Many holiday shoppers do not know what to buy a loved one for Christmas so they end up giving a gift card instead. But what are the best gift cards you can give?
Personal-finance website WalletHub.com looked at which gift cards are the best to give based upon a gift card's popularity, the average discount to buy a gift card, the appeal of the retailer, the average resale value of a gift card, and shipping fees incurred from the retailer.
The top five gift cards you can give in 2016 are:
- Target gift card
- Netflix gift card
- Walmart gift card
- Amazon gift card
- iTunes gift card
The gift cards that offered the highest resale value in 2015 were:
- Nike gift card
- Walmart gift card
- Best Buy gift card
- Safeway gift card
- Costco gift card
WalletHub offers the following tips for getting the best gift card:
Look For A Discount
Many gift cards can be purchased below face value, especially at warehouse clubs like Sam's Club, Costco or B.J.'s.
Avoid Card-Network Gift Cards
Gift cards from Visa, MasterCard and Discover may seem like a good choice since they can be used at multiple stores, but note the extra fees incurred by these cards. There is generally a $3.95 fee when you buy a gift card from a credit card company, followed by a $2.50 monthly inactivity fee if the card is not used for 12 consecutive months.
Resale Is Always An Option
If you or the recipient does not end up using a particular gift card, you are not out of luck. Instead, you can sell it on a gift card exchange or simply swap gift cards with a friend or family member.
For the full list of 2016's best gift cards, plus 10 money-saving gift card tips, visit: wallethub.com/edu/best-gift-cards/27133/.
