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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP051 Gift and Prepaid Cards - Consumer Beware

EP051 Gift and Prepaid Cards - Consumer Beware

Oct 2, 2018

Everyone loves a gift card. When bought as a gift or delivered as a prize, gift cards make us happy. Sadly, 25% of gift cards are never used and 32% of those are simply lost. Some might say gift cards are impersonal, but for others, they are a go-to gift. For those who do love gift cards, they’re a fun way to allow someone to treat themselves. 

Today, I’m sharing my top 3 tips for buying and receiving gift and prepaid cards. I discuss the things to watch out for and how to get the most out of the money on your gift cards. I also explain the various different types of cards available and how looking after your gift cards is the same as looking after your cash. 

 

“Treat a gift card like cash. If it’s lost, anyone can go and spend it.” - Tracey Bissett 

 

This Week on Young Money: 

  • What is a gift card?
  • The pros and cons of buying gift cards. 
  • How gift cards work. 
  • When gift cards could expire and things to look out for. 
  • Different types of gift card. 
  • Possible fees and rules. 
  • The ins and outs of pre-paid cards. 
 

 

Top 3 tips for success with gift cards/pre-paid cards: 

  1. Always check the terms and conditions - be aware that certain cards may have different rules or fees associated. 
  2. Treat a gift card like cash - report it if it’s stolen, as well as any unauthorised transactions. Be aware that you may not receive compensation. 
  3. If you get a card you won’t use, gift it! - Sell it to a friend or give it away. After all, you can’t redeem it for cash. 

 

Resources Mentioned: 

 

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