16 January, 2025
Synopsis
- Gift Cards are an apt choice for thoughtful gifting, while allowing the recipients to choose what they'd like to get for themselves.
- The Gift Cards are a type of Prepaid Cards that are preloaded with a specific amount that the recipient can redeem using a PIN or OTP until the card's expiration.
- They come in a variety of types including Open Loop, Closed Loop, Reloadable, Non-Reloadable, Bank or Credit Card company-issued, and Retailer or brand-issued.
Special occasions call for memorable gifts, and these are the times you can show your appreciation for your friends and family. One way you can do so is with a Gift Card. With this card, you can make sure your loved ones get what they want. Read on to learn more about what a Gift Card is to make the right purchase for your loved one.
What is a Gift Card?
Think of it as a modern twist on a classic Indian tradition. Remember those cash-filled envelopes we give/receive during weddings or festivals? A Gift Card is essentially the same idea, but in a sleek and digital format.
Here’s how it works. You can load a specific amount onto the card and gift it to someone. They can then use it to shop for what they really want at retail stores and e-commerce platforms that accept the card.
The best part? With a Gift Card, there’s no second-guessing if they’ll like your gift. You’re giving them the freedom to pick something they truly love. No more "will they, won’t they like it" moments!
How a Gift Card Works
You can easily get a Gift Card from HDFC Bank by following simple steps of card application. Once you do, you can load the card with a specific amount from ₹500 to ₹10,000 and address it in the name of the recipient. The recipient can then use the card to shop, dine, book experiences, and travel by making purchases at retail stores and online platforms. They can swipe/scan the card or use the card number to make purchases. Such transactions are protected with the PIN or OTP to ensure security. The card remains usable until the balance on it is exhausted before the expiration date.
Types of Gift Cards
The different types of Gift Cards, depending on the convenience and their acceptance, are as follows:
Open Loop and Closed Loop
Open Loop Gift Cards are connected to a particular network that has a wide presence in the country. For example, Visa, MasterCard, American Express and the like. These cards are accepted at multiple retail stores and e-commerce sites. Closed Loop Gift Cards have comparatively limited acceptance. You can use them to shop with a few select brands in specific stores and e-commerce platforms.
Non-Reloadable
Regardless of the Gift Card category, the card comes preloaded with a specific amount of money. The recipients can use it until the amount on the card is exhausted.
Bank or Credit Card Companies Issued
Most banks and Credit Card companies issue Gift Cards with nominal charges. They do so with minimal documentation and basic details such as your and recipient's name, contact number, address, etc. You can then load the card using any payment mode. These cards usually come with numerous benefits like card management, digital authorisation, instant issuance, etc.
Retailer or Brand Issued
Some retailers, brands and independent sellers offer Gift Cards as well. It is part of their marketing strategy and an effort to retain customers. As the card is offered directly from them, Gift Cards in this case are usually limited to use in their store only. You can check the policy to know more. So, if you know the recipient would like to shop from a specific store or brand, you can go for this type of Gift Card.
Give the Gift of Choice with HDFC Bank Prepaid Gift Card
If you are considering gifting someone the flexibility and convenience of choosing what they’d like, a Gift Card is an apt solution. If you are looking for an option with limited charges and maximum benefits, turn to HDFC Bank Prepaid Card. This card is a versatile tool that allows shopping from various brands at multiple merchant outlets across India. It is also easy to get through a fully digitised process and minimal formalities. The issuance is quick to facilitate last-minute gifting.
Apply now!
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
Reference:
https://www.hdfcbank.com/personal/resources/learning-centre/pay/know-what-is-a-gift-card
https://www.hdfcbank.com/personal/pay/cards/prepaid-cards/giftplus-prepaid-card
https://www.hdfcbank.com/personal/resources/learning-centre/pay/how-do-prepaid-gift-card-work
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