Don't Let Your Money Expire

How awful would it be to have money that expires?  Now, you're probably thinking "Mike that's crazy talk" but it's not.  In fact I'm willing to bet you have money that expires right now but you just don't know it.  That's okay, that's why you're here.  You will learn to be a Jedi of your bank account.  Consider me your financial Yoda.

So, where is this expiring money I'm talking about?  It's loaded onto gift cards.  Yep, that gift card to the movie theater you got for you Christmas or that visa gift card you won is probably guilty as well.  What most people don't know is that gift cards, whether they be for cash or for use at a specific store, are often times set to expire after a certain amount of time or at the very least begin to incur dormancy fees after x number of months.

I'm looking on the back of a visa gift card I have right now.  It says "monthly inactivity fee of $2.95 after 12 consecutive months of inactivity."  I got this card in December 2010 so I could very easily forget about it and lose my balance to late fees.  Essentially, my money expires with the passage of time and we all know that time flies.  Where the gift card company really makes their money is on cards that have been lost ($5 replacement fee, if you even know how to go about getting it replaced) or cards that have a balance so low you can't even buy anything with it.

Think about it.  You get a $25 gift card for you birthday.  You rush off to buy a couple of DVDs and about $20 and some tax later your are left with a balance of less than $3.  So now you have a <$3 gift card.  What could you possibly buy with that?  Nothing, so you let it sit in your wallet and the clock starts ticking on your money.  Eventually you forget all about your dinky gift card balance and before you know it a year has passed and dormancy fees eat up your balance, if it hasn't expired all together.  Sad panda you are.

Here's how you avoid this problem.  After you spend the bulk of your cash on your gift card, go online or call the number on the back of your card to get your balance.  Then put a piece of scotch tape on the front of your card and write the exact balance on it.  Next time you go shopping, to say Wal-Mart, tell the cashier you would like to use up this gift card, which has exactly $x on it.  That way you get to spend your money rather than having it expire.  You win, remember someone already paid for this gift card so you shouldn't let the gift card company get your money for free.

And to avoid being scammed or maybe just making a mistake, always keep your empty gift card after you use it.  Don't let the cashier throw it away for you in the event it still has money on it.  Take the card home and check the balance to be sure it says $0.00 before you throw it away.  Everyone makes mistakes (including you!) and a crooked cashier could easily enter an amount less than what they told you and then tell you the balance is zero.  Anyone who doesn't immediately look at their receipt could be scammed.  We don't want that to happen because we like our money.

I Can Get 27 Free Freezes From Speedway

Why does Speedway get my business over Crystal Flash when both are located at the same corner by my house and by work?  When price and customer service are the same (terrible) then it comes down to speedy rewards points.  Speedway offers speedy reward points on just about everything you purchase and Crystal Flash doesn't offer any "flashy reward points."  Mainly I use Speedway just for gas but occasionally I'll run inside to get a hot dog or drink.

Now don't think you'll get rich by collecting speedy reward points.  The accumulation process is very slow and unless you'll be happy getting a free hot dog and freeze once a month you're going to have to wait it out for your true payday.  As I said earlier I mainly use Speedway for gas.  At a mere 10 points per gallon it takes forever to earn enough to get anything (900 points minimum for anything).  Luckily for me my job requires me to gas up company vehicles several times a week.

I keep 2 different speedy reward points accounts active at the same time.  I always have one in my wallet by my debit card so I never forget to swipe before I pump.  The other I keep with the fuel card at work so I never miss a swipe there either.  I transfer balances as necessary and keeping track of my totals helps the day go by a little faster.  I have to pay attention to the little things because sometimes they make the most difference and get you to baller status on your bank account quicker.

Between fueling my personal vehicle and the company vehicles I can accumulate anywhere from 200-500 points a week.  Average that out over time and about a year after I started collecting I have finally cracked the 25,000 speedy reward points mark!  That means I can get about 27 free drinks or freezes, should I choose to do so.  But I have set my eyes on the $25 gift cards I can redeem my points for.  The UFC fan inside me says get the Buffalo Wild Wings gift card while the home owner in me says get the Lowe's gift card.

Either way Speedway bought my loyalty by giving me a free gift card once a year.  Suck on that Crystal Flash!