open value gift card
open value gift card
An open-value gift card is a prepaid card, typically backed by a major payment network like Visa or Mastercard, that can be used at nearly any merchant that accepts the network. The term "open value" is synonymous with "open-loop" and distinguishes it from store-specific or "closed-loop" gift cards.
- Widespread acceptance: Unlike a gift card for a specific store, an open-value card functions like a prepaid debit card. It can be used anywhere its network brand is accepted, including millions of online and brick-and-mortar stores.
- Flexibility: It gives recipients the freedom to choose what they want, rather than being restricted to one retailer's inventory. This makes it an ideal gift when you are unsure of the recipient's preferences.
- Pre-loaded balance: The card comes pre-loaded with a set amount of money. The recipient can use the card for purchases until the balance is used up or the card expires.
- Various formats: Open-value gift cards are available as physical cards or as digital "e-gift" cards, which are delivered via email.
- Potential fees: Some open-value gift cards may have an activation fee when purchased or transaction fees when used, so it's important to read the terms and conditions.
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