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This year, over 58 billion dollars of Gift cards were purchased and given to family, friends and loved ones as gifts. Out of that amount - 58 Billion Dollars - 10% or 58 Million Dollars is estimated to NEVER be used. In other words, the various industries issuing these cards, will add 58 Million Dollars to their bottom line once those cards expire.
What's even more interesting is that companies like Best Buy - just can't wait for their Bean Counters to add their unredeemed Gift Cards as revenue on their books! Pretty picture for Best Buy - what about you?
Now, this scenario only applies to those companies, which place a one year expiration date on their gift cards. These companies sit back and wait for one year for all the un-redeemed cards to expire and then review their accounts and make their profit. It's FREE money!
First bit of advice, if you're going to buy anyone a gift card this season make sure it has NO expiration date.
Here's a fact! Target actually takes a percentage of each Gift card it sells and counts it as revenue on their books immediately. Now, the SEC allows these companies to do this in a "reasonable" manner and we know where that kind of accounting got Enron.
However, it's true that sales of Gift Cards will increase from 12% this year to an expected 16% and the revenue pots of these companies will just grow larger.
So, this season don't buy Gift Cards which expire or you'll end up seeing them being sold on eBay for less than face value. Don't buy a Gift card on eBay without first checking to see when it expires, as you might end up having two weeks to spend it but, forget about it, put it in the "junk drawer" and you just made Target, Walmart or Best Buy that much richer.
Other guides relating to jewelry and gemstone buying which you may find helpful are as follows:
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