Will this influence gift cards also? The balance on A LOT of them starts to expire after two years .This is so stupid. This is how they do business. This is how they make money on gift cards and prepaid cards.
@jon its not a free market because of shit like this. All i am saying is.. if they go after this might as well go after gift cards too. You don't know how many expired gift cards i have.
I'd agree, except for one thing. Look how quickly companies like this run to the government when things don't go their way. e.g. ATT: "Judge, Verizon's being mean in it's commercials." AMD: "EU, Intel's telling all the other kids not to play with us." And on, and on, and on.
Not to mention the billions, yes billions, that corporate america spends every year lobbying to get laws passed in their favor.
@ipxnsv Okay, here's how gift cards work: A store promises to take money in from one person (gift giver), and allow a different person to use that money in their store, and their store only. The incentive to the gift giver is that it seems like a more personal gift since it's to a specific place, and the incentive to the store is that now someone HAS to spend $50 or however much money the gift is for at that store, and that store only.
The way they make money on the gift cards is through their regular means of store markups and volume of sales, with a bit of a perk for the pre-defined spending amount of the original gift. The second they start adding expiry dates on gift cards, they are stealing money from the customers. Taking money in with no good or service exchanged. This is why totally free markets don't actually work. The customers get screwed.
That's funny, because I could've sworn that the gift cards I get that don't expire are the cards I might purchase again in the future. But... there's no law saying they have to do that. There are still gift cards that charge fees and steal from you every month. But people just don't get those anymore.
Huh, that's weird... if its not the law, and the companies doing that themselves in what benefits us all, it must be... the market? My god. No way - the market must be completely evil, right? /sarcasm
They make money on human physiology. We are less likely to use a gift card than cash( hence the expirations and reductions in value after a certain time). We are also MORE likely to spend more money that is on the card .. netting them a plus.
They make money on human physiology. We are less likely to use a gift card than cash( hence the expirations and reductions in value after a certain time). We are also MORE likely to spend more money than is on the card .. netting them a plus.
you buy a 45 dollar game with a 50 dollar card thinking oh man.. might as well use the entire 50. Buy something else thats 10 bucks more.. spending 5 more than the card was worth.
@paul34 Er, Google this: "Gift Card Expirations". The first result is a listing of state laws regarding expiration dates for gift cards. Nearly every state has one, because people got pissed off at companies for doing this same thing.
@ipxnsv I don't doubt for a second that the above-and-beyond spending is another perk of using gift cards. I do that all the time.
And it might even be true that people are less likely to use gift cards than cash, but then that disqualifies the need for an expiry date. If someone is never going to use that gift card, then that's a plus for the company, and a non-issue for the person with the gift card. The second there is an expiry date on it though, you are denied access to YOUR money, your cash. Gift cards should be considered as good as cash.
Sure, put a fee on it (after all, the business is acting as a "middle man", holding onto the giver's money for you to use later). Sure, adjust balance for inflation. Just don't tell me I can't use my aunt's money from two years ago to buy a shirt today. Cash has no expiry, why should gift cards?
And if they are going to have an expiry, I'd be much happier with the government getting the money. At least they do (some) things that benefit me.
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Will this influence gift cards also? The balance on A LOT of them starts to expire after two years .This is so stupid. This is how they do business. This is how they make money on gift cards and prepaid cards.
Leave the free market be,
@ipxnsv
Show me a free market, and I'll leave it the hell alone.
@jon its not a free market because of shit like this. All i am saying is.. if they go after this might as well go after gift cards too. You don't know how many expired gift cards i have.
@ipxnsv
I'd agree, except for one thing. Look how quickly companies like this run to the government when things don't go their way. e.g.
ATT: "Judge, Verizon's being mean in it's commercials."
AMD: "EU, Intel's telling all the other kids not to play with us."
And on, and on, and on.
Not to mention the billions, yes billions, that corporate america spends every year lobbying to get laws passed in their favor.
@ipxnsv
Hell, I even forgot my favorite one. ISPs suing cities who try to install Municipal networks.
When companies stop behaving like children, or criminals, the gov't can stop treating them like it.
@ipxnsv Okay, here's how gift cards work: A store promises to take money in from one person (gift giver), and allow a different person to use that money in their store, and their store only. The incentive to the gift giver is that it seems like a more personal gift since it's to a specific place, and the incentive to the store is that now someone HAS to spend $50 or however much money the gift is for at that store, and that store only.
The way they make money on the gift cards is through their regular means of store markups and volume of sales, with a bit of a perk for the pre-defined spending amount of the original gift. The second they start adding expiry dates on gift cards, they are stealing money from the customers. Taking money in with no good or service exchanged. This is why totally free markets don't actually work. The customers get screwed.
@Tommy Five
That's funny, because I could've sworn that the gift cards I get that don't expire are the cards I might purchase again in the future. But... there's no law saying they have to do that. There are still gift cards that charge fees and steal from you every month. But people just don't get those anymore.
Huh, that's weird... if its not the law, and the companies doing that themselves in what benefits us all, it must be... the market? My god. No way - the market must be completely evil, right? /sarcasm
@paul34 Not exactly tommy.
They make money on human physiology. We are less likely to use a gift card than cash( hence the expirations and reductions in value after a certain time). We are also MORE likely to spend more money that is on the card .. netting them a plus.
@Tommy Five Not exactly tommy.
They make money on human physiology. We are less likely to use a gift card than cash( hence the expirations and reductions in value after a certain time). We are also MORE likely to spend more money than is on the card .. netting them a plus.
you buy a 45 dollar game with a 50 dollar card thinking oh man.. might as well use the entire 50. Buy something else thats 10 bucks more.. spending 5 more than the card was worth.
PS I read this in an article a few weeks back..
@paul34 Er, Google this: "Gift Card Expirations". The first result is a listing of state laws regarding expiration dates for gift cards. Nearly every state has one, because people got pissed off at companies for doing this same thing.
@ipxnsv I don't doubt for a second that the above-and-beyond spending is another perk of using gift cards. I do that all the time.
And it might even be true that people are less likely to use gift cards than cash, but then that disqualifies the need for an expiry date. If someone is never going to use that gift card, then that's a plus for the company, and a non-issue for the person with the gift card. The second there is an expiry date on it though, you are denied access to YOUR money, your cash. Gift cards should be considered as good as cash.
Sure, put a fee on it (after all, the business is acting as a "middle man", holding onto the giver's money for you to use later). Sure, adjust balance for inflation. Just don't tell me I can't use my aunt's money from two years ago to buy a shirt today. Cash has no expiry, why should gift cards?
And if they are going to have an expiry, I'd be much happier with the government getting the money. At least they do (some) things that benefit me.