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.