Yahoo Finance Millions of Aussies told not to let this cheeky $243 cash boost go to waste
Australians have an average of $243 lying around the house, and there are some sneaky tactics to try and stop you using your gift cards.
We've all done it: bought a well-meaning gift card or received one ourselves. But those little pieces of plastic have a funny way of getting lost or forgotten.
Worse yet, even when you remember to use them, businesses sometimes have sneaky ways of making redemption difficult. Take my recent experience: trying to surprise my wife with a relaxing weekend massage using a gift card turned into a major hassle.
The spa cancelled the booking on the day, stating they don't accept their own gift cards on public holidays. Frustrating? Absolutely. Legal? Unfortunately, yes.
Have you experienced a similar issue? Email yahoo.finance.au@yahooinc.com
I reached out to the Australian Competition and Consumer Commission (ACCC), who confirmed: “Businesses are able to place restrictions on how their gift cards can be used, such as allowing them to be used on only certain days or times.
"However, businesses must provide clear and upfront information about all conditions and restrictions on how their gift cards can be used, both to gift card purchasers at the point of sale, and gift card users.”
RELATED
Defiant cash-only pub and bakery go against cashless trend: 'Don't like it? I don't care
Young Aussies' unique way to avoid $100,000 living costs: 'No bills, rent or insurance'
David Koch's warning to guilt-tripped Boomers: 'If you're the bank, act like one''
Sadly, making gift cards difficult to use is a tactic some businesses employ to increase the likelihood of them going unredeemed – pure profit for them.
From a customer’s perspective, a gift card should be treated like cash, but that's not always the case.
Australians are sitting on a staggering $1.9 billion in unused gift cards, according to Finder research. On average that's about $243 each. With 1 in 3 Aussies reporting that they've lost money on an unusable gift card, that's a serious amount of money potentially going to waste.
The rules have changed (but there’s still a catch)
Thankfully, laws now protect us a little better.
Australian gift cards must have at least a three-year expiry. If you find retailers offering anything less, then they are breaking the law.
However, as I found out, businesses can still put tricky restrictions on how and when you use your card within that period.
Weekend exclusions, public holidays...you name it. Always read the fine print!
What to watch out for (beyond expiry dates)
Reminders are your friend: Set alarms on your phone so you don't forget to use your card before it expires. Take a quick photo of the front and back as a backup.
Watch out for hidden fees: Some cards include an activation fee, this is legal but must be clearly stated on the card itself.
Don't want it? Sell it! There's no shame in re-gifting or selling a card you won't use. Get proactive and recoup some of that value.
Beware of scams: Gift card scams are rampant. If anyone ever asks you to pay them funds for any reason using gift cards, it’s definitely a scam.
Consider more flexible alternatives: If you're buying a gift, options like a Westfield gift card or a prepaid Mastercard from Australia Post offer more flexibility, as they can be used in many stores.
Gift cards should be fun, not frustrating. By staying informed and proactive, we can all make the most of our gift cards and stop businesses from keeping our hard-earned cash!
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
