Martin Lewis urges people to consider two drawbacks when buying gift cards as Christmas presents

Martin Lewis
-Credit: (Image: ITV)


Martin Lewis, the money saving expert, has issued advice for anyone thinking of buying gift cards as a Christmas present this year. As more people begin to think about their Christmas shopping, many people will be purchasing gift vouchers and certificates to give away as presents.

However, there are two potential issues with buying gift cards . The Express reports Martin Lewis has issued advice for people thinking of purchasing them now.

On his latest episode of the Martin Lewis Podcast, he heard from a woman who had once given away Woolworths vouchers for Christmas. Woolworths, once a high street giant, entered administration in November 2008 and shut hundreds of stores in the weeks straight after Christmas that year.

Read More: Martin Lewis urges Brits to 'stock up now' on household essential

Read More: Martin Lewis on to move to end universal winter fuel payment for pensioners

Responding to the woman, who described the decision to buy the vouchers as her worst ever Christmas financial decision, Mr Lewis said many Brits found the vouchers more acceptable than giving cash directly. However he noted there are 'bigger buts on gift vouchers than a troupe of baboons'.

He advised that if a retailer goes bump then the vouchers and cards are often worth nothing. January can also be a bleak period for the high street and businesses are often most likely to fold then - just as people have vouchers to spend.

Mr Lewis added: “First of all, if the store goes bust, I’ll be very plain on this, gift vouchers usually become worthless. So think very carefully about the likely financial strength of any retailer you’re buying for.

“Now let’s be honest if you buy an Amazon gift voucher, it probably ain’t going bust any time soon, nor is Selfridges, but there are many retailers especially high street retailers and we’ve seen this lots of times."

He added a second issue some people faced with gift cards was the fact they often had expiry dates. Mr Lewis said: “Now even if you’re getting to that point what you can do is go in and buy the cheapest thing you possibly can if you’re near the expiry date and then you’ll get another gift voucher that has a much longer expiry date on the back.

“But if in doubt cash, or money in the bank is the ultimate gift voucher. It’s totally flexible and you can use it anywhere.”