When it comes to the age-old debate as to whether people would rather have gift cards or cash, many likely have their own opinions. But is it possible this question has already been answered quite definitively? In fact, a study conducted by the Incentive Research Foundation found that 83% of respondents would prefer a $50 gift card over $50 in cash. But how could this be when cash is so widely accepted by virtually everyone? Well, here are 5 of the biggest reasons gift cards may actually be superior in many cases.
At first glance, cash may seem like the easier, more convenient option. However, in practice, this usually isn’t true. Whether as physical cash or a debit card, cash takes up space in your pocket, purse, or wallet. Digital gift cards, on the other hand, are stored entirely online and can be easily accessed using only your phone.
Cash can be easily lost or stolen, making it an incredibly frustrating option if you don’t plan to spend it immediately. In most cases, the easiest way to remedy this problem is to seek out the nearest bank and deposit the cash into an ATM, but in such a busy day and age, finding any time in your schedule can be almost impossible.
That’s where gift cards come in. At Prizeout, our gift cards are entirely digital, almost entirely eliminating the risk of having them lost or stolen. Instead, our digital wallet keeps all your gift cards organized, so you never have to wonder how many you have or what your unused balance might be.
When it comes to budgets, cash can be a bit too open-ended. You quite literally won’t run out of cash until you don’t have any left. Not the best position to accidentally find yourself. Using gift cards to set these boundaries instead ensures that you never spend more than you intend, with the added benefit of avoiding overdraft fees. Simply set your grocery budget and buy a gift card of that amount to the grocery store of your choice. And it doesn’t just apply to groceries. You can do the same with entertainment, gas, dining, the list basically never ends.
This method is especially beneficial for those who are parents. By giving your child a gift card — rather than cash — you can be absolutely sure of where they’re going and how much they can spend. In this sense, gift cards have a sort of ‘parental control’ feature that cash simply cannot offer.
We’d be remiss if we didn’t mention the namesake function of the gift card: to be given to others. Whether used as a holiday gift or work incentive, gift cards have proven to be incredibly useful and desirable for their recipients. For one reason, they show a lot of care and consideration. Anyone can simply hand over cash, but it takes someone who truly cares to know exactly what your favorite store or restaurant is and buy you a gift card for it. Additionally, cash is often quickly forgotten and ends up being used for gas or bills. Gift cards, meanwhile, make sure the recipients use them on something truly special for themselves.
5. Bonus Value
At Prizeout, the vast majority of our gift cards are packed with exclusive bonus value that can instantly give you 10%, 20%, or even more on your purchase. No hidden fees. No waits. No annoying hoops to jump through. Just a simple gift card that gives you more of what you love.
Gift Cards That Give You More
Now it might be time to ask yourself to question: Gift cards? Or cash? We believe Prizeout has put a final nail in the coffin of this discussion, thanks to gift cards’ inherent security and convenience and our ability to boost their overall value. After all, would you rather have $100 in cash taking up space in your wallet? Or $120 in a digital gift card that can be used whenever you want? Visit Prizeout today to learn more about our platform and its many benefits for our customers, partners, and merchants.