Tuesday, November 20, 2007

Gift Card Scam

In case you had any doubt that human beings are irrational creatures, driven by stories, consider the case of the gift card.

Christmas has become a holiday about shopping, not about giving. Case in point: the $100 gift card, now available from banks, from stores, even in a rack at the supermarket.

Last year, more than $8,000,000,000 was wasted on these cards. Not in the value spent, but in fees and breakage. When you give a card, if it doesn't get used, someone ends up keeping your money, and it's not the recipient. People spent more than eight billion dollars for nothing... buying a product that isn't as good as cash.


1 comment:

yogijp said...

The Scramble for Gift-Card Cash
http://www.businessweek.com/magazine/content/08_05/b4069060024897.htm?chan=top+news_top+news+index_businessweek+exclusives