More than you want to know about gift cards
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More than you want to know about gift cards
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Re: More than you want to know about gift cards
#2> Personal financial columnists and comedians do not understand the jobs that gift cards do. They are not cash-but-worse-in-every-way. Closed loop cards allow a giver to personalize a gift to the recipient. A Barnes and Noble gift card to a favorite niece tells that niece that you remember she is a reader, unlike those uncreative family members who would just give her cash.
The article doesn't actually explain the job being done by gift cards. The job is the one the giver is expected to perform: the ritual of gift giving. The gift card is hired by the giver for that job. But how did the giver get this job?
Far more interesting than the mechanics of gift card management would be an exploration of this ritual. Where does it come from, and why has it morphed into the economically-essential activity that the former religious holiday of Christmas has become? Are gift cards the last stop before the holiday returns to its roots, or will the next phase become even less recognizable?
Re: More than you want to know about gift cards
#3> "Open-loop gift cards are issued under the aegis of a payments network, like Visa or American Express"
It's ironic that Amex is used as an example given that they are a closed-loop network.
Re: More than you want to know about gift cards
#4> " Open-loop gift cards are issued under the aegis of a payments network, like Visa or American Express" It's ironic that Amex is used as an example given that they are a closed-loop network .
I can spend an Amex card at any retailer that takes amex, vs my Best Buy gift card is only usable at Best Buy. In what way is Amex a closed-loop network?
Re: More than you want to know about gift cards
#5> Personal financial columnists and comedians do not understand the jobs that gift cards do. They are not cash-but-worse-in-every-way. Closed loop cards allow a giver to personalize a gift to the recipient. A Barnes and Noble gift card to a favorite niece tells that niece that you remember she is a reader, unlike those uncreative family members who would just give her cash. The article doesn't actually explain the jo…
The one advantage of cash and cash equivalents (open loop) over closed loop is that the recipient can decide what they want to spend their money on. Maybe I have enough books for now but do need a pair of shoes.
Re: More than you want to know about gift cards
#6> Personal financial columnists and comedians do not understand the jobs that gift cards do. They are not cash-but-worse-in-every-way. Closed loop cards allow a giver to personalize a gift to the recipient. A Barnes and Noble gift card to a favorite niece tells that niece that you remember she is a reader, unlike those uncreative family members who would just give her cash. The article doesn't actually explain the jo…
The next step would be buying religious benefits directly. I don't know, say, "indulgences", that one could purchase directly from a church. Cut out the middle men.
/s
Re: More than you want to know about gift cards
#7> Personal financial columnists and comedians do not understand the jobs that gift cards do. They are not cash-but-worse-in-every-way. Closed loop cards allow a giver to personalize a gift to the recipient. A Barnes and Noble gift card to a favorite niece tells that niece that you remember she is a reader, unlike those uncreative family members who would just give her cash. The article doesn't actually explain the jo…
The one advantage of cash and cash equivalents (open loop) over closed loop is that the recipient can decide what they want to spend their money on. Maybe I have enough books for now but do need a pair of shoes.
Or maybe your niece is boycotting B&N for some reason, or knows a much better, cheaper bookstore to shop at.
Re: More than you want to know about gift cards
#8> " Open-loop gift cards are issued under the aegis of a payments network, like Visa or American Express" It's ironic that Amex is used as an example given that they are a closed-loop network .
I can spend an Amex card at any retailer that takes amex, vs my Best Buy gift card is only usable at Best Buy. In what way is Amex a closed-loop network?
When it comes to the network, a closed-loop network refers to the fact that the network operator is also the issuing bank (e.g. Amex, Discover). Open loop networks, the network operator is not the issuing bank (e.g. Visa, Mastercard).
Patio11 is correct in that from a gift card usage perspective, Amex is open loop. But I'm just pointing out that from a network perspective, they are not.
Re: More than you want to know about gift cards
#9> Personal financial columnists and comedians do not understand the jobs that gift cards do. They are not cash-but-worse-in-every-way. Closed loop cards allow a giver to personalize a gift to the recipient. A Barnes and Noble gift card to a favorite niece tells that niece that you remember she is a reader, unlike those uncreative family members who would just give her cash. The article doesn't actually explain the jo…
> Closed loop cards allow a giver to personalize a gift to the recipient.
So does a quick note written inside a card with some cash in it.
A gift card is only better than cash when the giver can't or doesn't want to take the time to personalize a gift.
Re: More than you want to know about gift cards
#10I still don't understand why it faux-pas to just put cash in a nice card...
I just do it anyway. It's a more universal gift card without fees and expiration dates...
Anyone who tries to put me down for doing so will simply not be receiving a gift from me next year... Screw stressful stores. plastic cards, and standing in line, my method is much more "green"... :P