If you are from California, this new CA SB 250 bill might be of interest to you. The new California law – Senate Bill 250 by Senator Ellen Corbett (D – San Leandro), gives consumers the right to cash in any unused or used gift card when the balance is less than ten dollars.
You are wondering, “okay..how is this helpful?.”
- Imagine you have the Citi CashReturns Card. The card gives you 5% Cash Back on everything for the first 3 months. Buy gift cards less than $10, and then cash it. You are making 5% cash back for every $10 or less. Imagine buying 1000 – $9.99 gift card (I’m not sure if that is possible) and then get 5% cash back on that. I’m pretty sure this is not worth anybody time. The time you spent doing this prob equals to minimum wage. But hey, crazy people out there.
- You got a $100 gift card as a present. You want to convert it to cash instead. Go buy 12 items worth $8 on separate receipt. Then return the items for 12 separate gift cards of $8 each, and then cash it. Again, very time consuming but doable.
- You have a lot of Thank You Points, so use it to get gift cards and follow step #2.
- You go on Ebay and buy every gift card less than $10. I’m sure you are buying less than the face value, then cash the gift cards.
- Join program like Deal Pass and buy gift cards for 20% off. Then cash out by following step #2.
- If you use credit cards with 0% APR on purchases, you can buy gift cards to cash out and then use the money to put into 5% savings account. Of course, pay minimum until 0% promo is over.
Maybe I should send Senator Ellen Corbett #1 through 6 about these concepts. I guess the main reason why the law was needed because people were throwing away gift cards with low amount, hence stores were making billions of dollars with unused gift cards. $10 was the ideal number because I can’t imagine anyone going through the trouble I listed above. Nothing illegal, but just loopholes to talk about…haha.. Hustler talk..blah blah…