The gift card industry has exploded over the past 20 years with annual sales of $118 billion in 2013 according to a recent CEB report. Back in the day it was a huge boom for businesses since 1 in 10 gift cards were never redeemed, however today that number is closer to 1 in 100.
Yeah, yeah, who cares. The important part of why I want to talk about gift cards.
Last week I mentioned buying flowers and lower my cost through the use of buying a gift card (Flower Power post). The site I used was Raise ($5 off referral link) which sells Bouqs e-gift cards for 20% off. Within 24 hours I received the gift card and was able to order the flowers for $25 instead of the list price of $40. Not a bad deal at all.
Pretty much every major retailer sells gift cards and there are numerous third party sites selling cards at a discount. Other than Raise the only other site I have used it GiftCardRescue.com. Use any site with caution and research the site to make sure it is a legitimate business before hand.
Save on your bad habits
Our other recent savings using gift cards is fueling Lady M’s Starbucks addiction, yes it is an addiction and I do not condone it; I sure as hell will try to find a way to lower our coffee budget though. Starbucks is pretty good coffee but definitely not premium. Starbucks gift cards are also available for 20% off. That is a significant savings if you are a regular Starbucks junkie. The nice part is you can add the gift card to your Starbucks account and just pay with the app, no need to actually use the gift card.
Estimated savings: $4.25 coffee X 4 times week X 52 weeks = $884 X 20% savings = $175 savings
A decent savings for taking one extra step in adding money to your Starbucks account. Luckily she only started going that often in recent months claiming if she can only have one coffee a day it should be good one.
You can even save around 5% buying gift cards for most grocery stores and Target. All it takes is a couple minutes to check out potential savings on purchases you plan on making.
Well just wanted to throw out a quick potential savings that everyone should use.
Until next time, Keep on Truckin’… Watson