Gift Cards
A gift card is an innovative banking product that serves as a unique gift. Unlike normal gifts – physical items or vouchers for experiential services, a gift card allows the receiver to spend the pre-loaded money as they desire. In case of traditional gifts, the receiver may not like what they are gifted. Or they may already own that product, so the gift does not have much value for them. On the other hand, the beneficiary of a gift card has the freedom to purchase anything – as per their likes.
A gift card is essentially, a prepaid payment device. It is neither a debit card nor a credit card. The gift card is loaded with a fixed amount which cannot be redeemed for cash. Also, it is not possible to load money again. In that sense, a gift card is valid till there is balance left in the card. It should be used within the ‘valid thru’ period as the card automatically expires on the date mentioned on the face of the card. It is imperative to use the available balance before this date as the cardholder foregoes the remaining amount post the mentioned date.
American Express® Gift Card
The American Express® Gift Card gives the power of choice. It is a brilliant gift that can be given to family, friends, employees, partners, clients and other people to celebrate special occasions. Whether it is a festival, wedding, birthday, anniversary, graduation, or an important milestone like achievement of sales target, acquisition of new customer, etc, the American Express® Gift Card is the perfect gift.
American Express® Gift Cards can be used to shop online at merchants that accept this card. They are also recognised at popular shops, stores, restaurants, hotels, etc. in India that take American Express cards.
American Express® Gift Card members also benefit from RBI DEAF guidelines, provided they have submitted the required KYC documents. From November 1, 2016, they receive the balance available on the gift card, even after its expiry (post the valid through date) by way of cheque in Indian currency. It takes 25 working days to process the refund from the date of submission of valid KYC documents.