Gift Cards: What are they and Where Can They Be Used?

For those who spend more time in thinking what to gift for your loved ones or individuals who hardly find time to find a gift or in case where you are not much aware of the other persons taste, Gift Card is the best option for you.

Most of the banks offer Gift card, which can be availed by just walking into branch. Some banks do have the option of applying online.

Here are some of the salient features of Gift Card:

• Gift card can be purchased with starting amount of Rs. 500 and maximum upto Rs. 50,000.
• This card is valid for a period of 1 year from the date of issue, which is marked on the face of the card. However, the Gift Card cannot be reloaded.
• The person you are gifting need not utilize the amount at one stretch, can keep making purchases on the card till the specified rupee amount is reached.
• It is better than gift vouchers issued by some brands as they are restricted to make purchase in the same brand.
• One can avail a card without having an account in the bank. Some banks do charge one time issuance charges
• One can know the balance by entering the card in the ATM with allotted PIN and do a Balance Inquiry to find out the balance remaining on your card.

How to use Gift Card?

Gift card can be used similar to your debit card other than withdrawing from the ATM. One can handover the gift at any merchandise outlet, the Merchant will swipe your card through and electronic terminal and enter the amount of your purchase. After the approval and verification, terminal will print out a transaction slip with details of the purchase. Before leaving ensure that you have collected the cards.