I love receiving gift cards as Christmas gifts…looove them. Usually nothing makes me happier than strolling into Victoria’s Secret the week after Christmas with a gift card buying exhorbitantly priced undies with wild abandon. Popping my head into Bebe and buying a cute dress for New Years with my little plastic gift card buddy. But this year things are different, the economy sucks, companies are declaring bankruptcy and gift cards at many stores will be rendered useless when they close their doors forever. This Christmas season will be do or die for many retailers and if it is die for the store you bought a gift card for – you or your friends and family will be stuck with a worthless piece of plastic that someone dropped good money for.
There is no law preventing stores that are going out of business from selling gift cards until the doors are shut forever. So buyer beware. I know I will get comments saying Chapter 11 bankruptcy is different than Chapter 7 etc. etc. but I say better to be safe than sorry! So since gift cards are out…I am a size 4 and my favorite color is red 🙂
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December 5, 2008 at 6:11 am
I recall a comedian who discussed the merits of gift cards. Essentially we have taken money, which is universally accepted, and limited its worth to one particular store — thus rendering it useless everywhere else. The actual value decreases when you factor in opportunity cost. I’m thinking like a nerd, but it’s kind of crazy when you consider it!
December 8, 2008 at 6:49 pm
That is a great point! Ha! But I think the idea is you force a person to spend the money on “fun things” rather than necessities…
December 10, 2008 at 4:01 pm
That’s why I prefer cold cash as gifts. Some people think it’s impersonal but I can buy my gift where ever and even put it on a savings account. The point of a gift is to make a person happy right? Why not give them the freedom to buy what they want and or need or do with the money as they please.
To me it is the most thoughtful gift I could receive, especially since I have to pay off my tuition.