Redeem your reward points carefully

Monday, January 31st, 2011
Updated: January 31st, 2011
The content is accurate at the time of publication and is subject to change.

Redeeming your reward points can be quite overwhelming and you will need to review carefully the fine print (retailer as well as card holder). You can acquire The Home Depot gift card at a discounted rate from The Home Depot. However, Wells Fargo does not pay the entire $50 to The Home Depot on the gift cards that are given to its customers. Since this gift card is a single-destination gift card, The Home Depot is aware that it will gain from anyone who uses the gift card to redeem points. It has been found through their research there are more chances of spending over $50 if customers take their gift cards to The Home Depot.

A significant amount of money is wasted each year as shoppers either lose the card or forget to use it. Sometimes they end up using part of the value of the card and then forget about it for many years. The Home Depot has already received the money for the gift card and that is lying safely in their bank accounts and earning interest. Gift cards are a favorite among retailers, as they know that most shoppers will not use the full value of the card and hence it makes sense to offer these as part of rewards programs at a discounted rate.

However, Visa and MasterCard can be redeemed for its full value and there is no loss. According to the research it is the most used and clients do gets its full value.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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