are not. And yet, I’m as guilty of it as anyone. Is there anything we can do to make it not seem lame if you send an envelope with a nice, crisp Andy Jackson along with a birthday wish?
* http://moneyland.time.com/2012/01/09/billions-wasted-do-gift-cards-make-sense-when-so-many-go-unused/