Gift cards are an easy option when it comes to giving loved ones gifts for Christmas.
Wallethub recently completed a study that helped them decide which gift cards were the best and tips on buying them as gifts.
They measured 50 different popular gift cards looking at how popular they were, how much of a discount you can buy them for, how much you can sell them for, how much people like the retailer, and shipping fees.
The following gift cards are ranked from best gift card to worst
- Best Buy
- Whole Foods
- American Express
- Hobby Lobby
- Home Depot
- Texas Roadhouse
- T.J. Maxx
- American Airlines
- Google Play
- Olive Garden
- Apple Store
- Red Lobster
- Hot Topic
- Taco Bell
- Dunkin Donuts
Wallethub also offers some tips regarding gift cards.
First, you can look for a discount. While it seems funny that a gift card would have a discount because it’s like money, many actually can be purchased for less than what they’re worth.
Try not to buy card-network gift cards like Visa, MasterCard, American Express or Discover. These cards can charge a fee, and that fee could have been saved by just gifting cash or getting a different gift card.
Be sure you’re getting a gift card and not a prepaid card. The two look similar, but a prepaid card is supposed to be used like a debit card and can come with a lot of fees because of this.
Don’t buy a loyalty gift card through a loyalty, award, or promotional program because they can expire at any time. Other gift cards cannot expire for five years after the date they were purchased.
Keep in mind that you can always resell a gift card, so you aren’t out of luck if you can’t gift or use it.
If you aren’t sure about what to get someone when it comes to gift cards, just give them cash.
Buy a gift card that lets you redeem rewards for points or miles.
Finally, make sure you check the card before you leave the store so you know it wasn’t tampered with or the PIN hasn’t been scratched off and revealed.
When it comes to popularity among consumers, Amazon is the favorite followed by Visa, Walmart, Target, and Starbucks gift cards.