Gifts have always been a special thing in everyone’s life. People feel happy receiving it. People also spend quality time selecting a gift for their loved ones. As everyone is stepping into the digital era, even the gifts are also transferred digitally now.
Selecting a gift is a hard task for most of the people out there. It has to be fascinating, useful, and also should fall under the budget. The modern generation gifting checks all these boxes effortlessly, for example, a prepaid visa card. The use of a prepaid visa card has escalated the gifting norms to another level.
GIFT CARDS:
There are no more gift boxes, wrappers, ribbons, and others. People have found a way to give gifts that benefits the receiver greatly. These gift card systems were first introduced by retailers. This strategy was adopted to grow the customer circle as well as for sustainability. The retailers offer free gift card as a form of reward for their loyal or regular customers. These retail gift cards can only be used in particular stores. Once the balance in the card is extinguished, it is of no use anymore. These were the first type of gift cards that came into existence. Gift cards can only be used to do in-store shopping and online shopping. Now, even banks provide several different services in the name of gift cards.
TYPES OF GIFT CARDS:
OPEN LOOP – These cards can be used anywhere, anytime. It is not constrained to particular brands or stores as the retailer’s gift card. People can easily avail themselves of a gift card from banks and present it to others. These cards have a balance limit, where a person cant recharge the cards above the preset value by the banks. The limit ranges from $1000 to @10000.
CLOSED-LOOP – These cards can only be used in specified stores or brands. It can’t be accessed everywhere. If a person receives this kind of gift card, they are allowed to shop only at the specified terminals.
LOADABLE – Loadable gift cards can be recharged again and again until the expiry date. A person can recharge their cards once the balance is used completely. Most of the bank-issued Prepaid visa cards are reloadable. People can easily recharge their gift cards by transferring money to that card. It doesn’t involve any tedious process like submitting forms or anything.
NON-LOADABLE – These types of cards are made for one-use purposes. It can be an open-loop or closed-loop card. But it can only be used till the balance in the card is extinguished.
GIFT CARDS FROM BANKS:
Banks provide master cards, Visa cards, and others that are up to the customer’s preferences. The customers even have the liberty to customize their cards. For example, if a retail store needs gift cards for their customers, they can customize them with their store logo and designs. It also applies to individual customers. Anyone can apply for gift cards by passing a cheque or a demand draft with an entitled amount. Along with that, a person has to pay administrative charges to the bank for authorization.
SPECIFIC FEATURES:
These cards have so many advantages and benefits. Some of them are listed below,
- The open-loop gift cards can be used all around the world and online. There are about 25 million stores, where people can use these gift cards.
- People can decide on single load or reloadable cards according to their interests.
- It is completely safe and secure to use.
- All the transaction and balance details can be checked via mobile.
- Using these gift cards enables a person to get many cash backs, coupons, and rewards for future use.
- It is easy to handle, unlike cash.
