ownedgirlie
Posts: 9184
Joined: 2/5/2006
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quote:
ORIGINAL: Emperor1956
faeryT'dgirl: you are absolutely correct. The entire "gift card" industry is a scam. First, you are paying for future services with your hard-earned present dollars. Like Starbucks or Best Buy NEEDS your $50 advance payment? Second, you are putting your money at risk -- Bankruptcy, loss of the card (had a $100 Gift card stolen out of my wallet last month...GRRRRR...had it been money, I don't think I'd have been carrying it there).
Last Christmas, my partner rolled in with a couple of grand in cash and said "lets go to the bank and buy Visa gift cards for the office staff". I said "NO, lets take the dough, buy some nice inexpensive cards, and I'll write a note to each employee with a thank you and tuck in the bill." He was blown away...actually THANK the people that work for us? And our employees were blown away with a small additional cash bonus. I think gift cards would have diminished it.
E.
In California, any "cash gift" over....I think it's $50, is taxable. The company has to report giving it, and the employee has to report receiving it. After lots & lots of conversations with the VP of Finance where I worked (she thought it was as ludicrous as I did ), we decided gift cards were a great way to "disguise" it. I would buy them in bulk and keep them locked in my desk. We had an employee recognition plan and would dole out Visa Gift cards for various achievements. During the holidays, we'd give out cards for Best Buy, Borders, Home Depot, and other such places. People liked them. They thought if they got cash, they'd probably just go out to lunch on it, but to get a store card was fun because they started thinking about what they wanted from that store...
To each their own, of course. I liked getting Borders cards because I could buy something for myself that I wanted, not needed, and it felt more like a treat. :)
I received a Ruths Chris dinner card for $100. I love Ruths Chris but it's a rare treat that I go there because of the expense. But now I have this card, and I'm looking forward to a nice dinner out. If I had been given $100 cash, I probably would have used it toward paying a bill. It's a mind-set thing.
What gets me, though, are the gift cards with an expiration date. That is just so wrong, I can't believe it. The store has the money, and has spent the money, and if it's over a year later it means the customer probably has to get a less expensive item with the card, due to price increases over time....and they say it's null and void?? Argue this with any manager and you'll get to use your card.
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Sharper Image Gift Cards - Worthless? - 
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